In times of economic crisis, graduates with a bachelor degree may have great difficulty finding a job; however, staying in school to pursue an advanced degree is an excellent way to increase skill and hiring potential. Master’s degrees provide advanced skills, preparation for a PhD, contacts in a desired field and more focused programming than undergraduate programs. Advantages of earning a master’s degree include:
• Earning potential: While all degrees are not the same, graduates of an accredited master’s program earn an average of $8,000 per year more than their peers holding a bachelor degree.
• A master’s degree defines or specializes a generic bachelor degree. If a student has his or her major in a broad subject such as communications, a master’s degree will focus their studies, defining their particular area of interest and giving an advantage in pursuing employment.
• Masters degrees from highly rated schools can outrank a bachelor degree from a less elite school. If a student is not confident in their choice of school for their undergraduate degree, earning a master’s degree from a higher-ranking school can boost a graduate’s resume.
• In some more selective career fields, master’s degrees are required for employment. Teachers and social workers, among others, typically require advanced degrees for licensure.
While master’s degrees can be worth the effort and additional student debt, not all degrees are the same. Degrees that best create advanced job opportunities and extra earning potential include:
• Education: Most states require a master’s degree for a permanent teaching credential. In addition, for high-needs areas such as math and special education, districts may offer subsidized degree programs.
• Social Work: In many states, social workers must hold a master of social work, or an MSW, to earn licensure and treat clients.
• Engineering: Graduates with advanced engineering degrees have significantly more skills and contacts than bachelor degree holders.
• Master of Business Administration: For student with a general business degree, an MBA can focus their studies into a particular area of interest, such as marketing, finance, or human resources, qualifying them for management or executive positions.
What should a student look for in a master’s degree program? Buyers should be aware of pricey programs in generalized subject areas. Masters degrees in fine arts, humanities, public policy, and communications tend to provide few job opportunities while increasing student debt significantly, except for exceptional students. The cost of earning a master’s degree can vary widely, depending on federal aid, grants available, and the length of the program; programs can run $40,000 to over $100,000. As a rule of thumb, students should do their best to not acquire more debt than they will earn in their first year working. Questions to ask before beginning a master’s degree program include:
• How much does a typical graduate earn in their first three years in the workforce?
• What percentage of graduates gains employment in their first year in the workforce?
• How long does the average student take to complete the program?
• What grant opportunities exist for students in this program?
• Can a student work during the program, decreasing student debt and increasing job opportunities?
• Is the program accredited?
While master’s degrees have traditionally been a means to increase career potential and earnings, the number of master’s programs available has increased exponentially in the past decade. Potential students should be cautious in choosing a program that fits them and their desired career, but finding the right program and the right area of study can lead to big employment benefits, salary increases, and a successful working life.