Thursday 26 December 2013

How to Find the Most Profitable Master's Degrees

Consider All the Options Most Profitable Master’s Degrees

Edited by Maniac, Silvie the cat, BR, June and 4 others

According to the U.S. Bureau of Labor Statistics, earning a master’s degree will boost your income by as much as 20%.^[1] However, all master’s degrees are not created equal. More education doesn’t always translate to more money. It is worth your while to investigate the employment opportunities and career projections for your field of interest. A master’s degree can cost between $20,000 and $50,000,^[2]and you may not recoup the cost over your lifetime earnings, depending on what age you are when you earn your graduate degree.

EditMethod 1 of 2: Consider All the Options

1
Research, research, research. Jobs and new career opportunities are in a state of constant flux. You need to keep abreast of changes in the job market; especially changes in technology that could open up new career fields—and graduate degrees in those fields that previously did not exist. Some universities have dozens of new graduate degree programs that didn’t exist 10 years ago.
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2
Look at the trends. Start looking at the projected career growth of the field you are interested in. There could be a graduate degree program that will put you on the fast track to high career earnings. Read business magazines and the business section of major newspapers regularly. Bookmark your favorite business websites and subscribe to their newsletters.
3
Be practical. Some master’s degrees are worth far more than others. If you want a master’s degree in art history, but you know you’ll probably never recoup the expense of that graduate degree, consider getting your master’s in a more lucrative, hopefully compatible, field. If time and money allow, you can always pursue an additional master’s degree in art history at a later time.
4
Determine the worth and the risk of an advanced degree. If you are considering a master’s program that will cost $50,000 and you will have 10 years to repay your loan, you need to take a very hard look at the average starting salary level of jobs in that career field. The value of a master’s degree sometimes takes more than 10 years to offset the cost of earning it.

EditMethod 2 of 2: Most Profitable Master’s Degrees

1
People who have a master’s degree in one of the following career fields currently have the highest mid-career incomes:
- Electrical Engineering
- Finance
- Physics
- Computer Science or Information Technology (IT)
- Business administration
- Chemical Engineering
- Physician Assistant Studies
- Economics
- Nursing
- Civil Engineering
- Mechanical Engineering
- Management Information Systems (MIS)
2
Keep in mind that graduate degrees in these fields may not have the same value five years from now. That’s why you should always be aware of the changing dynamics of the workplace.
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Edit Tips

A master’s degree in physician assistant studies doesn’t require a special undergraduate degree.
A person at mid-career usually has at least 10 years on the job.
Find out what the job placement success for graduate students is at the university you are considering.

Edit Warnings

Don’t undervalue the benefit of work experience. If you already have more than 10 years of work experience in your field, a master’s degree may not give you much of a bump in income. Check with the Human Resources department before you pursue an advanced degree, if the only reason you are considering doing so is to get a boost in salary at your company.
Always compare the cost of earning your master’s degree against the potential career income gains. A master’s degree program may cost the same as any other, but your gains might be much lower. For example the worst paying careers for people who hold master’s degrees are in education, social services (including counseling), music and library science.