Some master's degree programs may offer a better investment opportunity than others. It's probably no surprise that landing a well-paying job after graduation could depend on what career field you choose. Right now, business, health care, and education seem to be leading the pack. There's something else you need to consider: whatever your specialty, the most successful master's degree graduates are likely to have a specific career in mind when entering the workforce. Maybe that's a promotion in your current field or making the switch to a new career path. Consider these degrees for a high return on your education investment.
Show Potential Employers You Mean Business
In the business and financial sectors, nothing says success like a master's degree in business administration (MBA). It not only teaches you the advanced skills you need in a competitive market, but it can give potential employers the confidence they need to hire you out of a sea of many. Even more important, obtaining an MBA can give you that shot of self-confidence you need to apply for those jobs. For highly competitive business and finance jobs, with all other things being equal, an MBA degree may give you an advantage.
Online MBA degree programs can offer a real advantage, particularly since most MBA candidates must construct a study-schedule based around their working schedules. MBA specialties can include marketing, management, finance, or international business, to name a few.
Average annual salaries for some positions you might go after with an MBA are listed below, as reported by the U.S. Bureau of Labor Statistics (BLS) for 2019:
Marketing Managers: $149,200
Sales Managers: $141,690
Financial Managers: $147,530
Shrink the Competition With a Master's Degree in Psychology
Job opportunities for counselors of many specialties are expected to grow at a "faster than average" rate in the decade ending in 2028. A master's degree in social work (M.S.W.) has become the new standard for social workers, a career expected to see growth of 11 percent between 2018 and 2028.
Average salaries for psychology specialties include:
Clinical, Counseling, and School Psychologists: $87,450
Mental Health, Substance Abuse, and Behavioral Disorder Counselors: $49,950
Healthcare Social Workers: $59,300
Crunch the Numbers: An Online Master's Degree in Accounting Makes Sense
Accountants and auditors with a graduate degree are likely to have the best opportunities in the job market, reports the BLS. Changing financial regulations, complex laws, and business concerns about financial security can make having an advanced degree extremely advantageous for an accounting professional.
Accounting is also a career on the rise; accountants and auditors can expect 6 percent job growth between 2018 and 2028. Analyze the numbers and you'll see this can be a wise career move.
Average annual salaries for some accounting-related fields:
Accountants and auditors: $79,520
Budget Analysts: $80,300
Personal Financial Advisors: $119,290
Go to the Head of the Class With a Master's Degree in Education
Many people are going back to school these days, and that's good news for education majors. Teachers and administrators in postsecondary education are expected to have excellent job opportunities as more and more people continue their educations past the high school level. A master's degree is usually a must for post-secondary teachers and administrators today, so crack open those books and start learning.
Average annual salaries include:
Education Administrators, Postsecondary: $112,400
Postsecondary Education Teachers: $74,560
Do the Math on a Master's Degree
Now that you have some idea of the benefits of a master's degree, as well as some career-specific information, why not start planning for your future? Online education makes it simpler than ever to study from home, around your current schedule. Head back to school today and you may reap the benefits for years to come.
- May 2019 Occupation Profiles, Occupational Employment Statistics, U.S. Bureau of Labor Statistics, https://www.bls.gov/oes/current/oes_stru.htm
- Occupational Outlook Handbook, U.S. Bureau of Labor Statistics, accessed July 2020, https://www.bls.gov/ooh/