If you have your bachelor's degree and are looking for a way to improve your earnings and your career potential, consider heading back to school for a master's degree. Only about 9% of Americans hold a master's degree. That makes them a major asset in the job market. People who hold master's degrees are very employable because they usually have a highly specialized knowledge within their field, making them an important asset to many companies. Master's degrees can be earned at graduate schools.
Benefits of a Master's Degree
A master's degree shows potential employers that you have a great education and the dedication it takes to earn an advanced degree. Not many people take the time or put forth the energy to earn master's degrees, also known as graduate degrees. Not many jobs require a master's degree, but most jobs put a higher value on employees that do have their master's. People in America with master's degrees earn an average of$$1,257 per week. That's over $200 more per week than people who only have a bachelor's degree and over $600 more than people with just a high school diploma. People with master's degrees also enjoyed an unemployment rate of just 3.9% in 2009. People with only a high school diploma experienced an unemployment rate of 9.7%.
Popular Master's Degrees
By far the most popular master's degree in America is an MBA, a master's of business administration. About one quarter of all master's degree awarded every year in America are MBAs. Other popular master's degrees include:
- Electrical Engineering
- Education
- Accounting
- Computer Science
- Social Work
- Public Administration
- Mechanical Engineering
- Nursing
- Special Education
Professional degrees are also very popular. A professional degree is like a master's degree, but they are considered a separate diploma. The most common professional degrees are awarded in law (JD) and medicine (MD).
Highest Paying Master's Degrees
There are a number of master's degrees that lead to high-paying professions. Master's degrees in different fields can help you earn more at your current job and qualify you for more jobs. People with master's degrees can easily earn over $100,000 per year at some point in their careers.
Nursing and Medical Degrees: Many professions in the medical field require master's degrees rather than MDs. Some of the top paying health care professions that call for a master's degree include nurse practitioner ($82,590 per year), nurse-midwife ($89,337), and nurse anesthetist ($145,216).
Engineering Degrees: Master's of Engineering degrees are among the highest paying master's degrees. A wide variety of engineering fields look for people with master's degrees. Some of the higher paying engineering professions include aerospace engineers ($92,520), petroleum engineers ($108,020), and computer hardware engineers ($97,400).
Business Degrees: MBAs and other master's degrees in the field of business can be extremely lucrative. Professions that benefit from a business degree include marketing directors ($97,967), IT project managers ($90,957), operations managers of finance ($100,620).
How to Earn a Master's Degree
In order to earn a master's degree you typically must first earn a bachelor's degree. Some schools offer programs in which you can earn your bachelor's and master's at the same time. Other schools offer programs in which you can earn your master's and doctorate at the same time. Many people earn their master's degrees from public or private graduate universities. The selection process for these schools can be quite competitive. A master's degree can take anywhere from three years to six years to earn. It can take even longer if you do not have your full time to devote to your studies. But however long your master's takes you to earn, the effort will be well worth it.
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