benefits of earning a master’s degree

Top 4 Benefits of a Master’s Degree

All career go-getters know that it takes hard work to reach the summit of their professional goals. Dedication, concentration, devotion, motivation, and passion are core qualities of people who feel accomplished in their careers. While the most popular jobs today probably won’t take blood, some people may confess that sweat and tears could be involved. When considering what it might take to climb to your high career aspirations, it is best to think of your journey as a marathon, not a sprint, throughout which you gather skills, endurance, and connections. Nobody climbs Mount Everest without training and a support system of experts, not to mention rest stops along the way!

In some industries, a master’s degree is required to obtain a certain job title. For others, however, it’s an award that helps individuals reach the top of the career ladder. It helps them take a stand as leaders, stand out amongst the competition, and even positions them for high pay along the way.

Here, we will explain the top benefits of a master’s degree and why you may want to factor it into your future endeavors.

1. Grab a spot on the leaderboard!

Master’s degrees are rising in popularity at an exponential rate. The most recent U.S. Census Bureau educational attainment study found that, in the two decades since 2000, the number of people with master’s and doctoral degrees has doubled! Over 13% of adult Americans now have an advanced degree. As a job seeker in today’s workforce, it would be wise to join that category of elite, hirable individuals and stand out against other candidates with a master’s degree.

If you’re hoping to shift industries or return to school after taking other life steps, you should know that you would be in good company in any master’s degree program. People ages 40 and older make up the highest percentage of enrolled graduate students in the United States, according to the Organization for Economic Co-operation and Development (OECD). Learning in middle age seems to be having a renaissance and is qualifying individuals for leadership success!

2. Get ahead in your discipline or sector of choice.

There are some specialty areas of study in which a master’s degree is the best – and sometimes, the only – way to propel professional growth.

According to findings by the National Association of Colleges and Employers, the fields with the highest differential between the average salary of those who earned a bachelor’s degree and those who earned a master’s degree, are as follows, in order of highest differential:

  1. Biology
  2. Communication disorders sciences
  3. Business administration and management
  4. Computer information technology administration and management
  5. Communication and media studies
  6. Systems engineering
  7. Registered Nursing
  8. Psychology
  9. English language and literature
  10. Social work

In some cases, master’s degree holders make over 30k more annually than their bachelor’s degree counterparts in the same field!

Particularly in industries requiring state certification, such as healthcare and education, a master’s degree may be required to qualify for an advanced examination. For example, a master’s degree is required of educators who wish to become guidance or career counselors. A master’s degree is also required for registered nurses who want to enter advanced nursing practice.

Meanwhile, master’s degrees are not always necessary for job applicants in creative, language, or media-related fields, or even in entry-to-mid-level business or computer systems fields, which are less likely to depend on strictly regulated accreditation of the professional by law. However, a master’s degree can help bolster a student’s success in these areas.

It is a particularly great time to gain more education and advancement opportunities because the Bureau of Labor Statistics (BLS) predicts increased demand among all of these occupations, due to a retiring baby-boomer workforce and innovations fueling new positions.

3. Earn a higher salary.

Regardless of your chosen industry, it is proven that master’s degree holders make more money than bachelor’s degree holders. The BLS found that education pays. In 2021, bachelor’s degree holders on average made $1,334 weekly, while master’s degree holders made, on average, $1,574 weekly.

The difference is $12,480 annually, on average, which is enough to make a substantial dent in a mortgage or car payment or can add up in a savings or retirement account. However, as seen above, the differential can be much greater between degree holders.

4. Avoid breaking the bank.

Are you worried about earning a master’s degree because you’re one of the 43.5 million borrowers who have federal student loan debt? You are not alone! On average, public university students borrow $31,410 for their bachelor’s degree. If you are still paying down interest or have made it to the principal on undergraduate student loans, don’t let your balance keep you from planning for your future. It is possible to find a graduate program that is affordable, flexible, and offers financial aid options.

Finding a program that is transparent about tuition per credit hour, in addition to all the fees that you may acquire, makes it possible and reasonable to plan for your master’s degree education. In addition, the flexibility of part-time, online, and hybrid schedules means that you could continue to work or balance other life responsibilities while earning your degree. Evening, afternoon, morning, weekend, or weekday: All times of the day are fair game when you make up your flexible schedule for just about any major master’s degree at Goodwin University.

Complete Your Master’s Degree at Goodwin

For more information about the benefits of a master’s degree from Goodwin University, please get in touch with an admissions representative at 800-889-3282, and find your starting spot in one of our three annual academic sessions! Studying year-round is another master’s degree benefit that will get you closer to your professional goals, faster. At Goodwin, we offer a range of affordable and flexible master’s degree programs, such as:

You can also learn more online, here!