No one can tell you exactly how a master’s degree might affect your future. Everyone’s educational and career paths are unique. However, what we can tell you, is just how graduates with a master’s degree are faring today. Below, Goodwin College assesses recent statistics, to better understand the impact of a master’s degree on this millennium’s up-and-coming leaders. We’ll outline the personal, professional, and financial outcomes, topping off the reasons why you might consider getting a master’s degree.
There is a great deal of well-supported research suggesting that an advanced education, such as a master’s degree, is a smart move for today’s professional world. A Forbes report titled “In Defense of the Master’s Degree,” cites that the three major positive outcomes of earning a master’s degree are:
Substantial salary premiums
- Substantial salary premiums
- Economic opportunities
- Societal benefits
Why are master’s degree holders high-achieving in these areas? Well, those with a master’s degree possess more cultivated and coveted problem-solving, critical thinking, and technical skills, than those with less education. In fact, according to the leading job market information system firms, over 20 percent of open positions in the U.S. today either prefer or require graduate-level training.
However, you may be surprised to hear that only about 11 percent of Americans today have an advanced degree beyond the Bachelor’s. By these measures, with a master’s degree today, you could put yourself in approximately the top tenth percentile for some of the most competitive (and lucrative) open positions available. Job hunting (and winning!) is simply easier when you meet, and even exceed, the qualifications.
Now, let’s talk dollars and cents. The Pew Research center’s latest and most comprehensive findings, collected in 2009 (and adjusted for 2012 dollars), showed that there is a noteworthy discrepancy among average earnings of individuals with different educational accomplishments. Among 25- to 34- year-olds, those with a bachelor’s degree earned an average of $3,836 monthly. In contrast, a master’s degree pushed those earnings to $4,772 per month. A professional or doctorate degree granted individuals $5,799 monthly. From this study, we can safely say that earning advanced educational degrees inarguably increases financial earnings.
One further way to break down the cold-hard-cash consideration of earning a master’s degree is to think about lifetime earnings. Collegeboard.org, a resource for college information seekers, compiled statistics drawn from the U.S. Census Bureau in 2009. These findings show that the proportion of adults with fulltime employment increases with educational level, and that higher education levels are closely linked to higher earnings.
We might have proven that a master’s degree in general can greatly increase your earning potential and job opportunities, but which specific degrees are seeing the best results? Highly skilled pursuits such as computer science, health sciences, and engineering, are continuously growing master’s degree fields. Additionally, specific and technical degrees in management are becoming increasingly popular, such as studying finance or supply chain management. Given this trend, if business management is your passion, we would suggest looking into a highly-valued master’s program in Organizational Leadership (MSOL).
As noted in an article from Forbes magazine, “According to 2013 data from the U.S. Department of Labor, the unemployment rate for individuals holding a master’s degree was only 3.4% in 2013, compared to 6.1% for all workers. Given the knowledge orientation and complex, global nature of today’s economy, employers very often demand a master’s degree for many of their fastest growing professional and leadership roles.”
Leaders transform workplaces. A Master’s program in Organizational Leadership equips students to do the same – to be a change agent in their organization or business. This is why employers place such high value on an MSOL degree. The best part is, you can do this without putting your life on hold. A master’s degree does not need to take years of schooling and expenses to complete.
At Goodwin College, the flexibility of the MSOL program is hard to parallel, at an affordable and fair tuition rate. In as few as 20 months part-time, you can complete your MSOL and try out the positive benefits of a master’s degree for yourself. And, you will know the entire cost of your master’s degree even before starting courses. As an aspiring professional, this transparency enables you to understand the investment, compared with the expected return, on your master’s education.
Let us put statistics, costs, and percentages aside for a moment. Along with top researchers, Forbes also extends the notion that higher education levels lead to greater personal well-being, health and longevity, civic engagement, and regional economic prosperity. Our easy translation: pursuing the subjects that you enjoy at an advanced academic level can, in turn, help you be the best version of yourself. On an expanded scale, advanced studies help you contribute to your community and to the general economy, adding richness and greater good to your local and regional surroundings.
For more information about why earning a master’s degree in Connecticut at Goodwin College could be the right choice for you, contact call us at 800-889-3282. You may also visit us online to request more information.
Goodwin College is a nonprofit institution of higher education and is accredited by the New England Commission of Higher Education (NECHE), formerly known as the New England Association of Schools and Colleges (NEASC). Goodwin College was founded in 1999, with the goal of serving a diverse student population with career-focused degree programs that lead to strong employment outcomes.