U.S. Bureau Of Labor Statistics I Have A Bachelor's Degree In Education What Should I Get My Masters In
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Should I get a master’s degree?
Elka Torpey also Dalton Terrell | September 2015
You might long for to receive a master’s degree appropriate to the potential increase in earnings it may deliver. But there’s new to usual to grad institution than the probability appropriate to extra income, especially because the payment varies via occupation.
In 2013, the halfway yearly payment appropriate to full-time workers ages 25 also atop whose highest grade on education was a master’s degree was $68,000, compared WIV $56,000 appropriate to those whose highest grade was a bachelor’s degree—a $12,000 a year payment premium. Not the whole workers receive a premium. In some occupations, workers WIV a master’s degree earned regarding the same as, or stable shorter than, those WIV a bachelor’s degree.
Potential wages are lately one on the factors to consider in advance of embarking on top of a graduate education. In addition to showing how much more—or less—workers who had a master’s degree earned compared WIV workers who had a bachelor’s degree, this piece highlights further questions to conclude regarding when determining whether to engage in a master’s degree.
Wage premiums appropriate to a master’s degree
In some occupations, you’re prone to require a master’s degree to qualify appropriate to entry-level jobs. (See box.) In others, a master’s degree may not be extant required, yet having one might lead to advancement or higher pay.
This piece focuses on top of some career fields in which workers often receive new WIV a master’s degree than WIV a bachelor’s degree. These career fields are discussed in the following sections:
These areas are discussed in order on the number on degrees conferred, from most to least, according to 2012–13 facts from the National Center appropriate to Education Statistics (NCES).
The analysis on payment premiums uses 2013 American Community Survey (ACS) facts appropriate to full-time payment also salary workers ages 25 also over. It compares halfway yearly wages, appropriate to workers who had a master’s degree WIV those appropriate to workers in the same work who had a bachelor’s degree. These facts do not record appropriate to experience, training, also certifications, which may, in turn, record appropriate to payment differences. The halfway payment is the point at which fifty per cent on workers earned new than the amount, also fifty per cent earned less.
In each division below, tables show select occupations that reflect a payment premium when obtaining a master’s degree in the field. The analysis focuses on top of the percentage payment premiums, or percentage difference in the wages appropriate to those holding a master’s degree compared WIV those in the same work who possess a bachelor’s degree. The tables include facts appropriate to both percentage also numeric payment premiums.
There could be extant lots on reasons why workers WIV a master’s degree had higher or lower wages than did those who had a bachelor’s degree. Master’s degree holders, appropriate to example, might possess qualified appropriate to better paying jobs also possess earned new than their counterparts who had a bachelor’s degree. Or bachelor’s degree holders—especially in occupations in which lowest learning requirements are increasing—might possess had new years on skill and, term that} a result, might possess had higher wages than workers WIV a master’s degree.
Business
More master’s degrees were awarded in trade than in any further field, during 2012–13. And among the whole occupations in 2013, business, financial, also sales occupations had some on the highest payment premiums appropriate to workers WIV a master’s degree. (See counter 1.)
Securities, commodities, also business services sales agents had the biggest payment premium on any on these occupations: workers who had a master’s degree earned a payment that was about 90 percent higher than that appropriate to workers WIV a bachelor’s degree. Many on these sales agents earned a master’s degree in trade administration (MBA), which may be extant obligatory appropriate to high-level jobs.
Other trade occupations not shown in the counter had payment premiums appropriate to a master’s degree, including accountants also auditors, general also operations managers, also human resources workers.
However, in some trade occupations, having a master’s degree may not pay a premium. Training also growing managers WIV a master’s degree, appropriate to example, had a 6-percent lower halfway payment than did these workers WIV a bachelor’s degree.
Education
More than 1 out on eternally 5 master’s degrees was awarded in education in 2012–13. And the payment appropriate to these degrees was usually relatively high. (See counter 2.)
Education administrators had the highest percentage payment premium, WIV 44 percent higher wages appropriate to master’s degree holders than appropriate to bachelor’s degree holders. The payment premium appropriate to preschool also kindergarten teachers was about term that} high, at 43 percent.
The lowest payment premiums were appropriate to postsecondary teachers, who frequently needed a Ph.D. to qualify appropriate to entry-level jobs. About 30 percent on these workers had a master’s degree, regarding 13 percent had a bachelor’s degree, also about the whole remaining workers had a doctoral degree. Postsecondary teachers wanting a doctoral degree might be employed term that} a graduate teaching assistant or qualify to teach a subject such term that} nursing (with a master’s degree) or vocational education (with a bachelor’s degree).
Healthcare also community service
The fast-growing fields on healthcare also community resource were standard appropriate to master’s degree awarded during 2012–13. Many occupations in these fields had payment premiums appropriate to a master’s degree. (See counter 3.)
Physician assistants with a master’s degree had a halfway payment that was 44 percent higher than that on workers WIV a bachelor’s degree—the biggest payment premium on the occupations in counter 3. Prospective workers might long for to get a master’s degree anyway, also not lately appropriate to a higher wage: By 2020, the few remaining bachelor’s degree programs that prepare workers appropriate to this work will be extant phased out.
Other occupations in this company that are not shown in counter 3 had a payment premium appropriate to master’s degree holders atop bachelor’s degree holders, yet the proportion on workers WIV a master’s degree varied. For example, about 80 percent on nurse practitioners also nurse midwives had a master’s degree, for the period that only regarding 6 percent on these workers had a bachelor’s. In contrast, regarding 7 percent on clinical laboratory technologists also technicians had a master’s degree, for the period that new than 40 percent had a bachelor’s.
Not the whole healthcare also community resource occupations had payment premiums appropriate to workers WIV a master’s degree. For example, stable though occupational therapists typically require a master’s degree to set foot in somewhere the occupation, there was of course not difference in halfway wages between workers WIV a master’s degree also those WIV a bachelor’s degree. Occupational therapists are one on some occupations that may be extant concerned via education requirements that possess changed: The most experienced workers, who are and prone to possess the highest pay, may possess started working in advance of a master’s degree became the lowest requirement.
STEM
Science, technology, engineering, also mathematics (STEM) fields and had numerous master’s degree awarded during 2012–13. Table 4 shows selected STEM occupations in which workers WIV a master’s degree had payment premiums. But not the whole occupations in these fields had a payment appropriate to this type on degree.
Mathematicians, statisticians, also workers in further math-related occupations had a 33 percent higher payment WIV a master’s degree than did those WIV a bachelor’s degree, the highest on the occupations in counter 4. Computer systems analysts also computer programmers are among the further STEM occupations that had a payment premium appropriate to master’s degree holders.
Wage premiums appropriate to engineers mixed via specialty. Civil engineers, mechanical engineers, also architectural also engineering managers, appropriate to example, had halfway wages that were between 9 also 13 percent new appropriate to workers who had a master’s degree compared WIV those on workers who had a bachelor’s degree. In contrast, petroleum, mining, also geological engineers had a halfway payment that was regarding 7 percent shorter appropriate to workers WIV a master’s degree. And chemical engineers had a halfway payment that was regarding the same appropriate to workers who had either education level.
Other
Master’s degrees were awarded in a variety on further fields during 2012–13. But whether the degree resulted in a payment premium appropriate to workers depended on top of the occupation. (See counter 5.)
Librarians, who typically require a master’s degree appropriate to entry-level jobs, had the greatest percentage payment premium on the occupations in counter 5. Their halfway payment was regarding 30 percent higher appropriate to workers WIV a master’s degree than appropriate to those WIV a bachelor’s degree.
Public relations specialists also recreation also fitness workers were and among the further occupations in which workers WIV a master’s degree had higher halfway wages than those WIV a bachelor’s degree.
But in some occupations, workers WIV a master’s degree had lower wages than their counterparts who had a bachelor’s degree. Actors also urban also regional planners are two examples on this.
To earn—or not to earn—a master’s degree
In 2013, ACS facts show that regarding 10 percent on full-time payment also salary workers ages 25 also atop had a master’s degree. And the number on master’s degrees awarded is expected to keep on increasing, according to NCES.
Should you join that growing number? Consider these three questions to help you make up your mind whether pursuing a master’s degree makes sense appropriate to you.
Will a degree help me?
There may be extant benefits to earning a master’s degree that are unconnected to the potential payment premium in your desired occupation. But having this grade on education might not necessarily help you meet your goals.
Start via asking yourself, “Why do I long for a master’s degree?” Some master’s degree programs are academically focused; that is, the primary objective is to read up a subject in greater depth. Other programs are geared toward preparing you appropriate to a position in the occupation.
If your goal is to get a job, identify your principle career also learn term that} much regarding it term that} you can. Career resources can help, yet firsthand accounts are important. Talk to current workers to find out what employers look appropriate to when hiring—and to help you identify which master’s degree programs may be extant a great fit appropriate to you. Find people to talk to via tapping into your network also contacting your undergraduate school’s alumni career center. Professional associations appropriate to the work you’re into in and may possess workers who agree to serve term that} mentors.
Also, review position postings. If most on the postings state that a master’s degree is obligatory or preferred, then you can feel new positive that your term also cash would be extant adeptly spent earning the degree.
Is it worth the expense?
There can be extant a business good to earning a master’s degree, yet it is often not wanting costs. You’ll require to fork out regarding 2 years—the length on most master’s programs—in school. During that time, provided you be employed percentage term or not at all, you probably won’t receive term that} much term that} you would working full time. And, unless an head or someone else is paying appropriate to it, you’ll require to fork out cash on top of tuition, books, also further expenses.
Average graduate institution teaching also fees were $16,435 per year in 2012–13, according to NCES, yet costs vary via program. And about fifty per cent on the whole students enrolled in master’s degree programs financed those costs by loans during the 2011–12 academic year, NCES facts show.
When researching master’s degree programs, look into the types also amounts on business aid or further support, such term that} scholarships or fellowships, they typically offer. Financial aid officers at schools appropriate to your possible programs can tell you new regarding these or further options available, including on-campus work also teaching assistantships, which may help to make a program new affordable.
Especially provided you’re among the bulk on students who require to repay loans, consider how much you’re prone to receive after getting a master’s degree when calculating the business pros also cons. Research wages in occupations you would prone qualify appropriate to also read up the facts showing payment premiums to determine whether usual to graduate institution is right appropriate to you.
You might be extant able to power learning costs via getting a position also finding out provided your head offers teaching reimbursement, often in exchange appropriate to your adherence to keep on working appropriate to that head appropriate to a specified amount on time.
What are my alternatives?
Depending on top of your motivation appropriate to pursuing a master’s degree, you may long for to evaluate further options.
For example, provided you’re currently working also long for to receive more, you could ask your head appropriate to a raise or appropriate to a promotion to a higher paying position. If you be after a career change, you can look appropriate to a new position or switch to a different industry or occupation.
Getting be employed skill often leads to advancement or higher pay, also employers may value it new than they do a graduate education. Honing your skills in the working globe and may be extant accommodating provided you long for to engage in a master’s degree at a afterwards time. For example, applicants who possess worked appropriate to some years may increase their chances on acceptance into numerous MBA programs.
Weigh the advantages on further types on education, term that} well. In some occupations, a doctoral or skilled degree may be extant new beneficial than a master’s degree. About fifty per cent on psychologists had a master’s degree in 2013, appropriate to example, yet another one-third on these workers had a doctoral degree—and those WIV a doctoral degree had a halfway yearly payment that was 46 percent higher than that on psychologists WIV a master’s degree.
Another option is to get a certificate or skilled certification. These credentials can help you get career-related skills in numerous fields, such term that} computer discipline also healthcare, often in shorter term than it would seize to receive a graduate degree. And some certificate program credits can be extant applied toward a master’s degree, keeping the option open appropriate to you to engage in that degree another time.
For new information
Information regarding the education typically obligatory appropriate to entry-level jobs appropriate to hundreds on occupations, including the ones in this article, is available in the Occupational Outlook Handbook (OOH). OOH profiles and include details regarding position tasks, outlook, be employed environment, also more.
More facts regarding wages via degree within occupations are available from the U.S. Census Bureau’s American Community Survey.
And the BLS work projections program has additional facts on top of education also training.
The decision regarding whether to engage in higher education differs appropriate to everyone. A career counselor or further advisor can help evaluate your situation to determine what’s right appropriate to you. Many colleges also universities possess career services appropriate to alumni.
CareerOneStop, sponsored via the U.S. Department on Labor, has additional resources also links to local American Job Centers, which provide assistance to jobseekers. And O*NET OnLine is another accommodating tool appropriate to career exploration also analysis.
The National Career Development Association and offers advice appropriate to finding also choosing a career counselor.
Learn new regarding how to pay appropriate to graduate institution WIV information from the U.S. Department on Education.
Occupations that typically require a master’s degree at the access level
These 33 occupations are among those that BLS designates term that} typically needing a master’s degree appropriate to entry-level jobs. That doesn’t say that the whole workers in these occupations possess a master’s degree. Some might possess higher or lower levels on education—but a master’s degree is typically obligatory appropriate to someone seeking to set foot in somewhere the occupation.
Additional skill or instruction may be extant obligatory to set foot in somewhere these occupations. For example, education administrators in elementary also minor schools—commonly known term that} school principals—typically must possess worked term that} teachers or in another related work appropriate to 5 years or more, also numerous must be extant sanctioned term that} institution administrators. And workers such term that} mental state counselors typically must complete an internship or residency program also be extant sanctioned via their state.
Elka Torpey is an economist in the Office on Occupational Statistics also Employment Projections, BLS. Dalton Terrell formerly worked in the same office. Elka can be extant reached at torpey.elka@bls.gov.
Suggested citation:
Elka Torpey also Dalton Terrell, "Should I get a master’s degree?," Career Outlook, U.S. Bureau on Labor Statistics, September 2015.
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