Master’s Degrees – Are They Worth It?

Is it worth the money and effort to get a master’s degree?

Before we discuss if it’s worth it, let us first discuss what it is. According to GradSchools.com, a master’s degree is, “An academic degree awarded by a college or university upon completion of a specific course of study. Students obtain a Master’s Degree to further their studies in a specialized field and to gain highly developed skills in analysis and critical thinking.”

As a side note, there are C-suite style master’s degrees known as Executive MBAs. Those are different and will not be discussed in this article.

So, how much does a master’s degree cost? According to Best Masters Programs, as of the time of this article, Sallie Mae reports that a master’s degree will on average cost $24,000. Additionally, it takes anywhere between twelve and twenty-two months to complete. For years, the common timeframe was twenty-four months.

Now that we understand what we’re talking about, is it worth it? According to Northeastern University, the average pay for an MBA (Master of Business Administration) is around $115,000 per year.

According to the article, the highest-paying career is a Nurse Anesthetist with an average salary of $167,950. Understand, a Nurse Anesthetist has to first be a Registered Nurse for at least two years. The next highest paying salary is for an IT Manager.

Both professions require unique skills in their fields.

According to the “US News Best Paying Jobs of 2020 report,” an IT manager is the second highest paying job that is non-medical. The first, non-medical, being a Petroleum Engineer.

The 8 Highest Paying Master’s Degrees in 2021

With an MBA, it’s important to choose a concentration. There are several different concentrations to choose from. The concentrations include, but not limited to, Technology, Marketing, Finance, Business, Human Resources, Nursing, Engineering, and many more. If you don’t choose one, it usually defaults to Business.

An MBA is far from the only advanced non-doctoral degree. The possibilities are almost endless. It’s a matter of finding a university/college that has the concentration one might be looking for. Each school is different in its offerings.

Another consideration is whether or not to take classes online or in-person. Some schools only offer online courses. While others only offer certain concentrations on-line while the rest are in-person. More and more schools are moving toward an on-line format. According to the “Best Master’s Degrees,” pursuing a degree online “requires a certain amount of self-starting drive to complete.”

Pursuing an online degree does require a higher degree of discipline. Speaking as someone who received an advanced degree online, I can tell you that it’s important to set aside time for school. Traditional, and non-traditional, schools announce the days and times the classes will be facilitated. Whereas, most online degrees can be completed anytime within twenty-four hours. In other words, online degrees far more flexible than in-person. This flexibility is a great benefit for anyone who works traditional hours.

Is it Better to Get a Master’s Degree Online or at a Traditional University?

For my undergraduate degree, I attended courses in-person through a non-traditional program. In that, I went to school in the evening while working during the day. At the time, I had little choice because online classes were far and few between. However, over the past decade, online programs have increased exponentially. Most traditional schools also offer their courses online as well as in person. Making it more convenient for everyone based on their needs.

Are they worth it?

That really depends on your situation. If your career field requires, or strongly encourages it, then the answer is probably yes. However, if you are pursuing it because you think it will give you a leg up, you might be sadly disappointed. Unless the position requires, or even prefers it, going for a master’s degree might not be worth the time and effort you put into it. Then again, if that’s what you want, there’s no stopping you from getting one just to get one.