What is the average salary for a master's degree?
Table of Contents
By: Janice Mejías Avilés, Edited by: Rebecca Munday
Published: March 21, 2025
If you've been in the workforce for a long time and want to learn new skills to meet today's job market demands, an online master's degree can set the stage for your next move.
Reskilling and upskilling can lead to better salaries in the future. Discover the salaries and the highest-paying jobs for master's degree holders.
What is the median salary with a master's degree?
A master's degree may improve your earning potential, with an estimated median annual salary of $90,324 in 2023, as reported by the Bureau of Labor Statistics (BLS).
In 2023, individuals with master's degrees earned more than the national median annual salary of $60,840.
Take a look at how median earnings compare across education levels and how they impact yearly salaries, according to this 2023 BLS survey:
| Degree type | Estimated annual median earnings |
|---|---|
| Doctoral degree | $109,668 |
| Professional degree | $114,712 |
| Master's degree | $90,324 |
| Bachelor's degree | $77,636 |
| Associate degree | $55,016 |
| High school diploma | $46,748 |
| Less than a high school diploma | $36,816 |
| All workers | $60,840 |
Highest-paying master's degree
While a master's degree may generally boost salaries, other factors can influence how much you could earn.
Your field of study and specialty play a significant role. Graduates with degrees in computer science tend to earn high salaries, regardless of their career path. According to the BLS, computer and information scientists, whose roles typically require a master's degree, had a median annual salary of $145,080 in 2023.
In contrast, degrees such as a master's in nursing or psychology may lead to high-paying jobs in specific specialties. For example, nurse practitioners and industrial-organizational psychologists often earn more than other specialties, per BLS data.
Industry matters, too. Sectors like healthcare, finance, and technology tend to offer higher pay. Your location may also impact your earnings, as areas with greater living costs generally provide higher wages.
Highest-paying jobs with a master's degree
When considering a master's degree, evaluate your interests and strengths with the role's earning potential and job outlook.
Review the highest-paying jobs requiring a master's degree listed by the BLS:
| Career | Median annual salary (2023) |
|---|---|
| Industrial-organizational psychologists | $147,420 |
| Computer and information research scientists | $145,080 |
| Political scientists | $132,350 |
| Physician assistants | $130,020 |
| Nurse midwives | $129,650 |
| Mathematicians | $116,440 |
| Economists | $115,730 |
| Healthcare diagnosing or treating practitioners, all other | $107,990 |
| Statisticians | $104,110 |
| Education administrators, kindergarten through secondary | $103,460 |
For individuals with strong analytical and problem-solving skills, a master's in computer science, data analytics, or information technology could lead to high-paying careers in tech and data-driven fields.
If you're passionate about patient care, hold a bachelor's in healthcare or biology, and are ready to pursue additional certifications, a master's in nursing or healthcare fields may be the right path.
A master's in psychology offers good career opportunities for those interested in mental health, human behavior, or educational development and those with strong analytical and research skills.