Is a masters degree worth it?

As the job market shifts and industries require more specialized professionals, you might consider pursuing a master's degree to upskill or reskill to change careers.

Every professional journey is unique, so whether a master's degree is the right move for you depends on your commitments and career goals. Read on to explore if a master's is worth it.

TL;DR on master's degrees

A master's degree is an advanced academic credential. Master's programs help learners deepen their understanding of a specific field of study and hone their research and practical skills. Learners often pursue these programs to gain expertise for career advancement, further study — such as a doctorate — or to step into roles as educators or researchers.

Most master's programs require a bachelor's degree and take one to three years to complete, depending on part-time, full-time, or accelerated enrollment. Some programs may require a capstone project, thesis, or practicum.

Understand how to get a master's degree with this step-by-step guide.

What are the benefits of a master's degree?

While individual motivations vary, regardless of the chosen field, there are common advantages to pursuing a master's degree:

• Master's degree graduates tend to earn higher salaries and face lower unemployment rates, according to the Bureau of Labor Statistics (BLS).
• Upskilling or reskilling with a master's may lead to new job opportunities in niche areas or make you a candidate for a promotion at your workplace.
• Master's programs equip students with hands-on experience through in-demand tools and skills in their industry.
• You can take classes with industry leaders and experts, gain insights into the latest innovations, and expand your professional network.
• Many master's programs offer flexible options, allowing you to work full-time while you study.

How much does a master's degree cost?

The cost of a master's degree can vary significantly depending on several factors. According to the National Center for Education Statistics (NCES), the median tuition and fees for a master's program in 2020 were $9,880 annually.

For online master's programs, the median yearly cost was slightly lower, at $7,920. However, the total cost of a master's degree depends on more than just tuition.

Other factors that affect the cost include:

• Institution type:Public universities tend to have lower tuition and fees than private institutions, per NCES data.
• Enrollment status: Whether you study part-time or full-time will impact the total cost and time to completion.
• Program format: Online programs may have lower costs than in-person programs, as shown by the NCES data above.
• Program length: Some specializations, like master's in nursing programs, tend to be longer. Accelerated options may reduce the time (and sometimes the cost) needed to earn your degree.
• Residency status: Tuition rates often vary depending on whether you're an in-state, out-of-state, or international student.
• Expenses not covered by tuition: Additional costs may include program-specific fees, study materials and practice supplies, technology, living expenses (including childcare and potential loss of income if you need to switch to part-time work), and licensure or certification exams upon graduation.

Are master's degree holders in demand?

Earning a master's degree may lead to lucrative jobs in growing fields over the next decade, as reported by the BLS.

Master's degree holders are expected to be in demand in at least 22 professions with faster-than-average job growth projected from 2023 to 2033.

In 2023, the median annual salary for those with a master's degree was $90,324 — significantly higher than the national median annual salary of $60,840.

The factors influencing the demand for professionals with a master's degree vary by profession. Still, the BLS highlights that crucial drivers include replacing retiring workers, the growing demand for specialized skills (especially in healthcare due to the aging population), and the rapid technological transformation in banking, finance, and business administration.

Explore the average salary of a master's graduate.

Should I get a master's degree?

The decision to enroll in a master's program is a personal one, but here are a few tips to help you weigh the decision:

• Assess your readiness: Are you prepared to go back to school? Master's programs are rigorous and require time and effort. Some schools may also require you to take standardized admissions tests.
• Consider your availability: If you're working or have personal commitments, evaluate how much time you can dedicate to graduate studies. Contact the admissions office to understand the program's curriculum and expectations clearly.
• Weigh the pros and cons: List the benefits and potential drawbacks of earning a master's degree — factor in the cost, affordability, and return on your investment. Consider grants, scholarships, and fellowships to pay for your graduate education. If student loans are necessary, consider your repayment ability after graduation.
• Map out your future: Look into salary ranges for roles you are interested in and projected job growth over the next decade. Ensure the degree you choose aligns with your long-term career goals.
• Clarify your motivation: Will this degree help you achieve a desired job or switch careers? Will it lead to higher-paying roles in an industry you like? Defining what growth and satisfaction mean to you can help you make an informed decision.