A master's degree is a degree obtained from a graduate program in which people specialize in a particular subject. Whether people pursue master's degrees to advance their careers, boost their educational knowledge on a certain subject or increase their salaries, enrolling in a master's degree program has a wealth of benefits. It also introduces its students to a world of new opportunities.
Effects
When a person has a master's degree, she tends to earn a higher salary than those who have only bachelor's degrees, according to Salary.com. In the site's article, "A Higher Degree the Key to Higher Pay?" the average salary for those with master's degrees is said to be $53,000, as opposed to those with bachelor's degrees who average about $43,000 for their yearly salaries. According to World Wide Learn, most graduate students have admitted that they pursued a master's degree to earn a higher-paying job.
Expert Insight
The federal government also has proven statistical data that master's degree holders make more than bachelor's degree holders. According to the U.S. Census Bureau, during a 40-year working period, people who have master's degrees tend to earn $2.5 million, while those who have bachelor's degrees make only $2.1 million during that time. In addition, people who have master's degrees earned about $1,102 each week, about $200 more a week than those with bachelor's degrees, according to the U.S. Bureau of Labor Statistics.
Types
While there are a variety of types of master's degrees, they all fall into two categories: a Master of Arts and a Master of Science. Pursuing either one of these types of master's degrees not only boosts its holders' incomes but also gives them an advantage when competing for jobs. Higher-level jobs in business, public policy, public administration and engineering, among other professions, often require that applicants hold a master's degree. Without one, applicants may not be considered.
Features
Another advantage of pursuing a master's degree is having the opportunity to become fully immersed in the subject matter that you are passionate about. This can be an invaluable experience and provide you with a body of work you can use to market yourself when you complete your graduate program. In addition, enrolling in a graduate program gives you access to a school's alumni database. These alumni connections can provide you with opportunities for internships, fellowships and jobs.
Considerations
Every master's degree program does not guarantee a boost in income or access to higher-paying jobs. Those pursuing MFAs--Master of Fine Arts degrees, such as theater and dramatic arts--and master's degrees in journalism may not see an instant effect, like those with Master of Business Administration degrees often find. When pursuing a master's degree, it is important for potential students to weigh the pros and cons of each program that they are considering.
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