Best master's degrees to pursue
A person's level of education can have a dramatic impact on their career capabilities and income potential. Individuals with a bachelor's degree or higher are typically able to get a job that is higher-paying and more stable than those who only have a high school diploma. And, people with master's degrees typically make more than those with a bachelor's degree or lower. Here we explore what a master's degree is as well as a few of the highest paying master's degrees you can pursue.
Master's degrees defined
A master’s degree is a degree that is higher than a bachelor’s degree and is considered an advanced degree. This type of education level is considered to be graduate, rather than an undergraduate like an associate’s or bachelor’s degree. An individual must complete an undergraduate program, typically a bachelor’s program, before advancing to graduate school.
Most master’s degrees specialize in a particular area, such as business administration or mental health counseling. Examples of master’s degrees include Master of Arts in Business Administration and Master of Science in Computer Science. Most master’s programs take two to three years to finish, and many master’s programs are now available to be completed entirely online.
Once a person obtains a master’s degree, they can pursue higher-level positions that often provide an increased income.
Highest paying master's degrees
The following are a few of the highest-paying master’s degrees you can pursue:
Master of Health Administration
This degree prepares students for a career in health care administration and can lead to jobs that include management within a healthcare setting. Studies for this degree include organizational behavior and marketing.
Master of Project Management
Master of Project Management programs teaches students the various factors that go into evaluating, organizing, and executing organizational projects. Students learn how to use various project management tools to excel in a variety of industries. The average project manager salary is $66,137 per year.
Master of Science in Chemical Engineering
A Master of Science in Chemical Engineering helps students prepare for careers in chemical engineering. Specializations in this program include thermodynamics and biotechnology. The average base pay for a chemical engineer is $71,930 per year.
Master of Science in Software Engineering
A Master of Science in Software Engineering teaches individuals the various ins and outs of building, designing, and maintain computer software and operating systems as well as computer coding. The average base salary of software engineers is $92,046 per year.
Master of Science in Economics
A Master of Science in Economics program provides students with in-depth knowledge of economic forecasts, macroeconomics, and financial economics, among other subjects. There are several jobs you can pursue with this degree including a job as an industrial economist ($97,811 per year) or a financial economist, which has the same average annual salary.
Master of Science in Finance
A Master of Science in Finance prepares people for various jobs in the finance industry. Coursework includes counting, finance management, and statistics. Common top-paying jobs you can pursue with this degree include an investment banking analyst ($86,646 base salary) and controller ($99,931 base salary).
Master of Science in Marketing
A Master of Science in Marketing is a graduate degree that is consistently high paying compared to other graduate programs. This program prepares a person to handle all aspects of an organization’s marketing efforts and includes courses that educate an individual about consumer behaviors, promotional strategies, and branding. Common job titles of people with this degree include marketing manager and marketing director, which have average salaries of $65,834 and $107,332, respectively.
Master of Science in Physician Assistant Studies
This master’s program prepares students to work in a variety of fields of medicine including in physician’s offices and hospitals. Common courses included in this program include pharmacology, genetics, and immunology. The average base pay for a physician’s assistant is $108,000.
Master of Science in Nursing
A Master of Science in Nursing helps prepare individuals to go on to become nurse practitioners, registered nurses, and other related job titles. Common courses in this graduate program include health management, disease prevention, and clinical training. Nurse practitioners make an average base salary of $110,076 per year.
Master of Engineering Management
A Master of Engineering Management prepares individuals to work in engineering management in a variety of industries. The average base pay for an engineering manager is $117,378 per year.
Master of Science in Applied Mathematics
This degree is a top-paying master’s degree that prepares individuals for scientific computer and numerical analysis. Common jobs you can pursue with this degree include those in management, engineering, and science.
Master of Science in Petroleum Engineering
A master’s degree in petroleum engineering teaches students various concepts that go into this type of engineering, including thermodynamics, economics, and physics. The average salary for petroleum engineers is $104,917 per year.
Master in Business Administration
Most executive-level employees hold a Master in Business Administration. This degree prepares individuals with management skills, quantitative analysis, and management best practices. The average salary of a chief executive officer (CEO) is $152,253 per year.
Master of Science in IT Management
A Master of Science in IT Management prepares students for careers is IT managers within an organization. Courses in this program often include computer networking, system analysis, cybersecurity, and software design. The average base salary for an IT manager is $85,253 per year, while the salary for a senior IT manager is $156,751.
Master of Science in Nursing in Nurse Anesthesia
Nursing anesthesia is one of the highest-paying nursing positions available. This program prepares students to administer anesthesia in a variety of settings and proper pain management. The average salary for a nurse anesthetist is $172,554 per year.