Master’s Degree

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A master’s degree is an advanced graduate degree that shows a high level of expertise in a particular subject. This degree is typically pursued after completing a bachelor’s degree (aka an undergraduate, college degree). You may choose to get a master’s degree in order to:

Continue your education, and learn more about a specific subject/field of study
Improve your opportunities for career advancement in a specific field
Increase your salary, or to
Improve your appeal as a job candidate.¹

Additionally, this degree usually requires between 30 and 60 academic credits to complete (aka 1-2 years as a full-time student).

What type of individual usually gets this degree?

There are a number of reasons one gets a graduate-level Master’s degree. Below are some common examples:

Job requirements – Some jobs require a master’s degree as a minimum qualification for employment. For example often times a master’s degree is required to earn a license to teach in public schools.
Salary bumps and senior-level job placement – Individuals that want to skip entry-level jobs and immediately start in higher-paying roles. Many senior-professional jobs require an advanced degree.
Looking for a change of pace – Those who wish to switch industries/career focuses or wish to go back to school and take a break from the work life can pursue a Master’s degree. For example, if someone has worked in finance for 4-5 years after college but wishes to get into a tech role, they could get a master’s degree in a tech-related subject (like computer science) and recruit for a software/tech focused career upon completion.

What types of Master’s Degree are there?

Master of Arts (MA) – Includes most liberal arts, humanities and social sciences, such as english, political science, education, history, etc.
Master of Sciences (MS) – Includes most STEM field subjects, such as mathematics, chemistry, physics, engineering, computer science, etc.
Online Master’s Degrees – These types of degrees are growing in popularity nowadays due to increased flexibility (remote learning) and lower costs. One can complete an online master’s degree at a number of institutions and receive a similar level or work-intensity. Of course, you will not be able to experience the on-campus benefits of an in person degree.

Necessary things to know about a Master’s:

How long does it take to complete?

If pursued as a full-time student, typically takes 1-2 years to complete (30-60 academic credits).

What exams do I need to take before applying?

Usually need to take the GRE, but some schools accept the GMAT. Additionally, some schools allow applicants to omit testing all together if they’ve met certain academic requirements. However, this scenario is more rare and you should check the school’s specific website to see which exam(s) they require.

What experience is expected from Master’s school applicants?

Typically, only a bachelor’s degree (undergraduate/college degree) is required. However some programs may require some work experience as well.

Average cost of a Master’s degree?

The cost varies greatly depending on the program, field of study, and university offering the master’s program. This price can range from anywhere between $30k (for smaller institutions) to $120k (for more elite, private universities).

Additionally, online programs tend to be the cheapest since they are remote learning programs and are more flexible.

What skills are you expected to gain from a Master’s program?

Master’s programs are designed to provide the student with a specialized skillset they usually do not get during college. Typically, all the coursework is based on that specific subject and the subject matter is more extensive. Whereas for an undergraduate college degree, students are often required to take many different types of classes that may or may not be related to their major.

For example, an undergraduate Computer Science degree will usually teach students the basics plus a little more, whereas a master’s degree allows a student to dive deeper into that field of study and become more of an “expert”.

What are some challenges of doing a Master’s program?

Intense workload – coursework is usually difficult and extensive
Can be expensive – University tuitions are increasing every year, and it is not always easy to spend more money on obtaining a degree.
Takes time – not everybody has the freedom to not work for another year or two while advancing their education.

What are some benefits of doing a Master’s program?

Continued Education – Can build expertise and become more of a specialist at a certain field of study.
Increased Credentials – Having a graduate degree in a certain subject gives employers more reason to believe you are a strong and able candidate.
Change of pace – Allows you to go back to school which has many added benefits like being able to get a break from the work-world and/or can redirect your career path by gaining education/experience in a different field.

Typical Salary of first-year graduate?

This varies a lot depending on the master’s degree the graduate receives, but on average, a first year graduate makes ~$55k per year.²

Should I get a Master’s Degree?

If you would like to continue your education and get a more focused, specialized learning experience you should consider getting a graduate-level master’s degree. Furthermore, if you feel you are stuck in an industry or in a specific role and would like to lateral, going back to school and getting a master’s degree is a good way to take a break and gain relevant experience in a new field.

The average salary for those with a master’s degree tends to be higher than those with just a bachelor’s degree, so if you can afford to take time off and spend money on tuition, it can certainly be a good move for the long term future of your career.

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