Highest Paying Masters Degrees;-According to the Bureau of Labor Statistics, professionals with a master’s degree make 21.43% more money on average than those with a bachelor’s degree. However, not all master’s degrees offer the same potential for income. If you want to boost your earning potential with a master’s degree as much as possible, you should pick a master’s degree with a high earning potential because a master’s degree in some disciplines will pay less than even a bachelor’s degree in other fields.
This ranking of the ten highest earning master’s degrees fills that need. We graded master’s degrees based on future salaries. We used the wages of the top 10% of people in the highest-paying occupations available for these degrees rather than the median salary for those degrees.
Top 10 Highest Paying Master’s Degrees
1.Master of Business Administration
One of the most useful and well-paying master’s degrees available is the master of business administration. Although it’s a logical extension of a business administration undergraduate degree, it’s also a wonderful option for students who have completed their undergraduate studies in IT, marketing, or any number of other fields and want to work in management.
IT managers, marketing managers, and sales managers are a few of the well-paying professions for MBA graduates. It’s also one of the degrees that business executives hold the most frequently.Top 10 Highest Paying Master’s Degrees
Most lucrative median pay: $208,000+
10-year Growth Projected: 4%
115,000 new jobs were created.
2.Master of Science in Finance
It’s no secret that a career in finance can be quite rewarding. And a master’s in finance, which is high on our list of the highest earning master’s degrees, is required for top finance industry jobs. Financial advisors, consultants, and managers earn very well.
However, even financial advisers make a very good living. Financial manager positions are typically a stepping stone to financial advisor positions. Over the next ten years, this industry is expected to experience significant job growth, making it a relatively secure major. Top 10 Highest Paying Master’s Degrees
Maximum 10% Salary: $208,000+
Ten-year Growth Projected: 15%
108,100 new jobs were created.
3.Master of Engineering Management
It’s crucial for those in charge of managing architects and engineers to possess both good engineering knowledge and management abilities. A master of engineering management can help with that. The salaries of top engineering managers are comparable to those of CEOs and financial managers. Since there are significantly fewer engineering majors than business majors, the job growth is considerably smaller, but there are also less persons qualified to enter this area.Top 10 Highest Paying Master’s Degrees
Maximum 10% Salary: $208,000+
10-year Growth Predicted: 3%
5,100 new jobs total.
4.Master of Science in Petroleum Engineering
Petroleum engineers specifically apply engineering ideas to problems related to petroleum production. Although there has been a noticeable slowdown in job growth in this industry in recent years, the pay is still quite good, making this one of the highest paying master’s degrees. The engineering field with the highest salaries is petroleum engineering. Any engineering profession can be pursued without having a master’s degree, but getting one in the middle of your career can be a wise move since it will help you keep up with changes in the field.Top 10 Highest Paying Master’s Degrees
Maximum 10% Salary: $208,000+
10-year Growth Predicted: 3%
1,100 new jobs total.
5. Master’s in Applied Mathematics
Actuary is the position with the highest compensation for applied mathematics. Actuaries have among of the highest rates of job growth in STEM disciplines. The examinations necessary to become a certified actuary can be taken by anyone interested in actuarial sciences, or they can discover applied mathematics courses with actuarial tracks. There are a ton of additional lucrative employment opportunities available to mathematicians.
In many of these positions, the mathematician will work as part of a team conducting research on topics including economics, quantum computing, financial models, data analysis, and cryptography. Along with helping to construct the mathematical components of their research, many mathematicians collaborate with physicists, chemists, and other scientists.Top 10 Highest Paying Master’s Degrees
Pay in the Top 10%: $193,600+
10-year Growth Projected: 18%
4,900 new jobs total.
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6.Master of Science in Computer Science
While there are many high-paying careers available for those with a bachelor’s degree in computer science, research and development positions often offer the highest salaries. On average, computer and information research scientists earn the highest of any profession. A STEM discipline has a high rate of job growth, which makes sense given the rapid pace of technological advancement.Top 10 Highest Paying Master’s Degrees
Maximum Median Salary: $189,780+
Ten-year Growth Projected: 15%
5,000 new jobs total.
7.Master of Science in Healthcare Management
In this list of the best paying master’s degrees, health management has the fastest rate of growth. A 32% growth rate over ten years would result in over 133,000 new jobs. If you obtain a degree in this field, you are practically guaranteed employment with excellent salary. If you completed your undergraduate coursework in business or health-related disciplines and have chosen to pursue a career in healthcare, take this into consideration.Top 10 Highest Paying Master’s Degrees
Maximum 10% Salary: $189,000+
10 Year Growth Projected: 32%
133,200 new jobs were created.
8.Master’s in Economics
Since the advent of the internet and cheap international travel 100 years ago, the world economy has expanded rapidly. In many ways, economists are lagging behind these profound cultural shifts. Most economic models aren’t ready to analyze the contemporary global market because they are based on theories that were developed between the 1700s and 1950s. Because of this, economists will still be necessary whether you’re conducting research, teaching, or both in the future.
Although a master’s degree in economics is a great decision, a PhD in economics or a closely related topic will be required to excel in your field.Top 10 Highest Paying Master’s Degrees
Maximum 10% Salary: $185,020+
Estimated 10-year Growth: 14%
9.Master of Science in Nursing
Modern healthcare is becoming more and more dependent on nurses. They are even replacing several tasks that were previously only performed by doctors. Nurse practitioners perform many of the duties of psychiatrists and general practitioners, including writing prescriptions for medications, while nurse midwives supervise childbirth. Nurse anesthetists provide anesthesia. Most of the time, these nurses work under the direction of doctors, report to them, and can rely on them in case of complications.
However, for the most part, they perform the same tasks as many different types of doctors and earn doctoral salaries in the process, making this one of the highest paying master’s degrees. Top 10 Highest Paying Master’s Degrees
Maximum 10% Salary: $184,180+
10-year Growth Projected: 45%
117,700 new jobs were created.
10.Master’s in Political Science
Political scientists are more than just media spinners and TV pundits. They are in charge of assisting the most powerful politicians in the world in developing and putting into effect their political strategies and policies. These are the unseen figures who crunch numbers and collaborate with a wide range of experts to develop pertinent and, hopefully, efficient policies. A good political scientist is a mix of statistician, psychologist, and marketing expert.Top 10 Highest Paying Master’s Degrees
Maximum 10% Salary: $164,210+
10-year Growth Projected: 6%
400 new jobs total.
FAQs
- How do I fund my master’s degree?
There are numerous approaches to take, some of which are more tempting than others. Consult your employer beforehand. Many firms offer their employees funding for continuing education and professional development. Even though it frequently won’t cover the entire cost of your education, this can significantly reduce your tuition, especially if you select a public university that is within your budget. Numerous outstanding public universities are among the best in the country.
It’s not necessary to spend a lot of money to get a good degree. Start by looking at the top public universities in your state. Even some businesses have educational agreements with nearby institutions!
If your employer doesn’t provide many educational advantages, don’t give up hope. Federal financial aid, including grants and low-interest student loans, is still available to you. Even if your master’s degree isn’t among the highest paying master’s degrees, taking on more student debt may still be an option given the potential wage improvements from completing one. Of course, a lot of colleges and universities also provide financial aid to graduate students. Additionally, there are a ton of private scholarships. Check out some of our posts that highlight some of the top scholarships for different degrees!
The final choice is to either put money aside or take out private student loans, which frequently have higher interest rates.
- Don’t I need to go to a top school to earn a top job?
While going to a top Ivy League or private university is undoubtedly advantageous in some situations, it’s not absolutely necessary to attain your job ambitions. The greatest master’s degrees are offered by a number of state universities with outstanding programs and stellar reputations. Additionally, compared to many private universities, their curricula are far more cheap. My recommendation is to choose the best private and public institutions that offer the programs you are interested in and submit applications to both.
Then evaluate which of their financial aid programs best suits your requirements by comparing them. During the application procedure, you shouldn’t place any restrictions on yourself. Due to COVID-19, many colleges, including some of the best in the nation, are waiving or lowering application fees. But even then
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