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What will you Earn after your Master’s Degree?

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30 Dec

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What will you Earn after your Master’s Degree?

Postgraduation can be a brilliant opportunity for students to acquire advanced training, new skills, and in-depth knowledge of a subject. It is a qualification you should be extremely proud of irrespective of your future plans. But will it make you more employable or help you earn a better salary? Well, let's find out.

Pursuing a post-graduate degree entails huge investment from the students in terms of time, effort, and money, therefore, it is important for you to know the worthiness of the degree in terms of future aspects. Some students pursue post-graduation in a subject area merely because of their interest and passion for the subject. However, it is not the case with the majority of the students. Several research studies suggest that continuing education after your graduation is not only beneficial but also the need for today's competitive market.

Studies also represent that students with a master's degree are more employable and also go on to earn more in their life. Master's degree is definitely a great way to increase the overall employment rates of an individual but it does not mean that completing a masters will boost your employability automatically. You need to be capable enough to efficiently sell your skills to the employers.

What makes a master's degree more valuable for an employer?

A master's degree helps a student to enhance his current abilities, acquire new skills, and the ability to transit to an entirely new field. There are multiple graduate degrees you can earn in various fields ranging from business to design.

The benefits of a master's degree that impress an employer are

  • Specialized knowledge to enhance your industry expertise.
  • Career advancement ability that helps an individual to settle into more senior positions in an organisation.
  • Increased earning potential because of a boost in the researching, writing, and analyzing skill set.

What salary do postgraduate's earn?

Now that it is established that a master's degree can help you become more favourable in the job market and will also help you to find a better job, it is time to understand if a master's degree will play a major role in your earnings or not. There have been studies on this aspect of a master's degree as well and the results definitely show that earning a post-graduate degree tend to increase the paycheck amount of an individual. Here are a few data figures from certain studies that analyze that students with a master's degree earn more than a graduate student.

  • Institute of Fiscal Studies, in a 2015 report, stated that postgraduates earn around 9% more than the graduates over the period of their life.
  • A report presented by the Sutton Trust in 2013 also found out that postgraduate students earn more.
  • According to the studies, a student with a bachelor's degree earns an average of about $61,000 in a year whereas a master's degree holder earns about $71,000 in a year.

Top paying degrees

There are several studies that show that a postgraduate degree or diploma opens up new doors to earn substantially higher wages.

Here's a list of top 10 career options that require a postgraduation degree and offer the best starting salary packages

  • Physician: The average annual salary of a primary care doctor is somewhere around $237,000 and goes up to $341,000 for a doctor who specializes in a certain field. The healthcare industry tops the chart with several high-paying jobs occupying the list with physicians at the peak.
  • Nurse Anesthetist: Nurse anaesthetist is a person who is responsible for administering anaesthesia to a surgical patient. The average earning of a nurse anaesthetist lies around $175,000 per year.
  • Dentist: Dentistry not only helps a student to improve the smiles of millions all around the globe but also helps him to earn hefty paychecks. The average salary of a dentist is somewhere around $156,000 in a year.
  • IT Management: In today's technology-driven era, companies are always looking for individuals who are capable of planning and executing their technological aims. The average salary of an IT manager or IT project manager is around $142,500.
  • Pharmacy: Earning a Pharm.D. degree is quite challenging as it involves studying biology, chemistry, and pathology coursework. The average salary of a pharmacist accounts to $126,000 per year according to the sources.
  • Law: A career in the field of law is amongst the highest paid in the world. The average salary of an attorney is somewhere around $121,000 per year.
  • Nurse Practitioner: Nurse practitioners play an extremely important role in managing patient care. According to sources, the average salary of a physician assistant is $109,000 per year and for a nurse practitioner is around $107,000 in a year.
  • Economics: A student who holds a post-graduate degree in Economics has multiple career options available to him and can earn an annual income of around $104,000.
  • Engineering: Engineering is one of the most in-demand careers all around the globe and offers various employment prospects to a student based on his program specialization. The average salary of a student holding a master's degree in the field of Engineering is around $94,000 in one year.
  • MBA: A master's degree in MBA is like a prerequisite in today's competitive era. A typical MBA graduate earns around $86,000 in a year according to the sources.

From the above-mentioned details, it is clear that most of the top-paying careers are from the healthcare industry including doctors, nurse anaesthetists, physician assistants, and nurse practitioners. Engineering, business, and law are some of the fields in which an advanced degree can also lead to a rewarding career.

How much can your degree make you earn?

Being a student often means facing a shortage of money or being reliant on the next loan instalment or cash from parents to come in but things won't be this way forever. Soon you'll complete your post-graduation and start earning money. If you're talented and lucky enough that can be huge heaps of money. You can start fantasizing about how you'll spend your first salary by looking at the below-added list of post-graduation degree and the average salary a person can earn for different jobs related to that degree

Subject Area

Job Title

Average Salary

Accounts & Finance

Budget Analysts

$ 76,000

 

Financial Analysts

$ 86,000

 

Accountants

$ 70,500

 

Loan Officers

$ 63,000

 

Tax Examiners

$ 54,000

 

Actuaries

$ 103,000

     

Architecture

Engineering Managers

$ 141,000

 

Architects

$ 79,000

 

Drafters

$ 56,000

     

Art & Design

Producer or Director

$ 72,000

 

Multimedia Artist

$ 72,500

 

Graphic Designers

$ 50,000

 

Archivists or Curators

$ 48,000

 

Other

$ 47,000

     

Business & Management

Market Analysts

$ 63,000

 

HR Specialists

$ 61,000

 

Operation Research Specialists

$ 83,000

 

Budget Analysts

$ 76,000

 

Logisticians

$ 75,000

 

Management Analysts

$ 84,000

     

Computer Science & IT

Software Developers

$ 106,000

 

Web Developers

$ 69,000

 

Computer Programmers

$ 84,000

 

Information Security Analysts

$ 98,000

 

Computer System Analysts

$ 89,000

     

Engineering

Civil Engineers

$ 87,000

 

Mechanical Engineers

$ 87,000

 

Nuclear Engineers

$108,000

 

Computer Hardware Engineers

$ 115,000

 

Petroleum Engineers

$ 137,000

 

Environmental Engineers

$88,000

     

Law

Attorney or Lawyer

$ 121,000

 

Judge

$117,000

 

Mediators

$62,000

 

Court Reporters

$57,000

 

Legal Assistant

$51,000

     

Media & Communications

Writers and Editors

$ 62,000

 

PR Specialists

$60,000

 

News Analysts and Reporters

$ 43,000

 

Broadcast and Sound Technicians

$ 44,000

 

Announcers

$ 32,000

     

Healthcare

Physicians & Surgeons

$ 208,000

 

Dentist

$ 156,000

 

Veterinarians

$ 94,000

 

Medical Scientist

$ 85,000

 

Biological Technicians

$ 45,000

 

Psychologists

$ 79,000

 

Conservation Scientist & Foresters

$ 61,000

     

Natural Sciences

Bio Technicians

$ 45,000

 

Environmental Scientists

$ 71,000

 

Chemist & Material Scientists

$ 78,000

 

Geoscientists

$ 91,000

 

A PG degree is one of the sure-shot ways of increasing your earning potential. It is advised for you to pursue a career in a high demand field to secure your professional and academic careers. Keep in mind that there are several factors that will affect how fat your paycheck will be after the post-graduation.

The four major factors are

  • The employer company
  • The job industry
  • The location of the job
  • Competition in the job market

There is no denying the fact that some degree disciplines will lead you to big money faster than the others but you should never get too hung up on it. Choose something you're passionate about and you're more likely to stick with it, work harder to improve yourself at it and be open to new challenges and opportunities. And all these are the major routes to a hefty salary. It is just the beginning of new adventures for you thus, do not judge your future career choices on money alone.

Success Could be achieved in owning your own business, travelling all around the globe or anything in between the two. Keep your eyes on the prize of learning new skills and not on just the paycheck. This approach will definitely help you to find the right route for yourself.

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