A master’s degree is typically an advanced degree that is available for a student who has completed a four-year bachelor’s degree program. In pursuing master’s degrees, students dive deep into topics that already fascinate them and acquire profound knowledge in their fields. There are normally master’s degrees in almost all fields, with the benefits of the master’s programs varying from field to field.
Generally, those with master’s degrees usually find it easier to secure their dream jobs because employers are always interested in harnessing their expertise. They are also more likely to earn better pay and to enjoy better job security. So, what are the benefits to earning a masters degree?
1. Greater Job Potential
In the 21st century, many employers have equated a bachelor’s degree to a college diploma. And with many bachelor’s degree graduates flooding the job market each year, jobs that required the four-year degree are now only easily available for those with graduate degrees. In fact, in careers such as social services, public affairs and higher education administration, a master’s degree is quickly replacing a bachelor’s degree as the minimum qualification for employment. Indeed, according to the U.S. Bureau of Labor Statistics, the total number of jobs requiring a master’s degree is bound to increase by 21.7% from 2015 to 2025, being the highest increase among job openings for a specific degree. Therefore, completing a master’s degree opens up more career opportunities than a bachelor’s degree.
2. Greater Earning Potential
Completing a master’s degree has consistently opened up opportunities for better pay and for more financial rewards. According to the U.S. BLS, individuals with master’s degrees earn an average salary of $55,242 per year while those with bachelor’s degrees earn an average salary of $42,877 per year. The 30% difference in average annual earning provides clear evidence that completing a master’s degree can boost one’s earning potential.
3. Better Job Security and Career Advancement
A master’s degree guarantees greater staying power and upward mobility in many industries. For instance, in the human resource (HR) field, individuals with master’s degree are usually retained in organizations to help boost sustainability. And according to the BLS, those with master’s degrees have a minimal unemployment rate of 3.5% compared to 4.5% for those with bachelor’s degrees. Besides, those who have earned master’s degrees have demonstrated evidence of determination, persistence, intellectual prowess and ability to thrive in challenging environments, all of which are sought-after qualities for persons filling managerial and directorship positions.
4. Greater Personal Growth
For individuals with an unquenchable desire to challenge themselves academically, boost their knowledge reservoir, and develop their minds, graduate education is a great opportunity for personal growth. Moreover, the effort that is put forth to complete the studies, despite moments of uncertainty and doubt, is a character-building experience that leaves an indelible sense of accomplishment in the graduate.
5. More Recognition and Credibility
A master’s degree is an invaluable source of personal and professional credibility. The advanced degree makes a huge difference on a resume and tells a story of the graduate’s dedication to the chosen field, resulting in more respect and recognition within the industry or profession. In fact, a master’s degree holder may find extra income opportunities, such as teaching, writing or speaking, that are not usually available to those with bachelor’s degrees.