More and more Americans are pursuing higher levels of education, including master’s, professional and doctoral degrees. According to the US Census Bureau, 21 million graduates over the age of 24 have completed their master’s, a number that has doubled since 2000. Doctoral graduates have doubled as well, coming in at 4.5 million. These numbers indicate that approximately 13.1% of all U.S. adults have advanced degrees, rising from 8.6% in 2000. Should you be in their ranks?
Why Getting a Master’s Degree is Worth It!
A master’s degree will change your life, both professionally and personally. According to the US Bureau of Labor Statistics, the average annual earnings for someone with a master’s degree is $1,300 more per month compared to someone with a bachelor’s degree alone.
Although a master’s degree helps put more money in the bank, money shouldn’t be the primary reason to choose to get a master’s degree. Ecclesiastes 5:10 NAS tells us, “He who loves money will not be satisfied with money, nor he who loves abundance with its income.”
Many people choose to pursue their master’s degree because they want to learn more about a subject they genuinely love. When you have a passion for a particular subject and a hunger to learn more about it, that’s a good indication you’re on the right path—the one that God intends for you.
“A plan in the heart of a man is like deep water, but a man of understanding draws it out.” Proverbs 20:5 NAS
Every one of us has a special God-given calling and talent. How sad it would be to go through life doing a job that doesn’t make use of your God-given purpose and passion. A master’s degree has the potential to enable you to more-fully pursue your calling. Not to mention that you’ll be much happier doing something you love.
But there are many other benefits as well.
What are the Benefits of a Master’s Degree?
Obtaining a master’s degree in a field that you’re passionate about is a worthwhile endeavor, but it will give you so much more, including:
According to a Pew Research report, 73% of Americans consider themselves to be lifelong learners. Additionally, 74% of Americans have taken part in an activity over the past 12 months that increases their lifelong pursuit of knowledge.
According to a ScienceDirect report, the benefits associated with lifelong learning include:
With all these benefits, it makes sense to have a goal of lifelong learning. And if you enjoy the subject, why not go ahead and go for your master’s degree. As you apply what you learn in its pursuit, you’ll find you have improved your skills in:
These skills will give you more confidence and increase your marketability.
As already stated, a master’s degree will give you greater earning potential. According to a 2019 College Board report, a master’s degree enables you to make 23% more annually over that which you would receive with a bachelor's degree—$80,200 vs. $65,400, respectively.
In some fields, the gap is even greater for those with advanced degrees. According to a 2015 report published by Georgetown University’s Center on Education and the Workforce, advanced degrees in life sciences and biology earn 63% more than their bachelor’s degree counterparts. And graduate degrees in health and medical preparatory programs earn a whopping 137% more.
According to another report published by Georgetown University, The College Payoff, the lifelong career earning potential totals demonstrate a remarkable difference between those with a bachelor’s degree and those with an advanced degree—$2.27 million vs. $3.65 million, respectively. These numbers demonstrate that earning a master’s degree will provide a significant boost to your paycheck over your lifetime.
A bachelor’s degree provides you with the general basics. A master’s degree, however, helps you dive deeper into a subject, giving you specialized knowledge through innovative work and research into focused areas in your field of study. A graduate degree indicates to employers that you’re dedicated to developing your industry credibility and expertise. By focusing on a particular niche, you become more competitive, having knowledge that others may lack.
A master’s degree helps you to build on current knowledge and abilities and gain new skills. It may also enable you to diversify by focusing on an entirely new field of study.
Do your career goals include a desire to move into corporate senior positions? A master’s degree will make it easier. Organizations often prefer employees who have chosen to pursue a master’s degree, especially when looking for upper management employee material. In fact, many employers have raised the bar when it comes to educational standards—61% prefer employees who have acquired an advanced degree. This is especially true in certain job markets such as healthcare and education.
In pursuit of your master’s degree, you’ll come into contact with numerous professionals who may already have successful careers from many different backgrounds and in a wide variety of industries. These contacts may include:
Each of these groups can be used to create valuable networks you can utilize to advance your career for the rest of your life.
Does a Master’s Make You More Employable?
Pursing a master’s degree is a lot of hard work and means you’ll spend a couple more years or longer hitting the books. So, how much will it help you when entering the job market? Will it be worth it as far as employability goes?
For those who are passionate about their jobs, earning a master’s is a no-brainer. But what about everyone else? As we’ve already shown, individuals with advanced degrees are preferred by 61% of employers.
Additionally, a master’s degree can be used to enhance an undergraduate education. For example, someone with a healthcare undergraduate degree may choose to pursue a master’s in business management, opening up a career in hospital management, or vice versa. Or a master’s degree could be used to enhance an academic undergraduate degree to focus it more towards a particular profession, such as an English undergrad pursuing a master’s degree in journalism.
Although there are no guarantees that earning a master’s degree will increase your specific employability, research suggests that obtaining an advanced degree often provides career benefits.
Each educational level you complete can help you develop more skills which, in turn, can make higher-paying jobs more accessible to you. Higher education levels also demonstrate follow-through with important tasks, such as meeting deadlines and planning ahead. Since more Americans are earning higher levels of education, you may need to consider obtaining a master’s degree to remain competitive in today’s job market.
Opinions expressed in the Geneva Blog are those of its contributors and do not necessarily represent the opinions or official position of the College. The Geneva Blog is a place for faculty and contributing writers to express points of view, academic insights, and contribute to national conversations to spark thought, conversation, and the pursuit of truth, in line with our philosophy as a Christian, liberal arts institution.
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