Blog post written by Hunter Amo
Many people wonder if it’s “worth it” to obtain their master's degree, and this questioning isn’t limited to recently graduated bachelor’s students. You may start to think about your educational pathway in high school, or you might want to return to university after already graduating and having a steady career. The great thing about higher education is that it expands to every person of any age. Still, there is a lot of time, money, effort, and overall brain power that needs to be put into achieving a master’s degree—and is it worth it?
The short answer is yes. The longer answer is that it depends on your goals and passions. Consider these questions: Are you looking to qualify for a higher-paying job? Do you simply love learning? Do you want to ascend the ranks of your current career? Are you making your way towards your doctoral degree?
To help you figure out if obtaining a master’s degree is the right choice for you, let’s break down five great reasons why a master’s could improve your life.
Increased Salaries
According to the National Center for Education Statistics, workers with a bachelor’s degree make 59% more money per year than those who completed high school as their highest educational attainment. Similarly, those with a master’s degree make 20% more than those with only a bachelor’s degree. In 2022, the median wage for a worker with a master’s degree was $80,200, compared to the median wage for a worker with a bachelor’s degree of $66,600.
You stick out in the job market
Recent U.S. Census Bureau data shows that around 37% of people aged 25 and older have a bachelor’s degree, but only around 14% have a master’s degree. As the job market becomes increasingly competitive, it’s worth noting that having a master’s degree on your resume can make you stand out. In our current world full of job sites and online applications, it sometimes feels like you are just another resume thrown into a void. However, in an employer's eyes, a master’s degree shows that you are not only a dedicated, hard-working individual, but also an expert in your field.
It opens the door to new career paths
Going back to school to get your master’s in a completely different subject than your bachelor’s may seem tedious, but it can grant you the credibility to work in new roles, locations, and industries. For example, having a bachelor’s in English may limit you to careers in writing, editing, publishing, and teaching; extending a master’s into a major such as marketing or advertising lets you take your first step into the world of business. Now you have opportunities to combine past and present knowledge, perhaps through working in social media and content creation or creating marketing materials with your already honed writing skills, as well as the opportunity to hold more senior roles in a corporate setting. Just as it is never too late to find your dream job, it’s also never too late to return to school and make those dreams a reality.
More chances to network and climb industry ranks
We’ve all heard about the importance of networking, or knowing a guy who knows a guy, but how do you get there? One excellent place is graduate school. In graduate school, you are surrounded by like-minded individuals who share your career goals and enthusiasm. Your professors, especially, are your friends. They can write letters of recommendation, give great career advice, and help you navigate this newfound path. And if you are already satisfied within a company, a master’s degree may be essential in getting a bonus or promotion. Many companies offer tuition reimbursement, assistance (such as stipends), or even fully fund the time that it takes to achieve a master’s degree.
Personal fulfillment (the fuzzy feelings)
In addition to financial and career benefits, what other nonmonetary value does a master’s degree have? Well, a graduate degree can offer sharpened skill sets, close relationships with professors and classmates who care about your projects/research, and the ability to deepen your studies in a setting that encourages growth and learning. All of these can lead to higher feelings of personal fulfillment and goal achievement.
In the end, deciding whether or not to get your master’s degree depends on your personal goals, circumstances, and passions. While it requires time, money, and a significant amount of effort, the potential payoffs can be priceless. If your ambitions align with what a master’s degree has to offer, explore UM-Dearborn’s Program Finder and take your first step into a new, lifelong direction.
