The extremely high costs of college education has brought with it many discussions about the fate of undergraduate education as well as the value of graduate degrees.
In the New York Times, there was a warning that this competitive trend in the educational sector will soon lead to a master’s degree devaluation. If this continues, a post-graduate degree may soon become useless because of “credentials inflation”, as the newspaper termed it.
This makes people, who are considering pursuing school studies for another two years, wonder if it’s worth it at all. They wonder whether their time and effort and money will be worth it at the end, after heaping up so much debt (about $37,000 according to the 2003-2004 National Postsecondary Student Aid Study).
Career Bliss, a popular jobs statistics site, carried out a survey to determine the real differences between salaries earned by bachelor’s degrees and master’s degrees. They reviewed 600,000 points of data using job title, salary and education from their users to make this comparison. They found that in about ten different professions the salaries of a master’s degree holder was significantly more than that of a bachelor’s degree.
In case you are wondering whether to continue your education, the salary figures can definitely justify the cose, so you should consider it. But also bear in mind that every degree may not also be a rewarding investment. There are some job titles that master’s degree holder earns more, with the top degrees being:
If you are pondering a career in software engineering, then it would be more beneficial if you continued schooling for the two extra years. A bachelor’s degree holder with this job title earns $79,104.09.
Whereas this same title for a person who furthered for those two extra years earns $95,960.47 which is about 17.57% more than the bachelor’s, and this can pay for your tuition for those years within a short time.
Do you have a career in management and are you focusing on the post of General Manager? For this, you do need a master’s degree for it to be rewarding. According to CareerBliss, General managers with a bachelor’s earn about $79,818.09 while those with master’s earn $97,246.27 (17.92% more).
People often feel that artists already have the gifts natural and don’t need an education for that. However, if you wish to make it your profession and earn money from your designs and creativity, education is important. According to CareerBliss, a graphic designer with a bachelor’s degree earns about $42,545.52 but if you have your master’s you’ll earn $52,457.67 which is 18.9% more. You don’t have to follow the stereotype of being a starving artist, just put in a few years into education.
Financial advisors have one main job, and that is to ascertain if a particular investment is profitable or not. Now let’s look at the master’s case. If you have a bachelor’s degree as a financial advisor, you’ll earn $62,710.51. If you go two years further to get your master’s, your salary will become $77,625.64; that’s about 19.21% more. Now do the math, is the master’s degree financially beneficial?
This sector is where having a degree is supposed to pay off. If you are interested in educational degrees, continuing your education is a good choice. With just four years, you will earn $72,349.01 but adding two extra years of schooling, bumps that amount by 19.22% giving you a salary of $89,568.32.
Marketing is a career that involves a lot of creativity and has a high pay. Being a marketing director with a master’s degree gives you a 19.95% edge above your colleagues with only a bachelor’s. While they are earning $79,133.73, you’ll be earning $98,849.61. Awesome right?
If you’re aiming to be the managing partner, you’ll need to be really good at your job and succeed, and you may need a master’s degree. Yes, the pay for a managing partner without master’s is relatively high, a sum of $111,530.87 but take a look at what going further gets you — $139,671.5, 20.5% more.
Database administrators are very much needed in this era where there are so many data to maintain and organize in organizations. A bachelor’s degree will earn you $75,807.21, adding the extra two years of school will give you a 21.06% rise, which is $96,028.15.
In this age where almost everything we do is online, many more web designers are coming up. CareerBliss tells us that web designing is not just something you pick up and practice. With more schooling, you can earn so much. Master’s degree earns you 21.21% more than a bachelor’s degree. Bachelors earn $46,657.80 while masters earn $59,218.32.
People like Penelope Trunk and others have disputed on BNET the fact that MBA is not so useful. However, Career Bliss believes otherwise. According to the analysis, a business manager with bachelor’s degree earns $62,723.68 while a master’s degree earns $80,439.55