Achievements with a Master's Degree
Individuals may be interested in earning a master's degree in order to advance their career or earn a greater salary. We will discuss some fields in which earning a master's degree may be helpful, some career advancement opportunities, and the types of salaries individuals with master's degrees could earn.
A master's degree can open many career doors, including certain career fields, advancement opportunities, and higher salaries. Careers that may require a master's degree include special education teacher, counselor, college professor, advanced practice nurse, school administrator, occupational therapist, and speech-language pathologist.
Career Advancement Opportunities
Advancement opportunities can include moving into managerial or administrative positions and obtaining licensure and certification. For example, according to the BLS, school principals working in a public setting can be licensed as school administrators. Most states require a master's degree to obtain this designation.
According to U.S. News & World Report, workers with master's degrees generally earn higher salaries than workers with less education. A sample of median salaries for careers that require a master's degree, as provided by the BLS in May 2018, indicates that nurse practitioners made $110,030 annually, education administrators made $98,750, occupational therapists made $85,350, physician assistants made $108,430, and speech-language pathologists made $80,700. Payscale.com indicates that the average salary of a nurse anesthetist is $144,315 (February, 2020).
Master's Degree Salary Comparisons
As an example, according to Payscale.com (February, 2020), all electrical engineers made an average salary of $75,219. However, those with a master's degree made an average salary of $97,000. The same can be said of chemical engineers, who made $74,249 compared to a master's range of $102,115 - $109,016 (salary.com, March 2020).
To conclude, earning a master's degree can help individuals advance their career and earning potential, though the level of advancement they will be able to achieve will depend heavily on the specific field and career path.