Whether you're a fresh Bachelor's graduate and feel like continuing your education is a natural next step or someone already in the workforce who wants to explore leveling up options, you may be wondering if getting a Master's degree is worth it.

In today's changing job market and with the rising cost of education you have to evaluate if the potential benefits outweigh the resources you'd have to pour into your degree. In this article, we'll help you decide if a Master's degree is worth pursuing.

What is a Master's degree?

A Master's degree is usually a 2-year graduate-level degree that you can pursue after getting a Bachelor's. Unlike undergraduate degrees, graduate programs aim to deepen your knowledge in a particular field, so the coursework usually only includes classes and research specifically related to the major. You can read more in our Master's Degree Guide.

Benefits of a Master's degree

Earning a Master's degree comes with several tangible and intangible advantages. Whether you're just eager to learn and connect with people in your field or specifically want to advance in your career, a graduate degree can benefit you.

Deeper knowledge of the field

Master's degree programs are designed to let you dig deeper into one field. You can even conduct your own research on a topic of interest while writing a thesis. So if you want to gain advanced knowledge (especially theoretical) and skills in a subject you're passionate about, then pursuing a graduate degree would be perfect for you.

Better job prospects and increased salary

A Master's degree would show that you're an expert in your field and have advanced knowledge and skills, thus making you a stronger candidate on the job market. Even if a job posting doesn't mention a graduate degree as a requirement, the employer may prefer a candidate with a Master's to fill senior positions.

According to a report from the US Bureau of Labor Statistics, a Master's degree increases median weekly earnings by 16% compared to a Bachelor's. The starting Master's degree salaries and the increase vary by field:

Source: NACE Winter 2024 Salary Survey

Networking

During your studies, you will come across many people in your field, from classmates to professors. You can use social media to connect with alumni and engage in discussions to expand your network. Also, universities often hold a variety of events, such as seminars, workshops, and guest lectures where you can meet like-minded students, leading professionals, and potential mentors.

Establishing new connections will allow you to create a support network of sorts and can even result in new opportunities during and after a Master's. Our article on Networking Skills for Master's Students can help you get the most out of your experience.

A great opportunity for a career change

You usually are not required to have a Bachelor's in the same field as a Master's so it's an excellent opportunity for a career change. Programs like MBA, Information Technology, and Data Science are a few of the 5 Best Master's Degrees for Career Change.

Graduate programs often feature research projects and internships, allowing you to experience different parts of the industry and potentially get a clearer plan for your future career.

Potential drawbacks of a Master's

The impact of potential drawbacks largely depends on your specific situation and there are still ways to work around them. However, these points are good to keep in mind when deciding whether or not you're ready to pursue a Master's degree.

Master's can be expensive

While there are opportunities to study for free or very cheap, depending on your citizenship, the program, and the country you plan to study in, a Master's degree can cost up to $100,000 per year.

In the USA, the average total graduate tuition and fees in 2022 were $20,500 per year, while the other expenses could raise the actual cost of attendance by up to 250% according to the NCES. If you plan on taking out a loan to pay for your Master's degree, be prepared that it may take 8 to 18 years to repay after you graduate.

Moreover, you may have to switch to working part-time (or even stop working altogether) in order to attend classes and dedicate enough time to your assignments. This means that you'd be missing out on the potential income while completing your degree. Of course, this isn’t always the case - lots of MBA and other programs have flexible options for working professionals, but it is still something you should be aware of.

That's why you should do thorough research on what program options you have available, which ones are the most cost-effective, and how you can fund your education. For example, you can find many scholarships in our Scholarship Directory to help finance your studies.

It can take a long time

Typically, a Master's degree takes 1 or 2 years if you're a full-time student. However, your studies can be significantly longer for several reasons:

• If you want to combine a full-time job and a part-time degree, a Master's can be as long as 6 years for you
• If you're switching fields, you can be required to complete prerequisite courses
• If you choose a thesis Master's program, it can sometimes prolong your degree

So a graduate degree may turn out to be a more long-term investment than you initially expected.

It may not serve your goals

Before you even consider getting a Master's degree, you should determine what your goals are and ask yourself:

• Do you want to stay in academia and be a researcher?
• Do you want to learn more about your passions?
• Are you interested in learning rather than applying your knowledge?
• Will this degree open the doors that are currently closed?
• Will it benefit your career if you decide to enroll right now?
• Are knowledge and education valued more than experience in your chosen field?
• Is a Master's a requirement for your desired position?

If most of these questions are not answered with a yes, then it might be best for you to explore other options at this point in your life.

Alternatives to getting a Master's

Getting a Master’s degree isn’t the only path you can take to enhance your knowledge and skills. Depending on your career goals, you can choose other ways.

Online courses and certificates

Online education is as accessible as ever so you should take advantage of that. If you want to gain a specific skill or improve one area that you feel is your point of struggle at work, an online certification could be it for you. There are many platforms where you can find online courses for seemingly every possible skill:

• edX offers thousands of job-relevant programs in collaboration with universities and top organizations, providing a clear path to achievement for ambitious learners.
• Coursera partners with more than 275 leading universities and companies to offer flexible, affordable, and job-relevant online learning to individuals and organizations globally.
• AcademicCourses helps students find educators providing courses, preparatory years, short programs, certificates, diplomas, and more.

By dedicating a few hours a week with a flexible schedule, you can gain a certificate in a month or even less for certain courses.

Internship

If your goal is to break into the job market, consider getting an internship first. Whether paid or unpaid, it's a great opportunity to learn and upskill while getting a "test drive" of the industry. In some fields, like rapidly developing IT, experience may be prioritized above education so it can be a good idea to start working early. And if you still want to get a Master's down the road, you'll have a better understanding of your interests and what you need to learn.

PhD

Fun fact: sometimes you can get a PhD without a Master's! Going straight for a PhD is very common in fields like psychology. However, it's available only if at least one of the following is true:

• You've completed required graduate-level courses
• You've conducted research, published papers, or participated in conferences
• You have many years of work experience
• Your field is very research-focused, offers a "Bachelor's-to-PhD" fast track, and the academic bar is set at the Doctorate level anyway

Conclusion

So, is a Master's degree worth it? Generally, the answer is yes. A graduate degree is a perfect opportunity to delve deeper into your passion and gain advanced professional knowledge, or change careers if you want to.

It can also potentially result in a more senior position which will increase your earnings. The starting salary of a Master's graduate is on average 8-18% higher than that of a Bachelor's degree holder.

We'd argue that it's more a matter of "when". If a field requires more thorough theoretical knowledge to break in, then getting a Master's right after your Bachelor's is best. However, if professional experience is valued more than education level, you should consider working first. That'll also help you figure out which program and specialization would be the most beneficial for your career.

A good way to decide if a Master's would be worth it for you is to determine your career goals for the next few years. And then if you feel like not having a graduate degree is limiting - many universities around the world would be lucky to have you as their Master's student!

Read more:

• How Much is a Master's Degree?
• Master's Degree Salary Guide