Should you consider undertaking a master’s degree in the new year? Let’s face it, not all postgraduate degrees are equal, and if you want the highest chances of securing a high-potential career, with rapid growth and demand in your industry and eye-watering salaries, you need to be strategic about your next educational move.
You likely already have a bachelor’s degree or equivalent experience, and now you’re at a point where you’re ready to leap into a new dimension of your life and take the next step towards your long-term dream career goal. But is specializing in a master’s a smart move for you?
Who Should Consider A Master’s Degree?
If you are aspiring to climb the career ladder and land a job in the C-suite, a master’s degree can be a pivotal choice that enriches your career, not only through the course itself, but through the experiences you gain along the way, the projects and research you undertake, and the potential to forge new business connections you can tap into later. Here are some other reasons you might want to consider a master’s:
If you desire to live and work in another country, sometimes you may find that you can greatly improve your immigration chances by specializing in your field through a master’s education.
Many specialized careers within healthcare, life sciences, artificial intelligence, or engineering require master’s level education. Equally, if you desire to teach these sciences you would need to get your master’s and pursue a doctorate.
Sometimes undertaking post-graduate education in a specific specialism is helpful to making a successful career transition because it demonstrates to employers that you are serious about your new role and have given it due consideration and study.
Different Types Of Master’s Degrees
Before jumping into which master’s degrees offer the highest salaries, it’s essential to understand that depending on your industry, you don’t necessarily need a degree to bring home a generous income.
Second, it’s important to note that there are several types of master’s degrees on offer. Some are more popular and can are needed generally in almost every industry or within a broad range of specialisms in an industry, such as the MBA (Masters of Business Administration) or the M.S. (Master of Science). A few of the others include:
- MPA (Masters of Public Administration) for those working in the public or non-profit sector
- MPH (Master of Public Health) for those wishing to pursue a career in public health administration and management
- MCS (Master of Computer Science) or M.I.T. (Master of Information Technology for those who wish to work or progress a career in tech
It’s also important to remember that while many master’s degrees awarded by accredited bodies are globally recognized, you need to check how credits transfer depending on the country you wish to move to or study in, and also check how the degree is referred to in that country if you choose to work there.
High-Paying Jobs With A Master’s Degree
Below is a sample of three of the highest paying jobs associated with master’s degrees, that will yield a good return on your education investment (note that many of these roles operate within business, technology, and engineering).
Machine learning engineers design and develop machine learning algorithms and systems. They work with large data sets to create models, and collaborate with data scientists, deep learning engineers, and data analysts.
Average salary: $160,761
Chief Executive Officers, also known as CEOs, sit at the highest level of an organization and typically report to a board of directors. In this role, you would be responsible for overall organizational direction and strategy. CEOs often work their way up from other senior management and leadership positions in addition to gaining a master’s, or may be entrepreneurs leading a start-up.
Average salary: $140,271
In your role as computer hardware engineer, you will be involved in designing and developing computer hardware components, for example, processors and circuit boards. You would also collaborate with software developers to create the finished product—be it a computer or related device. Although it is possible to just have a bachelor’s degree, those with a master’s tend to stand out as candidates.
Average salary: $112,872
So, is undertaking your master’s to boost your salary prospects worth it? Conduct some research first and analyze your current circumstances and long-term career goals. And if, after this analysis, you decide to give your career a specialized edge for global recognition, be taken more seriously by your industry peers, or climb the ladder at your current employer, then go for it!