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Is a master's degree worth it?
Written by Michael Feder
Reviewed by Jessica Roper, MBA, director of Career Services at University of Phoenix
When plotting a career trajectory, educational choices can play a major role. The type of degree, 
the subjects studied, and the level of study will define that trajectory in a major way. For some, a high school degree is enough. For others, a bachelor’s degree is perfect for their career goals.
Beyond a bachelor's degree: Is a master's degree worth it?
Yet for others, asking “is a master’s degree worth it?” and pursuing a graduate degree is the right choice for their aspirations. In fact, a master’s degree may be a requirement for some specialized career fields or leadership roles. By pursuing a master’s degree program, students can hone skills beyond those of an undergraduate degree program.
That being said, a master’s degree isn’t for everyone. Understanding how a graduate degree can prepare students to pursue career outcomes can help decide whether it’s the right choice.
What are the benefits of a master's degree?
If someone is thinking of going back to school to take the next step in their educational journey, it’s normal to wonder if getting a master's degree is the right move. The answer, of course, depends on someone’s situation and goals. There are numerous reasons why pursuing a master’s program may be a wise move.
Not only does a graduate-level degree set job candidates apart from a growing workforce armed with bachelor's degrees, but it also suggests that those candidates have the sort of skills employers need to see for advanced positions.
While hard skills are obviously required for job positions, obtaining a master's degree shows that someone understands time management, self-discipline, and intellectual curiosity.
What are the differences between a bachelor's and a master's degree?
While a master’s degree and a bachelor’s degree both take a lot of work to achieve, they differ in important ways. Achieving a bachelor’s degree can help potential master’s students know what they’re getting into when earning a graduate degree.
Coursework
Compared to an undergraduate degree, a master’s degree has a much sharper focus. Instead of broadly introducing students to an academic subject, a master’s degree program has students learn more-specific skills that have practical applications in specific industries.
Time and cost
Master’s degree programs tend to take less time to complete than a bachelor’s degree program — about two to three years versus the four years generally associated with a bachelor’s degree.
That shorter time, however, does not make a program easier. That condensed time frame typically is packed with a rigorous workload that takes dedication to complete.
When is a master's degree worth it?
There are several situations in which completing a master’s degree program can be helpful. The top three are changing industries in a career, pursuing new job opportunities, and for personal achievement.
Changing career industries
Whether because of personal taste or economic headwinds, taking a new career direction might be the right choice. A master’s degree can help with that.
For someone with an undergraduate degree in one field, a master’s degree in a different field can help expand their skill set. In turn, this combination of skills may help them expand their options if they choose to change fields or industries.
New job opportunities
While it’s certainly not true across the board, some jobs require a master’s degree as a prerequisite. This is especially true when it comes to leadership roles within organizations.
An advanced degree from an accredited college or university can make a resume stand out and improve the odds of landing a job interview, providing someone with the leverage needed to negotiate employment terms such as salary and benefits.
Attending and completing a graduate program instills a greater sense of confidence, mastery, and understanding in a chosen field. This experience lends itself to someone entering the job market.
This isn’t just about creating more hoops to jump through. When it comes to the day-to-day responsibilities of administering broad efforts, the skills learned in a bachelor’s degree program may not be enough.
Personal achievement
For some, pursuing a master’s degree isn’t entirely about a career change or a job opportunity. Many students have a passionate interest in a particular subject. To satisfy their curiosity, some students pursue studies beyond the bachelor’s degree level.
Completing a master’s degree is a substantial achievement in its own right. For these students, that’s as good a reason as any to earn one.
How does a master's degree impact career outcomes?
In a general sense, pursuing a higher level of education has its benefits. The U.S. Bureau of Labor Statistics (BLS) reports that possessing a graduate degree trends in favor of higher earning potential and employment outcomes as well as lower unemployment. Let’s dig deeper into how a master’s degree can impact career outcomes.
Increased earnings potential with a master's degree
One of the main benefits of completing an advanced degree is the potential to earn a higher salary. Possessing a graduate degree can often lead to greater earnings throughout someone’s career.
According to a 2023 BLS report, degree holders with master's degrees or higher earn more after receiving the next highest degree level. Graduates with a master’s degree had median weekly earnings of $1,737 compared to $1,493 for bachelor’s degree graduates.
BLS notes, however, that these numbers do not take into account apprenticeships, training programs or other training. Median weekly earnings by degree level:
| Degree Level | Median Weekly Earnings | Median Annual Salary |
| Master’s | $1,737 | $90,324 |
| Bachelor’s | $1,493 | $77,636 |
| Associate | $1,058 | $55,016 |
| Some college, no degree | $992 | $51,584 |
| High school diploma | $899 | $46,748 |
Salary ranges are not specific to students or graduates of University of Phoenix. Actual outcomes vary based on multiple factors, including prior work experience, geographic location and other factors specific to the individual. University of Phoenix does not guarantee employment, salary level or career advancement. BLS data is geographically based. Information for a specific state/city can be researched on the BLS website.
Lower employment rate
A 2023 BLS report on employment rates by educational attainment showed that the unemployment rate decreased by each level of education a person earns.
Those with a master’s degree had an unemployment rate of 2% compared to 2.2% for a bachelor’s holder and 2.7% for those with an associate degree. Those without academic degrees experienced the highest unemployment in the nation. Of course, these are broad trends, and a specific career path may or may not accord with them. Researching the prerequisites for a desired role is the best way to find out whether a master’s degree is right.
| Degree level | Unemployment rate |
| Master’s | 2.0% |
| Bachelor’s | 2.2% |
| Associate | 2.7% |
| Some college, no degree | 3.3% |
| High school diploma | 5.6% |
Easier switching careers
Those who feel like their career is stagnant and are in need of a change may find it's often hard to break into a new field when lacking direct experience. For example, someone in information technology (IT) might struggle to land a new job in project management (PM). However, if someone obtains a graduate degree in PM, many employers will overlook a lack of experience because of the dedication shown in picking up a new skillset.
Improved job security
While there's no guarantee that anyone is safe in their current role, furthering skills and knowledge helps someone establish their credibility and expertise – therefore improving their value to the organization. This earns greater job security in the process. Just think about the unemployment rate chart above. There's a reason why graduate degree holders experienced the least amount of unemployment.
With the speed at which today's technology moves,oftentimes job requirements also shift and grow. Whole markets become outdated almost overnight. If someone wants to keep pace in their field and update their credentials, furthering their education may be the best way to stay on the leading edge.
More educational options
Now more than ever, going back to school is as simple as logging into a computer. Online programs are available to part-time and full-time students. They're the perfect solution for the working student because classes are available 24/7 to help with a work-life balance.
Online degrees, especially in business, technology and healthcare, are affordable compared to conventional degree programs.
Ability to contribute research to a specific field
Something else when considering “is a master’s degree worth it?” is the potential to contribute research. For master's or doctoral degree holders, they have the distinct ability to express passion for their subject area by bringing new insights to their field. Most programs help students conduct real and meaningful research so they can publish their findings and share them with others in academia.
The graduate degree world is filled with these types of opportunities and they can really separate students from the rest when applying for grants, scholarships, and job opportunities. A graduate degree might just be the launchpad needed to extend a field of research.
Is a master's degree always necessary?
Is a master’s degree worth it in all cases? As noted, researching a desired career path is the best way to know whether a master’s degree is the right choice. For some occupations, the answer may be no.
Those looking for entry-level work within a field may find options that don’t require a bachelor’s degree, let alone a master’s degree. It’s certainly not a thorough picture, but of the 13 occupations listed by BLS under “Education, Training and Library Occupations ,” only four list a master’s degree as an entry-level requirement.
Some occupations require advanced education or specialties only found in a graduate degree, and other roles with a managerial or leadership focus may also require a master’s degree. For example, postsecondary teachers often need a master’s degree as do counselors and social workers. Nurse practitioners and physician assistants do as well. While an undergraduate degree can be an entry point for careers in business and technology, some employers may prefer managers and supervisors to have a master’s.
It’s important to note that a master’s degree alone is often not the only requirement for employment in leadership or management roles. Years of experience and a strong network can play an equally important role.
How long does it take to earn a master's degree?
On average, a master’s degree can take 1.5 to 3 years to complete as a full-time student. There are many factors that play into this: such as transfer credits, program length, course load, and breaks.
Pursuing accelerated programs or attending classes online can help to save time and even earn a degree in just one year.
Traditional, in-person higher education can require a much greater time commitment and disrupt personal and professional life. For example, to attend in-person classes, students likely need to live on or near campus. For students who don’t live on campus, they’ll also need a car, which involves expenses like gas, insurance, and maintenance.
A Master of Business Administration (MBA) degree program may take two years to complete for students attending an in-person program. But at an online educational institution an MBA program can be completed in as little as 18 months.
Credits required for a master’s degree
A master’s degree may require dozens of total credits. Some degrees such as a Master of Business Administration program may require 33 credits to graduate, for example, while a Master of Health Administration requires 36.
Others, including an online Master of Arts in Education/Elementary Teacher Education program, can mandate 44 credits. Some in-person schools, however, mandate as many as 60 credits.
Part-time vs. full-time enrollment
When it comes to being a full-time or a part-time student, both pathways offer certain advantages. Part-time students can theoretically work while going to school, which means they can earn money and experience while getting their degree.
Meanwhile, a full-time student has the advantage of being able to complete a degree program more quickly. The downside to this is that they need to have a way to finance that full-time student life, which isn’t always feasible for working adults with families to support. Online universities, however, can provide the best of both worlds.
Accelerated programs
An accelerated program is, as Prep Scholar suggests, "designed to let you get a master’s degree on a compressed timeline." In other words, you can potentially earn your degree faster.
"Some master’s programs have accelerated program options," writes Prep Scholar . "These typically have a slightly lower credit hours requirement, a higher per-semester course-load and less flexibility in choosing electives, but you can graduate faster. These are more common for professional programs (like MPH and MBA programs) than degrees focused on academia. Also, you sometimes have to have a certain level of professional experience to qualify as a candidate for application."
Accelerated programs may sound good on paper, but they can be hard to maintain in the real world, especially for working adults. They are also not always available at every school. So if an accelerated master’s program makes sense, be sure to check with the admissions offices of prospective schools before applying or enrolling.
Admissions requirements for a master's degree
To begin a master’s degree program, many universities may require applicants to take the Graduate Record Exam (GRE) or Graduate Management Admission Test (GMAT). Which test someone takes will depend on the degree program and school of choice.
The GRE is the most widely accepted graduate school admissions exam, while the GMAT is almost only used to apply for business schools. For someone thinking of applying to a business school, they should inquire at their prospective schools about their GMAT score requirements. For other master’s degree programs, applicants may or may not be required to take the GRE first.
Check with each school before applying to allocate time and energy (as well as money) wisely.
So, is a master's degree worth it?
Those who have a specific goal in mind for their career, and for whom research has revealed the importance of a master’s degree toward that goal, then it might be the right choice.
On the other hand, those who don’t know why they would want to earn a master’s degree, may decide it’s perhaps time to take a step back and do more research. Some questions to ask:
- Where do I see myself in 5, 10, 20 years?
- Do I want to lead others?
- What industry do I want to work in?
- Does my existing education suit me for the kind of work I want to do?
These questions can help you decide on your unique ideal path and where, or if, a master’s degree fits into it. Depending on your answers, you may even want to consider a bachelor’s degree, an associate degree or a certificate as the next step.
Learn more about master’s programs while considering “is a master’s degree worth it”?
If you’ve answered yes to “is a master’s degree worth it?”, University of Phoenix offers more than 27 online master’s degree programs in topics ranging from business to healthcare to criminal justice and more. Here are just some of the programs currently available:
- Master of Business Administration
- Master of Management
- Master of Arts in Education/Administration and Supervision
- Master of Science in Industrial-Organizational Psychology
- Master of Science in Cybersecurity
Contact University of Phoenix for more information .
ABOUT THE AUTHOR
A graduate of Johns Hopkins University and its Writing Seminars program and winner of the Stephen A. Dixon Literary Prize, Michael Feder brings an eye for detail and a passion for research to every article he writes. His academic and professional background includes experience in marketing, content development, script writing and SEO. Today, he works as a multimedia specialist at University of Phoenix where he covers a variety of topics ranging from healthcare to IT.
ABOUT THE REVIEWER
Jessica Roper, University of Phoenix director of Career Services, is a seasoned leader with over 15 years of experience in leadership within higher education. She has honed her expertise in student services and career development and is passionate about helping others discover and refine their skills.
This article has been vetted by University of Phoenix's editorial advisory committee.
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