While any level of education can help you earn more and open up more job possibilities, there are definitely advantages beyond that to earning a master’s degree. Here are a few things a master’s can help you do.
Compete for Complex Jobs
Take the construction industry, for example, if you are building single-family homes one at a time, chances are you don’t need a master’s degree. However, if you aspire to more, commercial construction or large housing developments, a masters in construction management will give you an edge in the job market.
Learn New Skills
Undergrad degrees are chock full of information pertaining to your major. Whether it’s technical courses for an engineering degree or advanced accounting principles to help you pass your CPA exam, they are designed to help you learn more in your chosen field. However, once you’ve been working for a while, you might want to go further with your career. One skill you might need is learning how to manage people. This is something you won’t learn getting your bachelor’s degree in engineering or accounting but is covered in most master’s programs. These skills are often required for getting ahead.
Business courses are also valuable if you want to advance your career. Companies are often looking for people who have the technical expertise but who can also keep the bottom line in sight.
Earn More Money
If you have a bachelor’s degree, you already know the value of your education. But how much more can you make with a master’s? According to SmartAsset, the average difference in salary between someone with a bachelor’s degree and a master’s degree is around $10,000 per year. Certainly a nice number. In other good news, the unemployment rate is better for master’s recipients as well at nice low 2.4% as opposed to 2.8% for bachelor’s degree holders.
The Bottom Line
The decision to go for your master’s degree is not one to make lightly. There are several factors that should be considered. Here are just a few.
Can you take the time off of work or work and go to school at the same time?
Online degree programs make it easier to complete your coursework on your schedule, but it’s still a commitment you need to be willing to make.
Can you afford it, will the extra income be worth the expense?
If you are nearing retirement, chances are you won’t make enough during the rest of your career to justify the cost of a degree. However, if you’re near the beginning or middle of your work history, then the increase in salary can easily cover the costs.
Do you like the work?
If you are happy with your career as it is and don’t want the added responsibilities of an advanced position, then a master’s program might not be right for you. But, if you’re craving the challenge of getting ahead, these degrees might just be your ticket to a new and exciting career opportunity.
No matter what direction you take, a good education is never a waste of time or money. You just need to decide if it’s right for you.
