Can I Do A Master Degree In Canada – Financial literacy Which graduate programs were associated with the highest salaries before the COVID-19 pandemic? Focus on a very broad field of study
Earnings estimates from very broad fields of study can be useful for students because they must choose specific programs when applying for admission to postsecondary education. The study reports the median income of postgraduate graduates five years after graduation (before the COVID-19 pandemic), adjusted for age, institution and year of graduation. Includes 77 fields for men and 95 fields for women Results based on postsecondary administrative and fiscal data show that the top earners are generally business majors from various majors, as well as health majors of various types. In particular, engineering graduates experienced varying degrees of success in the labor market depending on their major Graduates from different fields of study also experienced mixed success (again, depending on majors), with arts and humanities graduates generally earning significantly less from other graduates. These results highlight the importance of reporting earnings from as broad a field of study as possible
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Most studies examining earnings by field of study report results for only a small number of broad academic programs, often due to data limitations (Frank and Walters 2012; Ostrovsky and Frenet 2014; Frank, Frenet, and Morissette 2015; Zhao et al. 2017). Frenet 2019) or perhaps due to ease of presentation (Galarno et al. 2017; Feeney et al. 2019).
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As the expected earnings associated with a field of study is an important factor in students’ decision-making process, it is important to provide more detailed information (Gunderson & Krasinski, 2009). The purpose of this study is to provide an estimate of industry-specific graduate earnings for master’s degree graduates.
The methodology is similar to that of Frenet and Handler (2020a) and is described in more detail in this study. Briefly, this study reports the median income paid by T1 Family Filers (T1FF) five years after graduation from graduate programs earned between 2010 and 2012 (as determined in 2017 from Table 18-10-005-01) . (Recognized by the Postsecondary Student Information System or PSIS). Earnings are adjusted by age, institution and year of graduation Individuals who returned to post-secondary education after graduation, who reported self-employment five years after graduation (before the COVID-19 pandemic), or who graduated from an industry with fewer than 50 observations in the final sample were excluded.
Importantly, zero-earners are included, which means that the results will be reflected in differences in the share of earnings among graduates. In total, results are available for 77 (95) regions for males (females) identified through the 2011 four-digit Classification Guidelines Program (CIP).
Five years after graduation, individuals with different business majors were more likely to graduate with all other master’s degrees after accounting for differences in age, institution, and year of graduation. For men, the top three sectors with the highest median incomes included finance and financial management services ($110,518), business administration, management and operations ($108,382), and accounting and related services ($102,718). Management science and quantitative methods graduates also made the top 10, with a median income of $91,161 (9th place).
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Women who earned a master’s degree in a business-related field were also more likely to be in the labor market than their counterparts from other fields (Chart 2). Specifically, among female graduates, those with a tax degree beat all others with average earnings of $96,416, followed by economics and financial services graduates at $92,956. Women majoring in accounting and related services ($89,605) or business administration, management and operations ($89,202) also ranked in the top 5 (4th and 5th respectively).
Other male and female business graduates recorded median earnings that were higher than the average for all graduate graduates.
Some health graduates have also performed well in the labor market. For men, Health and Medical Administrative Services and Graduates in Registered Nursing, Nursing Administration, Nursing Research and Clinical Nursing ranked 4th and 5th, respectively. For women who studied pharmacy, pharmaceutical science and administration (2nd), registered nursing, nursing administration, nursing research and clinical nursing (6th) or health and medical administrative services (9th) also recorded relatively higher average earnings.
Male computer science and IT/technology and management graduates ranked seventh and tenth respectively There were not enough women in the field to be included in the study
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Data Table for Chart 1 Table Summary This table displays the data table results for Chart 1 Information is grouped by field of study (shown as row headers), calculated using the median, constant 2017 dollar unit of measure (shown as column headers ). .
Data Table for Figure 2 Table Summary This table displays the results of the data table for Figure 2. Information is grouped by field of study (shown as row headers), calculated using the median, constant 2017 dollar unit of measure (shown as row headers columns).
Educational administration and supervision graduates also ranked in the top ten for men (sixth) and women (eighth). This area differs from teacher training and focuses on training students to manage schools or other educational institutions This could include, for example, a person interested in becoming a school principal Other male and female education graduates recorded a higher average income than average of all postgraduates.
Finally, (other) male multidisciplinary/interdisciplinary graduates ranked 8th among all postgraduate graduates in average earnings. These programs combine two or more unspecified disciplines
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It is well documented that engineering graduates generally outperform other graduates in the labor market. However, this is not usually the case among engineering graduate students
In fact, there were no engineering majors in the top 10 for men and only two types of engineering majors in the top 10 for women [engineering (other) in seventh place and industrial engineering in tenth place]. This contrasts with bachelor’s graduates, where 6 of the top 10 positions were taken by engineering graduates for men and 7 of the top 10 for women (Frenet and Handler 2020a).
In addition, male graduates from 9 of the 14 engineering disciplines recorded a median lower than the median among all master’s degree graduates. For women, 5 of the 9 engineering majors landed below the average among all graduate graduates.
These results are consistent with Wall et al (2018), who found no statistically significant premium associated with a master’s degree in engineering compared to a bachelor’s degree in engineering. However, these results mask the significant differences highlighted in Figure 1 and Figure 2, which indicate that engineering graduates at the master’s degree level have different levels of labor market success depending on their specialization.
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The highly variable results in the broad field of engineering also apply to other disciplines, including the sciences, mathematics and computer science, health and social sciences. However, graduates of arts and humanities programs typically earn much less than other graduates.
Specifically, among male graduate students, 7 of the following 10 fields are related to the arts or humanities [arts and crafts, music, English language and literature (general), philosophy, logic and ethics, journalism, theology, and ministry. Studies and History] Their median earnings five years after graduation ranged from about $40,000 to about $62,000.
For women, 8 of the last 10 fields included programs related to the arts or humanities (Theological and Ministerial Studies, Music, Fine Arts and Art Studies, English Language and Literature (General), History, Film/Video and Photographic Arts , Languages , Comparative and Related Language Studies and Services and French Literature). Median earnings for these graduates five years after graduation ranged from about $25,000 to about $53,000.
A notable exception is the Bachelor of Communication and Media Studies The median income of men majoring in this field was $76,842, about $8,000 lower than the median for all male master’s degree graduates. Their female counterparts recorded average earnings of $68,664 — less than $1,000 below the average for all female master’s degree graduates. Female journalism majors were also below the average for all majors, at $69,069.
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This study reports the average earnings of master’s degree graduates five years after graduation (before the COVID-19 pandemic), adjusted for age, institution, and year of graduation. Results are shown for 77 fields for men and 95 fields for women. Students can benefit from this information because they need to apply to specific programs, as opposed to the broad categories often cited in studies.
Results based on postsecondary administrative and fiscal data show that the highest earners are generally business graduates from various majors, as well as health graduates of various types. In particular, engineering graduates experienced varying degrees of success in the labor market depending on their major Graduates from different fields of study also experienced mixed success (again, depending on majors), with arts and humanities graduates generally earning significantly less from other graduates.
This article highlights the importance of presenting results at a level of detail whenever possible
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