Master Degree In [specific Field] Salary – If you are considering a college degree, you may be considering various arguments for and against the value of getting one.
Many professionals cite “not being able to make more money” as the reason they decided to get a college degree. But does getting a college degree lead to a higher salary? And if so, how high? Is a raise really worth the time, effort and money spent to get it?
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The short answer is: yes! Advancing in your education often leads to higher annual and lifetime earnings, at all levels of education.
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It is important to note the correlation between high income and college education. College graduates’ salaries are generally higher than those without a degree, due to the higher level of knowledge gained from higher education. Requirements for specialized skills vary depending on the field of study and the industry in which it may be pursued. That’s not to say you can’t be successful without college, but there are many benefits to getting a degree that you should consider before ruining your academic progress.
Below we review the average salary available at each educational level so you can better understand your current opportunities and make an informed decision about whether a college degree is right for you.
There are additional factors to consider when deciding whether to continue your education. For example, since different employers want different levels of education, obtaining a degree can reduce the risk of unemployment.
Not surprisingly, people without a high school diploma or equivalent (such as a GED) earn the lowest wages of all other education levels: $626 per week, or about $32,565 per year. The unemployment rate is also high, with an average unemployment rate of 8.3 percent.
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If you haven’t earned a high school diploma, completing your education or getting a GED can provide you with many benefits, including increased annual earnings of over $9,000 plus job security. Additionally, earning a high school diploma will allow you to pursue a bachelor’s degree, if you choose, with all the benefits that come with it.
High school graduates earn an average of $809 per week, or $42,081 annually, reducing their unemployment risk by 6.2 percent. Completing a college degree alone can increase your expected income by more than $9,000.
For each level of education a person achieves after high school, their odds increase by one. Earning an associate’s degree leads to an average salary increase of more than $8,000, while earning a bachelor’s degree leads to an average increase of more than $27,000.
Individuals who completed their college education before graduation earned an average of $899 per week or $46,755 annually. This group of students has an average unemployment rate of 5.5 percent.
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Although these people enjoy higher wages and lower unemployment compared to those with only a high school diploma and no college experience, they do not realize the benefits associated with earning an award. By going back to school and earning an associate’s degree, these people could claim to earn an average of $3,338 more than they currently do. Completing a bachelor’s degree also increases their salary, to an average of $22,626.
If you started college but didn’t graduate, there are many options to help you complete your degree. e.g. These programs take as many prior credits as possible so that students can graduate quickly rather than having to start over. You can also earn credit for your work experience, increasing your chances of completing your degree.
Those who graduate with a professional degree earn about $963 a week or $50,093 a year, and are 4.6 percent less likely to be unemployed. This is work.
Associate degree holders earn $8,000 more per year than their peers who graduated from high school, which is four times more than $320,000 over a typical 40-year career.
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For this reason, it is not uncommon for an associate’s degree holder to return to school to convert their associate’s degree into a bachelor’s degree and obtain an advanced degree, which is usually earned in four years. In addition, as an undergraduate degree is a prerequisite for many graduate courses, those who hold a degree with a desire to pursue an advanced degree will find that obtaining an A bachelor’s degree is the next logical step for those who do so.
Bachelor’s degree holders earn a weekly salary of $1,334, or $69,381 per year. Their unemployment rate is 3.5 percent, nearly half the unemployment rate for high school graduates.
Although each increase in education is accompanied by a small increase in salary, the difference in average salary between an associate’s degree and a bachelor’s degree is very significant – emphasis added. There are opportunities that can benefit college graduates if they choose to continue their education. Education. Holders of a bachelor’s degree earn an average of $19,288 more annually than holders of an associate’s degree. Over a 40-year career, that equates to more than $770,000 in additional income.
Obviously, getting a bachelor’s degree makes a lot of sense financially. But according to Anna Hughes, assistant director of enrollment services at Northern University, the benefits go beyond money.
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“Getting a bachelor’s degree brings a lot of what I call soft skills development,” Hughes said. “I think learning to work with students at a high level is a great opportunity to build confidence and resilience that is hard to find anywhere else.”
Additionally, it is nearly impossible to obtain a master’s, doctorate, or professional degree without obtaining a bachelor’s degree. In this way, earning a bachelor’s degree can open up more educational opportunities and benefits.
While a bachelor’s degree is often referred to as a four-year degree, accelerated graduate programs can be completed in 12 to 18 months, allowing students to quickly realize their value.
Individuals who continue their education at the graduate level and earn a master’s degree earn an average salary of $1,574 per week or $81,867 per year. At 2.6 percent, their unemployment rate is slightly lower than those with a bachelor’s degree.
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The salary gap between a master’s degree and a bachelor’s degree is much smaller than that between an associate’s degree and a bachelor’s degree. However, master’s degree holders earn nearly $13,000 more annually than four-year graduates—a significant return on investment for many people. Just as earning a bachelor’s degree is a prerequisite for earning a master’s degree, earning a master’s degree is often necessary if your ultimate goal is to earn a doctorate or professional degree.
Doctoral and professional degrees are often referred to as “graduate degrees” because they usually reflect how much a person can study in school. Therefore, it is often discussed together in terms of salary and job opportunities.
Those with professional degrees earn an average of $1,924 per week, or $100,060 annually, and have a low unemployment rate of 1.8 percent.
PhD students earn an average of $1,909 per week, or $99,290 annually, and enjoy a low unemployment rate of 1.5 percent.
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The salary increase for a master’s degree holder moving to a doctorate or professional degree is equal to the difference from an associate’s certificate holder who has a journeyman certificate. Those with a technical degree earn an average of $17,000 more than those with a bachelor’s degree; For those with professional degrees, the number is nearly $18,000. Over a 40-year career, that means those with professional and doctoral degrees can earn $680,000 and $720,000 more than those with a master’s degree. , respectively.
Wage figures and unemployment rates show that for most people, earning a bachelor’s degree (or master’s degree) leads to income. But Hughes says that’s not enough to prove that getting a college degree is the right path for everyone.
“I don’t think everyone needs a bachelor’s degree,” Hughes said. “For example, many people who attend specialist schools may have the skills they need to succeed in their careers. Yes, they may have to go back to school to advance their careers, but that should be a personal decision that you make yourself.”
This means that if you decide that earning a degree will help you achieve your personal and professional goals, it’s important to find a program that fits those goals.
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Hughes specifically advises students to research potential programs to find out the cost of the school and the type of education offered. The program you choose should be within your budget, offer you the flexibility and support you need.
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