The next educational step to take after obtaining a bachelor’s degree is obtaining a master’s degree. The issue of the highest-paying master’s degrees is of major concern now, especially for those looking to get government jobs. Hence, we have compiled a list of the highest-paying master’s degrees in 2023 in this article. We’ve also looked at the average salary of a master’s degree holder in the US. Read on.
The Highest Paying Master’s Degrees in 2023
#1. Business Administration Master’s Degree (MBA)
A master’s degree in business administration takes the coveted first spot on the list of the top eight highest-paying master’s degrees, owing to the wide range of concentrations and high-paying careers available to graduates of this degree. With an annual median starting salary of $115,000 for MBA graduates, pursuing an MBA is a natural choice for those looking to advance in a variety of business-related fields.
The following are the top jobs for MBA graduates:
#1. IT Manager
Average Master’s degree Salary: $151,150
This is the second highest-paying non-medical profession available with a graduate degree, according to the U.S. News ‘Best Paying Jobs of 2020′ survey. IT managers’ primary tasks include planning, coordinating, and leading an organization’s online or computer-based operations. Although a bachelor’s degree is sufficient for entry-level positions in this industry, to realize their full career potential, employees must get an MBA, most typically with a technology specialization.
#2. Marketing Manager
Median Salary: $142,170
Although some question whether an MBA or a direct master’s in marketing is the ideal path for a high-level marketing profession, it is obvious that the high compensation associated with this role is closely tied to having an advanced degree. Marketing managers are noted for their efforts in promoting an organization, its products, and its services.
#3. Sales Manager
Median Salary: $132,290 per year
Most high-level sales managers have completed an MBA program, usually with a marketing focus. Individuals in this role typically come from a lower-level sales background and are in charge of their organization’s sales force, as well as its many sales objectives and processes. Along with a high salary, another benefit of this position is travel, which is frequently necessary for employees at higher levels.
#4. Business Operations Manager
Average Master’s degree Salary: $103,650 per year
Individuals in business operations roles assist departments within an organization in meeting their objectives. This role’s responsibilities and functions vary but might include work in human resources (e.g., hiring), finance (e.g., budgeting), and project management. Individuals in these positions should have strong leadership and communication abilities to help with this effort.
#2. Nursing Master of Science
Nursing is a unique vocation in that it may compete for high-paying medical roles such as surgeons, physicians, and psychiatrists without the multi-year residencies and medical degrees that are typically necessary. It is among the highest-paying master’s degrees in 2023. It is such a desirable and well-paying industry due to the increasing demand for high-quality healthcare in today’s society, as well as the labor-intensive aspects of this role.
Individuals must get a Master of Science in Nursing to seek advanced responsibilities in this professional path. Certified graduates from this program frequently pursue one of two high-paying paths: Nurse Practitioner or Nurse Anesthetist, both of which are considered “advanced practice registered nursing” professions.
The following are the top jobs for Master of Science in Nursing graduates:
#1. Nurse Anesthetist
Average Master’s degree Salary: $183,580
These are registered nurses who have specialized in anesthesiology, which is the profession of administering intravenous medicines and breathed gasses to patients undergoing surgery or other potentially painful operations in order to numb or avoid pain or discomfort.
#2. Nurse Practitioner
Median Salary: $117,670 per year
Nurses in these positions perform clinical work, illness prevention, and health management. In addition to a master’s or doctoral degree, nurse practitioners must have extensive clinical training that goes beyond what is required to become registered nurses. Individuals in this capacity are known to participate in healthcare forums, do research, and then use that research in their clinical practice in addition to their direct clinical health work.
#3. Engineering Management Master’s Degree
Engineers with a bachelor’s degree in engineering often go on to acquire a master’s degree in engineering management. Engineers who pursue this degree learn the business and management abilities needed to ascend into senior positions.
#4. Petroleum Engineering Master of Science
This advanced degree is closely related to a successful career in the field of petroleum engineering. Despite being a specialist sector, petroleum engineers are frequently well compensated for their profession, owing to both the physical demands and the high-risk environment in which they work. Professionals interested in petroleum engineering may also be interested in bioengineering, chemical engineering, environmental engineering, or industrial engineering.
#5. Finance Master of Science
A master’s degree in finance is a popular option for students wishing to advance their careers in finance. Graduates with this skill set are frequently highly sought after in today’s employment market due to how easily the talents obtained in this type of curriculum may translate into a range of other sectors. Furthermore, there is a lot of room for employees owing to the constant requirement for firms to have informed and impactful employees handling their finances, accounting systems, and so on.
Among the top jobs for Master of Science in Finance graduates are:
#1. Manager of Finance
Yearly Median Salary: $134,180
Financial managers frequently have backgrounds in economics, business administration, or finance. Individuals in this role are responsible for an organization’s overall “financial health.” They provide financial reports and projections, offer tactical investment recommendations, and establish strategies to assist the company in meeting its long-term financial objectives. Financial managers are most usually found in banking and insurance organizations, and they typically have a background as an accountant, auditors, or financial analysts.
#2. Actuary
Median Salary: $111,030 per year
Actuaries can obtain the necessary training through a Master of Science in Finance or a Master of Science in Actuarial Science program, both of which prepare students for this lucrative job. Individuals in this position are in charge of “analyzing the financial costs of risk and uncertainty” using sophisticated computing systems that compare statistics and anticipate profitability. They also utilize these programs to assess the risk associated with probable future events and collaborate with clients to establish methods to mitigate the financial effect of such risks.
#3. Financial Advisor
Median Salary: $89,330 per year.
Many financial advisers obtain a master’s degree in finance or an MBA before taking and passing the Certified Financial Planner exam. They are employed directly to handle and control a client’s money, which includes investments, insurance, mortgages, college savings, estate planning, taxes, and retirement, among other things. Most financial advisors work on their own and consult for a select group of individuals. Others might work for a company in the financial or insurance industries.
#6. Political Science Master of Arts
A master’s degree in political science prepares graduates for a number of political careers. Interdisciplinary in nature, the abilities gained in such a program frequently cross with disciplines covered in economics, law, psychology, and sociology degrees. While there are a few other positions in the public administration/public affairs or federal government sectors that correspond best with a political science degree, the role that correlates best with a political science degree is that of a political scientist.
#7. Computer Science Master’s Degree
A master’s degree in computer science, particularly one with an emphasis on software engineering/development, educates prospective computer programmers on how to build modern, advanced software with the potential to impact a wide range of sectors. These programs, which are based on the application of scientific and technical principles to the development of new software systems, enable graduates to start their sector with the skills and knowledge required to prosper.
#8. Master of Science in Healthcare Administration
This terminal degree for healthcare professionals focuses on an analytical and business-oriented approach to healthcare management. Because of shifting demographic trends and the fast-expanding demand for such people, healthcare management is a prominent field of study at this time in history.
What is the Average Salary for a Master’s Degree?
As of December 10, 2022, the average yearly salary for Master’s Degree jobs in the United States is $66,801.
In case you need a quick salary calculator, that works out to about $32.12 per hour. This equates to $1,285 each week or $5,567 per month.
With yearly incomes as high as $145,500 and as low as $24,500, the bulk of Master’s Degree job salaries currently ranges from $47,500 to $73,500, with top earners making $108,000 annually across the United States. The average salary range for a Master’s Degree employment varies significantly (by up to $26,000), implying that there may be several prospects for promotion and increased pay dependent on skill level, location, and years of experience.
The Best and Highest Paying Master’s Degrees For Government Jobs
Here are some of the best master’s degrees for government jobs.
#1. Government Administration
Master’s degrees in public administration are among the most suitable for government jobs. Many political positions in state and federal governments need to be filled. A bachelor’s or master’s degree in public administration could put you in demand at a variety of state and federal agencies. Your curriculum will teach you how to impact long-term change in politics and policies at all levels of government. Classes on public budgeting, financial administration, public policy, and community analysis are likely.
#2. International Relations
Because the world is more interconnected than ever before, it is critical to comprehend policies and politics outside of the United States. You’ll study complex international political concerns like how conflict affects foreign trade, intelligence, and diplomacy and how nations collaborate on economic and military issues.
#3. Business Administration
Some may believe that a business degree is unnecessary in government. However, this is not the case. Many top political appointees have studied business management, and state and federal workers who understand business management are in high demand.
Obtaining a bachelor’s or master’s degree in business management will help you understand how to organize, direct, and manage the goals of an organization or department. Accounting, marketing, economics, business policy, and sociology are likely subjects you’ll study.
#4. Economics
Master’s degrees in economics are also among the best bets for securing government jobs. A thorough understanding of economics can be quite beneficial in a government position. You will comprehend how society distributes resources in order to produce goods and services. In government, you may do research, collect statistics on energy costs, monitor inflation and interest rates, and more. Many economics students go on to work in government as financial analysts and accountants.
#5. Political Science
If you want to work in government and want to study government entities and public policy, a bachelor’s or master’s degree in political science is a good option. You will learn about the mechanics of politics, the origins of political systems, and the formation of public policy. You will also learn about political theory and ideology.
A degree in political science might be a useful starting point for a career as a political scientist or policy analyst at the federal level.
#6. Public health
We won’t conclude our list of the best master’s degrees for government jobs without mentioning public health. Public health is one of the fastest-growing areas of employment in the government sector. Today, there is a greater emphasis on preventing people from becoming ill in the first place. This helps to reduce societal healthcare costs. According to Careersinpublichealth.net, there are over 400 different public health positions and careers to pursue in both government and commercial sectors.
Biostatisticians and epidemiologists are two of the most prevalent sorts of employment accessible in public health departments at all levels of government.
#7. Government Policy
A degree in public policy will provide you with a set of core abilities in program evaluation, policy analysis, management, and politics that will be extremely useful in any government organization. All governmental institutions, as well as many commercial enterprises, require highly-trained policy analysts who can dissect public policy issues and evaluate and analyze data.
What Degree is better than a Master’s Degree?
A master’s degree may be the highest level of education available for some careers. A master’s degree is the second highest credential after a doctorate, but it ranks below a doctorate in the academic hierarchy.
What is the Hardest Master Degree to get?
The most difficult degree subjects are Aerospace Engineering, Law, Certified Public Accountancy, Architecture, Chemistry, Medicine, Pharmacy, Psychology, Statistics, Nursing, Physics, Astrophysics, Biomedical Engineering, Astronomy, and Dentistry. These courses are also the highest paying Master’s degrees.
Which Degree has more Value in Future?
There is no doubt that Data Science and Big Data are promising fields of study. Mandatory Schooling: One can get a Master’s in Data Science after completing an undergraduate degree in Computers/IT/Statistics/Mathematics/Economics.
Is it better to get a Job or do a Masters?
The investment in a Master’s degree usually pays off. Even though it may be challenging to pay for your education at first, you should know that the long-term benefits will be worth it. You can expect a pay raise and greater freedom in choosing how to use your newfound skills.
Is it better to have 2 Bachelor’s or a Master’s?
In most cases, it is prudent to invest in a master’s degree. Though it may be challenging to pay for school at first, the long-term benefits will be worth it. You’ll be able to choose from a wider range of job opportunities and earn a higher salary.
What is the Shortest Master’s Program?
The Master of Business Administration can be earned in the shortest amount of time (just 12 months) by enrolling in the Accelerated MBA program. If students take only one class at a time, they can still earn their MBA in under two years.
Is it Possible to fail a Master’s?
Earning a Master’s degree requires hard work, but failure is not very likely. First of all, colleges and universities won’t take in students who aren’t academically prepared.
In Conclusion,
A master’s degree’s genuine worth is tied to more than just earning potential. The correct degree program will increase your knowledge while also providing you with hands-on experience and a lifetime network of professional contacts.
FAQs on Highest Paying Master’s Degrees
Are master's degrees worth it in 2023?
A master’s degree may improve your work prospects significantly. In fact, several vocations specifically call for them. A master’s degree is generally required if you want to work as a statistician, political scientist, biomedical engineer, or speech-language pathologist.
Can you fail a master's degree?
A Master’s degree is difficult, but you are unlikely to fail. For starters, institutions will not admit students who are not academically competent for the course.
Which degree is best for government jobs?
Political science is the obvious choice for a government job. Students of political science learn about public policy, the mechanics and history of political systems, government bodies, political theory, and political ideology. There are graduate and undergraduate programs available.
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