Many college graduates pursue master's degrees.
As college students near graduation, they have to decide whether they will start their careers after their undergraduate education or pursue an advanced degree. Some students like the idea of earning money right away, while others see the benefit in delaying their career for more education. Enrolling in a master's degree program requires commitment and focus, but graduates of such programs can enjoy a number of benefits as they begin their careers.
Higher Salary
Students who earn master's degrees should enjoy more lucrative salaries than their bachelor's degree counterparts once they begin their careers. A 2009 report from the Bureau of Labor Statistics reveals the financial differences between employees with only undergraduate degrees and those with graduate degrees. While bachelor's degree-level employees made an average of $1,025 a week, employees with master's degrees brought in $1,257 a week. This amounts to a $12,000 difference a year. The College Board's 2010 report "Education Pays" supports this salary increase, noting that bachelor's-educated employees made a median wage of $55,700 while master's-educated employees made $67,300.
Job Stability
The same Bureau of Labor Statistics report reveals that master's-educated individuals enjoy a lower unemployment rate than those people who have earned bachelor's degrees. Because the need for graduate-educated employees is in high demand, companies often retain these valuable employees. In 2009, the unemployment rate for people with bachelor's degrees was 5.2 percent. People with master's degrees experienced an unemployment rate of 3.9 percent.
Job Potential
Many supervisory positions in a range of industries require employees to have a master's degree. Therefore, it may behoove individuals with aspirations to manage and lead a team of employees to earn a master's degree. This advanced education puts them in a better position to apply for supervisory jobs since they have acquired advanced knowledge of their field.
Career Change
A master's degree can be particularly valuable for individuals who are considering a career change. Perhaps someone with a bachelor's degree in English wants to enter corporate America; in this situation, earning a master's degree in business administration makes sense. Employers will focus on the most recent -- and highest -- degree, so graduate-level studies can prepare someone for an entirely new career.
Tags: master degree, master degrees, employees made, their careers, unemployment rate