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Today, more than 16 million Americans — approximately 8% of the population — have master’s degrees. While a bachelor’s degree was once seen as enough to establish a career, that is no longer necessarily the case.
According to the U.S. Bureau of Labor Statistics, jobs requiring a master’s degree are expected to increase by 18% between 2012 and 2022. In today’s increasingly competitive job market, having a master’s degree can differentiate you from your fellow employees and show employers you have the dedication and work ethic to be successful in a particular role.
What is a master’s degree?
Briefly stated, a master’s degree is a postgraduate degree that demonstrates a person’s advanced knowledge in a specific area of specialty. A typical master’s degree program requires completion of 30 to 60 hours of credit in courses related to the major subject.
To enroll in a master’s program, a candidate needs an undergraduate degree, preferably in the field related to the graduate program. A master’s degree program typically takes two to three years to complete, depending on the field of study and the university’s requirements. After earning a master’s degree, an individual can enter or reenter the workforce or pursue a more advanced degree, such as a doctorate.
There are two main types of master’s degrees: course-based and research-based. Course-based programs are built on structured courses taught through lectures, seminars, laboratory work or distance learning. In contrast, research-based master’s programs require the student to carry out extensive research in their field(s) of study, and these programs normally take longer to complete than course-based programs.
Common master’s degree programs
Some of the most common master’s degree programs you might pursue include:
Master of Business Administration (MBA)
- The MBA is designed to give students the skills required for career progression in business and management roles. Candidates receive extensive training in all areas of business, allowing them to apply their knowledge to a variety of careers.
- MBA candidates are often mid-career professionals, and in fact, many programs require at least three years of professional experience before admission.
- You can choose to combine an MBA with a specialization in a field, such as finance or accounting, and tailor your degree to a specific area of interest.
- Related master’s degree programs include the Master of Professional Accountancy (MPAcc) and Master of Science in Information Systems (MSIS).
Master of Arts (MA)
- An MA is usually awarded in fields categorized as arts or the social sciences. These include history, political science, communications, education, languages, linguistics, literature, geography and art.
- Candidates are taught through a combination of classes and seminars and are assessed through completion of a thesis based on independent research and an oral exam at the end of the program.
Master of Science (MS, MSc)
- The MS or MSc is usually awarded in disciplines designated as the sciences, such as biology, chemistry, engineering, health and statistics.
- Certain fields, such as economics and the social sciences, fall under both arts and sciences, with the individual university deciding what designation to give their program.
- In some fields, the MS may have a stronger research component, making it more attractive than an MA.
Master of Education (ME, MAT)
- Becoming a teacher in most states does not require a master’s degree, but many aspiring teachers opt to advance their careers by earning either a Master’s in Education (ME) or a Master of Arts in Teaching (MAT).
- Typically, those working to earn an ME degree are focused on moving forward in their careers outside the classroom through work such as curriculum design or administration.
- Those seeking the MAT degree are usually more interested in advancing their careers in the classroom, working directly with students.
Other master’s degree programs
In addition to the degree programs already discussed, some other popular master’s programs include:
Master of Public Administration (MPA)
The MPA is similar to the MBA but focuses on the public sector rather than private enterprise. Students can specialize in areas such as the environment, international administration, and science and technology. The ultimate objective is to work in government, or with nongovernmental organizations (NGOs), nonprofit organizations or consulting.
Master of Social Work (MSW)
The MSW prepares students for careers in social work, focusing on improving the quality of life for individuals, groups and communities.
Master of Fine Arts (MFA)
The MFA is a creative degree granted in disciplines such as visual, performing and studio arts. The program can also include creative writing, graphic design, photography, filmmaking, theater and painting.
Master of Arts in Liberal Studies (MALS)
The MALS is an interdisciplinary program designed to provide rigorous teaching in the liberal arts. Rather than following a specific career path, students typically choose this program for an opportunity to challenge themselves intellectually, explore ideas and pursue knowledge.
Master of Laws (LLM)
The LLM degree is usually earned after an individual has earned a law degree, giving them an opportunity to focus on and specialize in a particular area of the law.
Benefits of earning a master’s degree
There are many lifelong benefits to earning a master’s degree, and among them are the following:
Specialized knowledge
With a master’s degree, you earn specialized knowledge to advance in your field. In short, a graduate degree demonstrates that you’re dedicated to enhancing your industry expertise and credibility.
Career advancement
A master’s degree can make it easier to move into more senior positions in leadership and management. According to a 2020-21 survey conducted by careerbuilder.com, 74% of the companies surveyed raised their educational requirements in recent years, and 33% are now hiring workers with master’s degrees for positions that, earlier, had been held primarily by those with four-year degrees.
Increased earning potential
On average, workers with a bachelor’s degree earn $65,400 a year, while those with a master’s degree earn a median salary of $80,200. The income disparity is even greater in certain highly specialized fields, such as biology and the life sciences.
Enhanced professional network
Master’s programs connect you to professionals, many of whom are highly successful in their careers. You also study with professors who are industry leaders, giving you introduction into their well-established professional networks.
A decision not to be taken lightly
Though earning a master’s degree potentially offers many professional advantages and opportunities, enrolling in a program takes time and is expensive. You should carefully examine a degree program’s requirements for admission and its costs, and then honestly assess your abilities, motivation and financial resources.
Read more from the Power of a Higher Education special section.
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