Is a Master's Degree Worth It?

Key takeaways

Whether a master’s degree is worth it depends on your personal, professional, and educational goals and resources. 

• Graduates with a master’s degree typically earn more and experience less unemployment than those with a bachelor’s degree or an associate degree [1].

• Many professions prefer candidates with advanced education, like nurse practitioners and guidance counselors, so a master’s degree might be worth it for you if you’re thinking of entering certain fields.

• You can determine if a master’s program is right for you by considering your career goals, available time, workload, finances, and loan repayment options.

Review the reasons why a master’s degree may be a worthwhile investment for your future, and discover how to evaluate whether it’s the right decision for you. 

Is a master's degree worth it? Master’s degree return on investment 

Earning a master’s degree often offers several benefits, though your return on investment (ROI) will depend on your situation and your potential industry.

Does a master’s degree increase your salary?

Graduates with a master’s degree make approximately $1,840 a week on average, while bachelor’s degree holders earn an average of $ 1,543 weekly, and associate degree holders earn an average of $1,099 [1]. Master's degree holders also experience less unemployment than those with a bachelor’s degree or an associate degree, with figures averaging 2.2, 2.5, and 2.8, respectively [1].

Depending on your industry, you could earn significantly more with a master’s degree. For example, the average total salary for a Master of Business Administration (MBA) is $121,324 for the top 133 MBA programs in the US as of 2024 [2]. 

Lifetime earnings

While your yearly salary is important, it can help to think about your earning potential over the course of your lifetime. If you plan on working for several more decades, you may be able to add substantially to your net earnings thanks to the higher salaries typically associated with master’s degrees.

Advanced roles

While a bachelor’s degree serves as the entry point for many careers, a master’s is a more common requirement for industries such as education, information science, computer science, medicine, and health care administration, all of which tend to pay more.

Jobs that typically require a master’s degree include:

Overall, a master’s degree isn’t required for every job, but many professions prefer candidates with advanced education.

Is it easier to get a job with a master’s degree?

The number of students with a master’s degree continues to rise from past years, with 864,457 graduates earning a master’s degree in 2025 [9]. Given the growing popularity of a master’s degree as a distinguishing credential, you may be able to stand out from other job candidates after earning one, though experience is still a key component. 

Expanded network

Earning your master’s degree isn’t just about your education (though that’s certainly a critical part); it’s also about the connections you make in your program. Your professors and classmates can add to your network, which may lead to new opportunities.

Consider important factors when deciding whether a master’s is right for you.

Master’s degrees: Time and costs

A master’s degree can take anywhere from one to three years to complete, depending on whether you attend full-time or part-time. The cost of earning a master’s degree ranges between $44,640 and $71,140 [10]. Tuition can shift dramatically between public and private institutions: it costs, on average, $51,740 to earn a master’s degree at a public school, whereas the average total cost is $62,550 at a private school [10]. 

As you contemplate whether a master’s degree is worth it, research the cost of each potential program you’d like to attend. Consider how cost factors affect your needs: is it the top priority in your decision-making, or is program length, faculty expertise, or another feature more important?

Is a master’s degree right for me?

To answer that question, it’s good to think about what you hope to accomplish with a master’s degree and the resources you have to get one. 

Questions to ask before starting a master’s program:

• What are my goals? 

• Can a master’s degree help me achieve them? 

• Do I have the time to dedicate to earning a master’s degree? 

• Am I prepared to take on the additional work of graduate school? 

• Can I afford the cost of attending a master’s program? 

• Am I comfortable taking out loans if I can’t cover the cost out of pocket? 

• Do I have a plan in place to repay those loans? 

These questions can help you assess your specific situation and whether a master's degree is the best decision for your future needs, plans, and goals.

Resources

Your time and money are valuable and should be part of your decision-making. It would be best if you had some understanding of your finances before deciding whether to apply to graduate school. If you’re working, can you take time off to attend a full-time master’s program, or will you need to continue working? Can your schedule fit the demands of a graduate course load for full-time attendance, which is nine credits (or three courses)? 

While your master’s degree can yield higher salaries, moving into a role that pays more may take some time. Planning to pay for your master’s degree beyond student loans can be advantageous because you’ll be better informed and prepared after graduation. Discover how you can find ways to pay for grad school.

Plan financially for your master’s degree

If you anticipate taking out student loans to finance all or a portion of your program, you can use a student loan calculator, such as one from Federal Student Aid, SmartAsset, or Harvard Federal Credit Union, to estimate what your repayments could look like after graduation.

How to choose the best master’s degree for you

It would be best to consider your interests, career goals, and resources as you decide which master’s program to pursue. The three most popular fields of study for master’s degrees are business, education, and health. 

You can choose from several master’s degree programs, but some common options include: 

• Master of Arts (MA): A graduate-level degree typically for students interested in the arts, humanities, and social sciences

• Master of Science (MS): A graduate-level degree typically for students interested in tech, natural sciences, and mathematics

• Master of Business Administration (MBA): A graduate-level degree for students interested in business and management 

• Master of Public Health (MPH): A graduate-level degree for students interested in protecting and improving health in communities 

• Master of Library and Information Science (MLIS): A graduate-level degree for students interested in becoming a librarian, archivist, or curator

• Master of Education (MEd): A graduate-level degree for students interested in becoming educational administrators

Unlike choosing a major for a bachelor’s degree, a master’s ideally builds on something you know or want to learn more about. If you’re already in the workforce and enjoy what you’re doing, you can get a master’s in a subject related to your industry. Or, if you’ve come to learn about a new area that interests you and want to switch career paths, you can pursue a master’s in a new subject to gain more in-depth knowledge. 

Online master’s degrees

Online master’s have grown increasingly popular in recent years, largely because many students choose to work while earning their advanced degree. An online master’s degree may be a more affordable and flexible option than earning your degree at an in-person institution. For example, the University of Illinois' Master of Computer Science degree costs between $19,840 and $25,376, and you can finish it in one to three years, depending on your schedule.

Read more: A Guide to Online Master's Degrees

Alternatives to a master’s degree 

A master’s degree is just one option to bolster your subject knowledge and advance your training. If you are still considering the best route forward or want an alternative to a two-year program, consider a certificate as a faster way to learn about a specific subject or skill. A certificate is evidence of education and can be added to your resume to validate your qualifications in a subject area. 

Professional Certificates

It’s also a great option if you want to change career paths and gain foundational knowledge of your new field. On Coursera, you can earn a Professional Certificate in several in-demand careers taught by industry leaders, including the Google Project Management: Professional Certificate, IBM Data Science Professional Certificate, and Meta Marketing Analytics Professional Certificate. 

Certifications

If you work in tech or project management, a certification may help boost your career without the time commitment and cost of a master’s program. A certification shows employers that you have met industry standards in a specific area, typically by passing an exam. Professional organizations, such as the IT-focused CompTIA, offer a range of certifications. If you want to learn more, search for certifications in your industry or field.

Additional courses

If you’d like to brush up on a topic or learn something new, taking an additional course or a series of courses may be a better option than completing a two-year master’s degree. You can find many courses in various topics from Stanford, Yale, the University of Michigan, and more.

Give your team access to a catalog of 8,000+ engaging courses and hands-on Guided Projects to help them develop impactful skills. Learn more about Coursera for Business.

Discover tools that connect learning with career progress

Explore career paths, assess your skills, and connect with resume guidance while browsing our Career Resources Hub. Or if you want to learn more about getting a degree, check out these free resources:

• Get expert insights: What Should You Earn: A Certificate or a Degree?

• Watch on YouTube: Education Pays: 7 Degrees for Higher Salaries

• Hear from an expert: ‘A Bucket List To-Do’: One Student’s Path to a Master’s Degree in Engineering Management

Earn your degree on a schedule that works for you by exploring degree programs available from esteemed college and university partners on Coursera.