Whether or not you choose to earn a master’s degree after earning your bachelor’s is highly dependent on your field and career goals. In many fields a master’s degree can increase promotion potential or boost earning power. According to the U.S. Bureau of Labor Statistics (BLS), the median weekly earnings of someone holding a master’s degree in 2021 was $1,574, compared to the average median weekly salary of $1,334 earned by those with a bachelor’s degree. That’s a pay difference of more than 16%.
It’s important to understand that educational requirements and preferences will vary greatly by field and even by organization. Be sure to familiarize yourself with these requirements and preferences to help you stand out from the competition.
Note: Data is based on Bureau of Labor Statistics Employment Projections: Earnings and unemployment rates by educational attainment, 2021
