A Graduate Degree Can Lead You to an Exciting and Lucrative Career

By Sarah Clark
Career Colleges Columnist

If it seems as though everyone is getting a graduate degree, it's because more people are. According to the National Center for Education Statistics, the number of master's degrees granted during the 2000-2001 academic year was 482,118. That's a 30 percent increase in the number of master's degree granted during the same period 10 years earlier.

Why are more people getting master's degrees? One reason for the surge in graduate school enrollment could be that master's degree graduates earn more on average than those with bachelor's degrees. According to a 1999 U.S. Census Bureau survey, master's degree graduates commanded average salaries of $62,300 per year while those with bachelor's degrees earned only $52,200.

Opportunities for Master's Degree Graduates

The job market appears to be ripe with opportunity for those with graduate degrees in a variety of disciplines. The Bureau of Labor Statistics says that those with advanced degrees are in the best positions to compete for employment.

The National Association of Colleges and Employers reports that business, engineering, and computer-related graduate degrees are in high demand. Jobs in health care and technology appear strong, reports the Bureau of Labor Statistics (BLS). Forbes Magazine echoes the BLS's favorable employment forecast, pointing to strong growth among health care and technology companies in its 2004 list of the top 100 small public companies.

Education: A Consistently Popular Graduate Degree

Opportunities for graduate students aren't limited to technology, engineering, healthcare, and business. According to the Bureau of Labor Statistics, job growth among education administrators is expected to be excellent at least through the year 2012. Teaching opportunities from grades K-12 are also expected to grow strongly.

Graduate students are responding to this rise in demand for education professionals. During the 2001-2002 academic year, 28 percent of all master's degrees conferred were in education. The BLS attributes growing interest in education among young professionals to "reports of improved job prospects, better pay, more teacher involvement in school policy, and greater public interest in education."

More Rewarding and Exciting Careers

Getting an advanced degree often translates into getting a job that is more challenging, interesting, and potentially very exciting. Computer science majors, for example, may be involved in the development of new computing technology that could alter and improve the way people interact with technology. MBA graduates may secure leadership positions in the private sector, developing strategies to enhance profits and improve efficiencies. Those with advanced knowledge of engineering may help improve a city's infrastructure or develop a new process for manufacturing a product. Education majors may lead schools and participate in national and state-level policy debates that shape the direction of our education system.

How Much Do Master's Graduates Earn?

According to a 2002 job market survey focused in the New York metropolitan area commissioned by the New York Times, starting salaries for graduates with technical master's degrees are the highest of all graduates degrees, ranging from $55,000 to $78,000. Next highest-paying starting salaries go to MBA graduates, who were paid between $40,000 and $55,000. Non-technical master's degree graduates--such as those with education or liberal arts degrees--start out earning around $37,000 to $47,000.

Moving Toward a More Satisfying Career

Getting a master's degree can allow you to cultivate a level of expertise in a field of your choosing. That expertise can set the stage for your professional advancement and growth, freeing you to ascend to positions of greater responsibility and potentially more exciting work.

While a master's degree cannot guarantee your future professional success, it can provide you with the knowledge and credentials demanded by employers in a job market that's increasingly selective, but rife with interesting opportunities and potential for greater financial rewards.

About the Author
Sarah Clark is a freelance writer specializing in career development and postsecondary education.

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