Master's Degree Guide

The master's degree is the most common graduate degree in the United States, with over 800,000 awarded each year.¹ It is also the most misunderstood. People treat "getting a master's" as a single decision, when it is actually dozens of different decisions with wildly different outcomes depending on what you study, where you study it, and how much you pay.

A master's in computer science from Georgia Tech's online program costs about $7,000 total and leads to median salaries above $120,000. A master's in education from a private university can cost $60,000 and lead to a salary bump of $5,000-$8,000 per year. Both are "master's degrees." The financial reality could not be more different.

What a master's program involves

Master's programs generally fall into two categories:

Academic master's degrees (MA, MS) are research-oriented. They typically require a thesis or research project, emphasize theory and methodology, and prepare students for doctoral programs or research careers. Common in the sciences, social sciences, and humanities.

Professional master's degrees (MBA, MEd, MSW, MPH, MFA, etc.) are practice-oriented. They emphasize applied skills, often require internships or fieldwork, and prepare students for specific careers. These are the majority of master's degrees awarded.

Most programs take 1-2 years of full-time study or 2-3 years part-time. Coursework is more specialized and intensive than undergraduate work, with smaller classes, more independent research, and higher expectations for original thinking.

Fields where a master's matters most

Not all fields reward graduate education equally. The earnings premium varies by discipline:

High-return fields (master's degree significantly increases earnings):

• Nursing (MSN) -- nurse practitioners earn a median of $126,260, compared to $86,070 for RNs with a bachelor's²
• Computer science -- median salary with a master's is 15-25% higher than bachelor's, and the degree opens doors to machine learning, AI, and research roles
• Engineering -- the master's is increasingly expected for senior technical roles and adds $10,000-$20,000 to starting salary
• Business (MBA) -- see our dedicated MBA guide for the full ROI analysis
• Physician assistant studies -- the master's is required for licensure, with median salaries above $126,000

Moderate-return fields (master's helps but ROI depends on cost):

• Social work (MSW) -- required for clinical licensure, but salaries remain modest ($58,000 median)
• Education (MEd/MAT) -- many districts pay a salary bump for a master's, but the bump often does not cover the cost of the degree
• Public health (MPH) -- opens doors to management roles but entry-level salaries are moderate

Low-return fields (master's may not justify the cost):

• Humanities (English, history, philosophy) -- limited salary premium unless pursuing a doctorate
• Fine arts (MFA) -- valuable for teaching positions but does not significantly increase earning potential in most creative fields
• Communications/journalism -- industry experience generally matters more than the credential

The cost question

Master's degree costs depend on three factors: the institution, the field, and whether you attend full-time or part-time.

• Public universities (in-state): $30,000-$60,000 total
• Public universities (out-of-state): $50,000-$90,000 total
• Private universities: $60,000-$120,000+ total
• Online programs: $10,000-$50,000 total (often the best value)

Funding is less generous than for doctoral programs. Most master's students pay out of pocket, take loans, or rely on employer tuition assistance. Assistantships and fellowships exist but cover a smaller percentage of students than at the PhD level.

What nobody tells you about master's degrees

1. The "master's required" job posting often is not actually required. Many job listings say "master's preferred" or "master's required" when hiring managers will happily accept a candidate with a bachelor's and strong experience. Before enrolling in a master's program to qualify for a specific job, talk to people who hold that job and ask whether the degree was truly necessary or just listed as a preference.

2. Online master's programs have closed the quality gap. Five years ago, an online master's carried a stigma. Today, programs from Georgia Tech, University of Illinois, UT Austin, and other top schools offer the same curriculum and faculty as their on-campus programs at a fraction of the cost. The stigma is largely gone in most industries.

3. The master's is sometimes a consolation prize in academia. In many PhD programs, students who leave before completing the doctorate receive a master's degree as an exit credential. This is worth knowing because it means some "master's programs" in academic departments exist primarily for this purpose and do not have strong career placement infrastructure for terminal master's students.

Explore this degree in depth:

• Is It Worth It?