Your Master’s Could be Worth $2 Million
The difference between a bachelor’s and a graduate degree can be millions over the course of your lifetime.
by Joshua Hudson

Making the decision to go back to school and get an advanced degree can be challenging. Students must decide between the time and cost of a master’s degree and its increased earning potential. For some careers (such as a lawyer or doctor) a graduate degree is a prerequisite for employment. However, most employers consider a master’s degree above and beyond the minimal requirements. So if it is not required, is it worth it?

Increase Your Earning Power
Statistics show a direct correlation between increased earning power and advanced degrees. According to the U.S. Census Bureau’s January 10, 2008 report, the average annual earnings of those with an advanced degree was $82,320 compared to those with a bachelor’s degree, which averaged $56,788, and $31,071 for those with a high school diploma. That means the average worker with a master’s degree can expect to earn 45 percent more than those with bachelor’s degree and a 165 percent more than those with a high school diploma. A master’s degree earns over $2 million dollars more than a high school diploma over a 40-year career.

Not all benefits of an advanced degree can be found in a bigger paycheck. According to the U.S. Bureau of Labor Statistics, a master’s degree increases a job seeker’s ability to find work. The national average of unemployment for those with higher education is normally less than half that of the national average overall.

Having an advanced degree offers no guarantees. The American Council on Education estimates that the number of students receiving master’s degrees has more than quadrupled in the past 30 years. This puts added pressure on those without advanced degrees when competing for jobs they really want. It may not be a matter of staying ahead but rather keeping up with competition.

For some positions, such as computer engineers, a bachelor’s degree is the minimum educational requirement to be considered for employment. More than one fourth of the computer engineers in the U.S. had a master’s degree or higher in 2005. The minimum may no longer be enough to secure the job you want.

Increased Access to Resources
Regardless of the career aspirations of a service member or a veteran bound for graduate school, the rewards of a master’s degree are undeniable. Statistics show an increase in education directly relates to an increase in salary and a master’s degree can give an employee a competitive edge