(See table 2.)Įducation administrators had the highest percentage wage premium, with 44 percent higher wages for master’s degree holders than for bachelor’s degree holders. And the payoff for these degrees was usually relatively high. More than 1 out of every 5 master’s degrees was awarded in education in 2012–13. Training and development managers with a master’s degree, for example, had a 6-percent lower median wage than did these workers with a bachelor’s degree. However, in some business occupations, having a master’s degree may not pay a premium. Other business occupations not shown in the table had wage premiums for a master’s degree, including accountants and auditors, general and operations managers, and human resources workers. (1) The wage premium represents the wage increase for workers with a master's degree over that for workers with a bachelor's degree in the occupation. Property, real estate, and community association managers Market research analysts and marketing specialists Transportation, storage, and distribution managers Securities, commodities, and financial services sales agents Selected business occupations in which workers with a master's degree earned a premium over workers with a bachelor's degree, 2013 Occupation Many of these sales agents earned a master’s degree in business administration (MBA), which may be required for high-level jobs. Securities, commodities, and financial services sales agents had the biggest wage premium of any of these occupations: workers who had a master’s degree earned a wage that was nearly 90 percent higher than that for workers with a bachelor’s degree. And among all occupations in 2013, business, financial, and sales occupations had some of the highest wage premiums for workers with a master’s degree. More master’s degrees were awarded in business than in any other field, during 2012–13. Or bachelor’s degree holders-especially in occupations in which minimum educational requirements are increasing-might have had more years of experience and, as a result, might have had higher wages than workers with a master’s degree. Master’s degree holders, for example, might have qualified for better paying jobs and have earned more than their counterparts who had a bachelor’s degree.
There could be lots of reasons why workers with a master’s degree had higher or lower wages than did those who had a bachelor’s degree. The tables include data for both percentage and numeric wage premiums. The analysis focuses on the percentage wage premiums, or percentage difference in the wages for those holding a master’s degree compared with those in the same occupation who have a bachelor’s degree. In each section below, tables show select occupations that reflect a wage premium when obtaining a master’s degree in the field. The median wage is the point at which half of workers earned more than the amount, and half earned less. These data do not account for experience, training, and certifications, which may, in turn, account for wage differences. It compares median annual wages, for workers who had a master’s degree with those for workers in the same occupation who had a bachelor’s degree. The analysis of wage premiums uses 2013 American Community Survey (ACS) data for full-time wage and salary workers ages 25 and over. These areas are discussed in order of the number of degrees conferred, from most to least, according to 2012–13 data from the National Center for Education Statistics (NCES). These career fields are discussed in the following sections: This article focuses on several career fields in which workers often earn more with a master’s degree than with a bachelor’s degree. (See box.) In others, a master’s degree may not be required, but having one might lead to advancement or higher pay. In some occupations, you’re likely to need a master’s degree to qualify for entry-level jobs. In addition to showing how much more-or less-workers who had a master’s degree earned compared with workers who had a bachelor’s degree, this article highlights other questions to think about when deciding whether to pursue a master’s degree. Potential wages are just one of the factors to consider before embarking on a graduate education. In some occupations, workers with a master’s degree earned about the same as, or even less than, those with a bachelor’s degree. In 2013, the median annual wage for full-time workers ages 25 and over whose highest level of education was a master’s degree was $68,000, compared with $56,000 for those whose highest level was a bachelor’s degree-a $12,000 a year wage premium. But there’s more to going to grad school than the chance for extra income, especially because the payoff varies by occupation. You might want to earn a master’s degree for the potential increase in earnings it may deliver. Elka Torpey and Dalton Terrell | September 2015
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