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Importance of Master’s Degrees

May 20, 2015 / Posted by in Blog

In today’s extremely competitive job market, anything people can do to set themselves apart from their peers can give them an advantage. For an increasing number of current and soon to be college graduates, that differentiating factor is a master’s degree. The transition to master’s programs becoming “the norm” is still in its early stages, with only about 11% of the US population holding advanced graduate degrees. However, the financial benefits of a master’s degree are inspiring more and more people to continue their educations. For individuals, master’s degrees could lead to 30% higher pay than bachelor’s degrees. According to a study by the Georgetown University Center on Education and the Workforce, this differential translates to about $457,000 over the course of a lifetime. Master’s programs are also becoming more specialized. Rather than people having more expansive but general backgrounds in the field of their bachelor’s degrees, they can specialize in one area of that field for their master’s; this could potentially make them more marketable for particular positions or companies. For example, if someone’s undergraduate degree were in education, he could then pursue a master’s in speech and language pathology, which would give him a specialization within education. The fields that are now encouraging or requiring master’s degrees will be the ones hiring new graduates in the future. Those that only require bachelor’s degrees have stagnated in job growth during the recession. It is projected that over the next twenty years, millions of jobs will be created that will require master’s degrees, which is all the more motivation for current college students to consider graduate programs after graduation.

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