Your Master’s Degree Could Be Worth More Than A Million Dollars
June 24, 2008
The difference between a bachelor’s and a graduate degree can be millions over the course of your lifetime.
by Joshua Hudson (first published December 2007 G.I. Jobs)
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 usually beyond what is minimally required. 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 August 28, 2007 report, the average annual earnings of those with an advanced degree was $55,445 compared to those with a bachelor’s degree, which averaged $46,435, and $27,384 for those with a high school diploma. That means the average worker with a master’s degree can expect to earn 19 percent more than those with bachelor’s degree and a 102 percent more than those with a high school diploma. A master’s degree earns over a million dollars more than a high school diploma over a 40 year career.
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