Learn about the average salaries associate with master's degrees, plus get a list of the highest paying master's degrees.
Earning a master’s degree comes with several benefits, but perhaps the most enticing are salary and career growth prospects.
Several factors may make a master’s degree worth pursuing for you. In general, master’s degrees are associated with higher salaries, lower unemployment rates, greater lifetime earnings, and increased career advancement opportunities compared with lower education levels, such as a bachelor’s degree or high school diploma.
In this article, we’ll focus on the average salary for people with a master’s degree.
According to the US Bureau of Labor Statistics (BLS), people with a master’s degree in the United States earn a median of $1,574 weekly, which roughly translates to $81,848 annually [1].
Overall, people with a master’s degree tend to earn more money than those with a bachelor’s degree, associate degree, or high school diploma but less than those with a doctorate or professional degree. Generally, the higher your education credentials, the more money you stand to make. Additionally, people with higher education credentials tend to experience lower unemployment rates.
Here’s a look at salary data across all education levels, according to the BLS [1]:
Highest degree | Median weekly earnings | Estimated annual earnings | Unemployment rate |
---|---|---|---|
High school diploma | $899 | $46,748 | 3.9% |
Associate degree | $1,058 | $55,016 | 2.7% |
Bachelor’s degree | $1,493 | $77,636 | 2.2% |
Master’s degree | $1,737 | $90,324 | 2.0% |
Doctorate degree | $2,109 | $109,668 | 1.6% |
Professional degree | $2,206 | $114,712 | 1.2% |
Keep in mind that this data is generated from salaries across all fields, industries, and locations, and these can be important factors to consider when trying to forecast your potential earnings at any education level.
Earning a master’s degree won’t automatically increase your salary, but with a master’s degree, you may qualify for higher-paying positions or career advancement opportunities. Learn more about whether a master’s degree is worth the investment for you.
Your anticipated salary with a master’s degree will, in part, depend on your field of study. In specific fields, a master’s degree is a widely accepted way to demonstrate advanced skills development and expertise. In others, a master’s degree may have less of an impact on your expected salary.
According to a survey from the National Association of Colleges and Employers (NACE), the master’s degree disciplines with the highest average starting salary are engineering, computer science, math and sciences, and business. Business, computer science, and engineering degrees are also the most in-demand master’s degrees among employers [2].
Here are the average starting salaries for a selection of master’s degrees, according to NACE [2]:
Master’s degree major | Average starting salary (2024) |
---|---|
Computer engineering | $86,804 |
Software engineering | $83,924 |
Computer science | $86,359 |
Information sciences and systems | $84,316 |
Business administration/management | $83,023 |
Logistics/supply chain | $73,178 |
Economics | $79,752 |
Marketing | $85,919 |
For certain job functions, a master’s degree can be a typical entry-level requirement. This tends to be more prevalent in careers requiring in-depth knowledge or professional licenses, such as health care or education administration.
Here are the median salaries and projected growth rates for roles with a master’s degree as the typical entry-level education, according to the BLS [3]:
Occupation | Median salary (2023) | Growth rate (2023-2033) |
---|---|---|
Computer and information research scientists | $145,080 | 26% |
Nurse practitioners | 126,260 | 40% |
Physician assistants | $130,020 | 28% |
Economists | $115,730 | 5% |
Education administrators (postsecondary) | $102,610 | 3% |
Psychologists | $92,740 | 7% |
Epidemiologists | $81,390 | 19% |
Urban and regional planners | $81,800 | 4% |
Survey researchers | $60,960 | 0% |
Social workers | $58,380 | 7% |
If you are considering pursuing a master’s degree to increase your salary, it’s worth researching the types of master’s degrees that best position you to reach your salary and career goals.
For example, if your goal is to earn a specific salary, you may start by researching the types of roles in your field that tend to earn salaries within your desired range, then look into the typical education expectations for those roles. Or, if your goal is to reach a top-paying position in a specific role, you may scour job descriptions or research the typical education path of the people currently in those top-paying positions.
Websites like the BLS’s Occupational Outlook Handbook or Zippia tend to offer these types of salary and education insights. Approaching your education thoughtfully can enable you to pursue the advancement path that’s worth the investment for you, whether that’s a master’s degree, certificate program, or otherwise.
Continue your education on Coursera. Browse online master’s degree programs in business, public health, data science, and computer science from world-class institutions like the University of Illinois, the University of Michigan, Northeastern University, and the University of Pennsylvania.
US Bureau of Labor Statistics. “Education pays, 2021, https://www.bls.gov/careeroutlook/2022/data-on-display/education-pays.htm.” Accessed February 6, 2023.
National Association of Colleges and Employers. “NACE Salary Survey: Winter 2022, https://careers.unc.edu/wp-content/uploads/2022/02/NACE-Salary-Survey_Winter-2022.pdf.” Accessed February 6, 2023.
US Bureau of Labor Statistics. “Occupational Outlook Handbook: Occupation Finder, https://www.bls.gov/ooh/occupation-finder.htm?pay=&education=Master%26rsquo%3Bs+degree&training=&newjobs=&growth=&submit=GO.” Accessed February 6, 2023.
Editorial Team
Coursera’s editorial team is comprised of highly experienced professional editors, writers, and fact...
This content has been made available for informational purposes only. Learners are advised to conduct additional research to ensure that courses and other credentials pursued meet their personal, professional, and financial goals.
Take your skills to the next level with expert-led courses and Coursera Coach, your AI-powered guide.
Save money and learn in-demand skills from top companies and organizations at your own pace.
These cookies are necessary for the website to function and cannot be switched off in our systems. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. You can set your browser to block or alert you about these cookies, but some parts of the site will not then work.
These cookies may be set through our site by our advertising partners. They may be used by those companies to build a profile of your interests and show you relevant adverts on other sites. They are based on uniquely identifying your browser and internet device. If you do not allow these cookies, you will experience less targeted advertising.
These cookies allow us to count visits and traffic sources so we can measure and improve the performance of our site. They help us to know which pages are the most and least popular and see how visitors move around the site. If you do not allow these cookies we will not know when you have visited our site, and will not be able to monitor its performance.
These cookies enable the website to provide enhanced functionality and personalization. They may be set by us or by third party providers whose services we have added to our pages. If you do not allow these cookies then some or all of these services may not function properly.