Many careers that require a master's degree are on the rise, including several in health care.
This past August, the Bureau of Labor Statistics released a 2018 analysis regarding employment prospects for advanced degree graduates. According to its study, employment in careers that require a master’s degree or doctorate are projected to increase 17 percent through 2026.
The BLS predicts the most openings for graduate level jobs in the following fields:
Separate BLS data determined that unemployment rates are also linked to workers’ degree levels. Doctorate graduates have the lowest amount of unemployment, at 1.5 percent. Graduates of master’s programs have 2.2 percent unemployment, bachelor’s graduates have 2.5 percent unemployment and individuals with a high school diploma have an unemployment rate of 4.6 percent. This pattern is not a coincidence; students with advanced degrees are in high demand.
The same data revealed a similar succession, this time comparing graduates’ degree levels and their weekly earnings. Unsurprisingly, doctorates have the highest median earnings, at $1,743. Master’s graduate earnings are not far behind, with a median $1,401 weekly income. Individuals with a bachelor’s degree and a high school diploma have median weekly salaries of $1,173 and $712, respectively. Going back for an advanced degree is worth it, literally and figuratively.
Recommended advanced degrees in these industries
Entering these careers with a bachelor’s degree is possible, but most of these high-paying, in-demand jobs require at least a master’s degree. No matter, it’s likely there are applicants with master’s or doctorate degrees going for these types of jobs. To stay at the level of the competition, or to get an edge in the job market, graduates with bachelor’s degrees may benefit from going back to school. What these students decide to study depends on their career path, their specialization and the amount of time they are willing to dedicate to their advanced degree.
The competition in the job market can be fierce, but with a master’s degree or doctorate, doors could swing open.