Choosing a master’s degree means weighing both income and purpose. PayScale’s analysis of pay by field has listed human services, early childhood education, professional counseling, community counseling, museum studies, divinity, mental health counseling, library science, pastoral ministry, and art therapy among the least profitable master’s fields. People still choose these fields, because the work itself is meaningful, and pay is only one part of the decision.
The same analysis placed technical and business fields among the highest paid master’s fields. These include nurse anesthesia, telecommunications engineering, finance and economics, electrical engineering, computer engineering, biomedical engineering, mathematics and statistics, technology management, computer science, and corporate finance.
The dollar figures in those older analyses are no longer current, so treat them as a starting point rather than a promise. Before you commit, look at current job postings in your field, talk to working professionals about real salaries, and compare tuition costs against realistic earnings. A master’s that fits your skills you can gain from earning a master’s degree and your goals will serve you better than one chosen for a headline number.
Also weigh the full return on investment. The ROI of a master’s degree depends on debt, lost income while studying, and the demand in your specific field. When you have offers in hand, salary negotiations can leverage your master’s degree further. Pick the field where the work and the numbers both make sense.
