Written By Melanie Lockert
If you’re thinking of going back to school and potentially taking on a lot of student loan debt, consider studying toward one of the highest-paying master's degree programs. Of course, pursuing a degree that’s personally fulfilling is important, but so is the ROI when it comes to the best master's degree for a high-wage job.
If you’re thinking of moving beyond your undergraduate degree and look into master’s degree programs, here are the 11 best master's degrees to get.
1. Physician assistants
Years of study: 27 months
Average cost of program: $50,289 – $91,639
Average median salary: $115,390 per year
Physician assistants work under physicians and provide much-needed care for patients. By getting a Master’s of Science in Physician Assistant Studies, you can pursue meaningful work that also puts you in good standing when it comes to work opportunities.
According to the Bureau of Labor Statistics (BLS), physician assistants require a master’s degree, and the job outlook is projected to grow 31% from 2019 to 2029. This is classified as growing “much faster than average”.
2. Nursing
Years of study: 1 to 2 years
Average cost of program: $35,000-$100,000
Average median salary: $117,670 per year
Nursing is also one of the best master's degrees to get, especially given the shortage during the pandemic. It’s clear we need more professionals in medicine.
Getting a Master of Science in Nursing can score you a job as a nurse practitioner. According to the Bureau of Labor Statistics (BLS), the job outlook for nursing is slated to grow a whopping 45% from 2019 to 2029.
3. Software engineering
Years of study: 2 years
Average cost of program: $7,000 and $38,000 for online per year
Average median salary: $105,253
Getting a master’s in software engineering could be one of the best master's degrees for jobs. It’s possible to make six figures in this field of study and be able to put your ideas into something practical and usable. Plus the cost of master’s programs in this field are relatively low compared to others on this list.
4. Finance
Years of study: 2 years
Average cost of program: $50,000 to $60,000 per year
Average median salary: $134,180 per year
Getting a master’s degree in finance can set you up for a number of professions. You can learn corporate finance, work in investment banking, become a financial manager, controller, or a Certified Financial Professional®.
According to data from BLS, financial manager positions are set to grow 15% from 2019 to 2029 and you’re set to make more than six figures.
5. Computer science
Years of study: 2 years
Average cost of program: $15,000 and $72,00 total
Average median salary: $126,830 per year
If you’re looking for a versatile degree you might consider getting a master’s degree in computer science. It can be one of the highest-paying master's degrees.
You might be able to score a high salary and do different projects. According to data from BLS, the job outlook is expected to grow 15% from 2019 to 2029.
6. Healthcare administration
Years of study: 2 to 3 years
Average cost of program: $32,486 – $63,122 total
Average median salary: $104,280 per year
Getting a master’s in healthcare administration can be one of the best graduate degrees to get due to its high demand and employability.
For example, BLS data shows that medical and health service managers such as healthcare administrators can expect job growth of 32% from 2019 to 2029. The salary also clears six figures.
7. Physics
Years of study: 2 years
Average cost of program: $73,100 total
Average median salary: $128,950 per year
If you’ve always been intrigued by space and the great unknown, getting a master’s degree in physics might be up your alley. You can conduct research and look at scientific principles around the universe.
Physics is one of the highest-paying master's degrees but it should be noted that many people go on to get a Ph.D. But not everyone pursues advanced practice or study.
BLS data shows that the median pay for physicists and astronomers is $128,950 per year. The job outlook isn’t as great as the other master’s degrees and is expected to grow 7% from 2019 to 2029. However, that is still considered “faster than average.”
8. Business administration
Years of study: 2 years
Average cost of program: $50,000 to $200,000+
Average median salary: $185,950
Getting a master of business administration (MBA) can be one of the best master’s programs to pursue and lead to an interesting career path. It can help you understand the foundations of business and economics and you can start your own business or become a Chief Executive Officer (CEO) of another company.
According to BLS data, the average salary for chief executives as of May 2020 was $185,950.
9. Information technology
Years of study: 1 to 2 years
Average cost of program: $10,092 to $27,330 per year
Average median salary: $151,150 per year
Information technology is a highly valuable field that’s needed in nearly every company and business. Studying information technology can be one of the best master's degrees for jobs. It has a steady job growth projection at 10% from 2019 to 2029, and can easily get you more a six-figure salary.
10. Mathematics
Years of study: 2 years
Average cost of program: $10,186 – $30,186 per year
Average median salary: $110,860 per year
Getting your degree in applied mathematics can put you in a position to do a variety of jobs. You can work in education, science, teaching, technology, and more. According to data from BLS, mathematicians and statisticians can expect job growth of 33% from 2019 to 2029. Plus, you can get a six-figure salary on top of the robust growth opportunities.
11. Occupational therapist
Years of study: 2 years
Average cost of program: $15,000 to $70,000 total
Average median salary: $86,280 per year
Occupational therapy can be one of the best graduate degrees and can lead to a rewarding and fulfilling career and also have promising job prospects. BLS data shows that the job outlook is expected to grow 16% from 2019 to 2029.
The salary isn’t quite six figures but the average median salary as of May 2020 is $86,280 per year.
Bottom line
If you’re thinking of going beyond a bachelor’s degree and pursuing graduate school, you want to look at graduate programs that can offer a strong ROI especially if you’re going into student loan debt.
Targeting the highest paying master’s degrees can help ensure you have an income that can pay back your student loan debt. Of course, it’s important to look at all of the coursework, the opportunity cost of getting the degree, and the potential impact it may have on your mental health.
