Studies have shown that those with a bachelor’s degree can earn significantly more than just high school graduates. Similarly, if you have a master’s degree, you can expect to earn much more on average. It might be a scary thought that you need to spend a lot to start making money, but in the long run, if you have the right degree, it’s definitely worth it. The following list should help you understand which master’s degrees can help you earn a more than satisfactory salary.
1. Petroleum Engineer – Starting Salary $102,000
Petroleum engineers work for oil or gas companies to help in designing, testing, and implementing different petroleum extraction and production methods from the sea floor. The majority of a petroleum engineer’s time will be spent making predictions and estimations since they won’t have eyes thousands of feet below the surface of the ocean. Their jobs are tied closely to other professions such as geologists. Their collaboration with other professionals from various fields aims to improve the oil and gas extraction processes as well as the petroleum refining process. Petroleum engineers are highly sought after due to the increasing need of hydrocarbons as a reliable fuel source.
2. Nurse Anesthetist – Starting Salary $140,000
Registered nurse anesthetists administer anesthesia to surgery patients before and after their operations. They are also trained in pain management and on how to handle emergency situations, including in the case of breathing obstruction. Like other nurses, they require years of formal and practical training to handle patients post-surgery in ensuring that nothing has gone wrong during their procedures. Certain operations, such as cosmetic surgery, are becoming more affordable, and the need for registered nurse anesthetists is on the rise, especially in rural and inner-city hospitals.
3. Strategy – Starting Salary $114,000
Depending on the university, studying strategy may emphasize either domestic or global strategy development, though most programs offer courses on both. The curriculum focuses on executive leadership, managing diversity in a company, global management, and team building. The most general courses include strategic management and industry analysis. Students learn what it takes to contribute and spearhead decision-making processes for companies and how to reach key objectives such as maximizing and optimizing profit and wealth. When learning strategy, students must be capable in evaluating a business’ needs and implementing various methods of achieving future success. A master’s degree in strategy, oftentimes an MBA, will take anywhere between two and three years.
4. Entrepreneurship – Starting Salary $68,000
An MBA in entrepreneurship aims to provide students with the expertise needed to start, build, or even advise new businesses. The most fundamental courses taught in an entrepreneurship program are financial accounting, operations management, global marketing, data analysis, among others. As anybody who knows a little bit about new businesses, without the proper skill set and knowledge, you might be setting yourself up for failure. A master’s degree in entrepreneurship gives you the knowledge and experience regarding successes and failures without having to go through the hardships or running, managing, and liquidating a business. Graduates are expected to take the leap into establishing their own small- or medium-scale companies.
5. Marketing Management
The emergence of technology as marketing platforms has increased the need for marketing experts who have knowledge in using avenues to promote products and services. An MBA in marketing management could be just the program to help develop the skills needed to run their own marketing firms or assist large companies in their marketing duties. Most master’s degree programs in marketing integrate both theory and practice. The best marketing programs should allow students to use analytical thinking and research skills to create their own marketing campaigns. Since marketing has moved from the traditional putting up of flyers to the internet, the field requires more dynamic people who understand technological developments and implementing their marketing ideas through such platforms.
6. MBA in Economics – Starting Salary $61,000
A 2-year study in an economics master’s degree program will equip students with economic theory. Programs are oftentimes further divided into specializations such as applied economics, microeconomics, computational economics, and financial economics. However, more often than not, when pursuing a master’s degree in economics, the curriculum will involve courses that touch most of these various aspects. Other concepts that will be learned include economic growth and forecasting, econometrics, as well as both micro and macroeconomics. The ultimate goal for graduates of this program will become analysts who are able to monitor and process information that can help companies achieve their financial goals or to the help economy as a whole.
7. Computer Science – Starting Salary $79,000
A master’s degree in computer science involves focusing on computer technology and programming for the development of software, AI, and programming languages. The core courses that students will take in a graduate program in computer science include computational applied logic, OS, software engineering, and network systems. Having a master’s degree in computer science will give graduates an edge in pursuing a mid- or even high-level position right out the gate, though the jobs you can apply for highly depend on the graduate’s other areas of expertise (e.g. business, biology, graphics).
8. Marketing and International Business – Starting Salary $61,000
An international marketing MBA involves studying about markets, competition, product portfolios, and the behavior of consumers, all from an international standpoint. Basically, the end goal is being able to produce a market campaign that caters to an international or foreign market with the help of e-marketing strategies and other cost-efficient methods. Students will also need to take general courses on economics including financial and strategic management. With an MBA in international marketing, graduates will have their pick of an array of different career paths, including fashion marketing, film marketing, biotech, creative advertising, and even have the knowledge to set up their own marketing firms.
9. Finance – Starting Salary $68,000
An MBA in finance gives students the training needed to understand the most fundament ideas of finance. It enables students to understand and develop and true balance between the technical aspects of their finance courses and their practicality needed to develop a career working in financial institutions and large corporations. Knowledge and skills in finance are crucial for companies to achieve their financial success and ensure sustainability. Studying finance equips enrolled students with the skill set needed to work as investment bankers and even as a consultant for small businesses. Aside from the theoretical aspects of finance, students will likely get first-hand experience in marketing, IT, and strategic management formulation.
10. Electrical Engineering – Starting Salary $78,000
Working as an electrical engineer requires strong fundaments in physical science and math, a broad understanding of engineering methods, as well as an understanding of the link between society and technology. A master’s degree in electrical engineering offers students the first step needed to deal and develop innovative ideas and applications that will further the science and its uses in the real world. Courses that need to be taken in this program include studying electromagnetic, nanotechnology, and photonics. Upon graduation, students are expected to seek careers in large technology corporations or in research institutions owned run by the government.