Should I Get a Master’s Degree?

As competition grows and new roles demand specialized knowledge, master's degrees aren't as rare as they used to be.

Approximately 14.4% of people in the United States now have an advanced degree like a master's or PhD, according to the most recent data from the U.S. Census Bureau. That percentage has increased significantly in recent decades, as the Census Bureau reported that only 8.6% of people in the U.S. had advanced degrees in 2000.

With more people earning master's degrees, considering one for yourself could be a smart move if you want to get ahead of the pack in the job market. But that's not the only reason you might decide to keep learning beyond your bachelor's.

Why Do People Get Master’s Degrees?

You could pursue a master's degree for professional growth, a career change or simply to advance your knowledge and build connections, according to Dr. Carole Beauchemin, executive director of online liberal arts programs at Southern New Hampshire University (SNHU).

"Some look to leverage their current career and seek promotion or growth in their current career path," she said. "Others look to alter or change their career path — or may purely be interested in the content area and see the grad program as a passion program to feed that interest area."

For Aaron Davenport '25G, getting a master's degree in finance from SNHU was a way to gain new skills as his career evolved. After earning his bachelor's in psychology, Davenport was looking to explore other ways to help people.

"I wanted to pursue more business fields, which is why I chose a master's in finance," he said. "I plan on helping anyone any way that I can."

He also said he decided to earn his master's to honor himself and his family. "We are expecting a beautiful girl come August, and I am excited to see where my career also takes me," Davenport said.

Read more about what you can do with a master's degree.

Does Getting a Master’s Degree Really Make a Difference?

A master's degree can definitely make an impact on your life — just take a look at the numbers. According to the U.S. Bureau of Labor Statistics (BLS), master's degree holders earned $1,840 per week in 2024 compared to $1,543 per week for workers with a bachelor's as their highest level of education.* That's a 19.2% salary increase, adding up to an additional $15,000 per year.*

The BLS also noted that master's degree holders have a lower rate of unemployment than those who only have a bachelor's degree.*

Read more about if a master's degree is worth it.

How Do You Know if a Master’s is Right for You?

To decide whether a master's is the right choice for you, you'll need to consider your goals, interests and personal circumstances. What's your reason why? How will you pay for it? Where do you want to end up?

If you've answered those questions for yourself and are ready to move forward, Beauchemin said the next step is to choose a graduate program. First, she said to think about your schedule and whether it makes sense for you to study in-person or if you need the flexibility of an online program.

"Consider the best modality for the program you will pursue that will best fit into all the other things you may be juggling at the same time," Beauchemin said.

Next, she noted that you'll need to choose a program of study that's in alignment with the future you want. "It is important to really think about the end goal — career promotion or change, passion, etc. — to decide on which program would best suit the needs of that goal," she said.

*Cited job growth projections may not reflect local and/or short-term economic or job conditions and do not guarantee actual job growth. Actual salaries and/or earning potential may be the result of a combination of factors including, but not limited to: years of experience, industry of employment, geographic location, and worker skill.

Mars Girolimon '21 '23G is a staff writer at Southern New Hampshire University where they earned their bachelor's and master's, both in English and creative writing. In addition to their work in higher education, Girolimon's short fiction is published in the North American Review, So It Goes by The Kurt Vonnegut Museum & Library, X-R-A-Y and more. Connect with them on LinkedIn.