Highest-Paying Master’s Degrees

Data Summary

As of 2021, the average annual household income for master's degree holders was approximately $161,000, or $63,400 per individual.^[3] During the same period, the average annual household income for bachelor's degree holders was around $22,000 less.

While higher educational attainment typically pays off, not all master's degrees are created equal. In fact, some graduates of master's programs end up with significant debt and insufficient income.

Discover the highest-paying master's degrees by field in this report.

Best Master's Degrees by Starting Salary

The National Association of Colleges and Employers (NACE) surveyed over 140,000 master's degree graduates in 2021.^{Note Reference [1]} They found:

• The highest-paid master's discipline was computer and information sciences.
• Engineering, transportation, engineering technologies, and business management rounded out the top five.
• The average starting salary for those graduating with master's degrees in 2021 was $72,105.
• Bachelor's degree graduates earned a lower starting salary on average — $58,860 — and doctoral degree graduates earned more — $83,260.

Get to Know the Top 10 Highest-Paying Master's Degrees

For each of the highest-paying master's degrees, there's some variability in how much graduates earn. That difference depends on someone's specialization and on their ultimate career path.

Find detailed salary breakdowns within the highest-paying master's degrees below. Plus, find the rate of new graduates in each field who were employed within six months after graduation and the projected employment growth rate for relevant industries.

(For reference, the Bureau of Labor Statistics (BLS) projects all occupations to grow by about 3% between 2022 and 2032.^{Note Reference [2]})

Computer and Information Sciences and Support Services

Overall, those who earned a master's degree in computer science earned the highest starting salaries compared to graduates in other disciplines.

Additionally, professionals in this field earn higher than average salaries, and some jobs are projected to grow faster than average.

Post-Graduation Outcomes by Major or Specialization

High-Paying Jobs for Computer Science Master's Degrees

Engineering

There are several types of engineering, and most of these specialties can result in high earnings for graduates with master's degrees. Long after graduation, engineering careers like petroleum engineering and aerospace engineering tend to pay off in six-figure salaries.

Post-Graduation Outcomes by Major or Specialization

High-Paying Jobs for Engineering Master's Degrees

Transportation and Materials Moving

Most of the transportation and materials moving master's graduates NACE surveyed specifically studied air transportation. These programs focus on the planning and management of air transportation systems. Graduates might end up working for airlines or the government.

While employment for these master's degree graduates may appear low, another 27% aren't working because they're continuing their education.

Engineering Technologies and Related Fields

Engineering technology master's students learn how to solve technical problems in manufacturing, electrical processes, and communication networks. These programs may help prepare students to become research and development engineers.

Post-Graduation Outcomes by Major or Specialization

High-Paying Jobs for Engineering Technologies Master's Degrees

Business, Management, Marketing, and Related Support Services

There are many business master's programs outside of the popular MBA degree. And many of them pay off with high earnings for recent graduates.

Check out our tips for deciding between an MBA vs. a master's in business.

Post-Graduation Outcomes by Major or Specialization

High-Paying Jobs for Business Master's Degrees

Mathematics and Statistics

Master's degrees in mathematics and statistics — especially applied statistics — can earn graduates top dollar.

While at first glance, graduates with master's in mathematics make less money and are less likely to be employed than their statistics counterparts, note that many of them are still in school. Nearly half of mathematics students at the master's level (47.2%) are continuing their education beyond their master's degrees.

Post-Graduation Outcomes by Major or Specialization

High-Paying Jobs for Mathematics Master's Degrees

Physical Sciences

Graduates with master's degrees in physics earned higher-than-average salaries after graduation.

That said, it's worth noting that many physical sciences students don't stop at their master's degrees. One-third of graduates in this discipline (33.5%) are continuing their education.

Post-Graduation Outcomes by Major or Specialization

High-Paying Jobs for Physical Sciences Master's Degrees

Legal Professions and Studies

A master's degree in law is different from a juris doctorate (JD) — the common pathway to practicing law as an attorney.

Graduates with a master's degree in law might work in positions helping employers navigate contracts or maintain legal compliance, for example, in a human resources or compliance department.

Post-Graduation Outcomes by Major or Specialization

High-Paying Jobs for Legal Professions Master's Degrees

Health Professions and Related Programs

Salaries for students in the health professions field vary widely. We find some lower salaries among dieticians and mental health service providers. However, nursing students graduate with higher-than-average salaries. Plus, nursing careers are set up for explosive growth.

Top earners in this field are master's graduates in allied health, which includes physician assistants, respiratory therapists, and others who study medical therapies and diagnostics.^[4]

Post-Graduation Outcomes by Major or Specialization

High-Paying Jobs for Health Professions Master's Degrees

Social Sciences

The social sciences include anthropology, sociology, political science, and more fields that focus on how societies work.

Master's grads in the social sciences may go on to work in jobs researching human interactions and patterns in societies to inform policy and decision-making.

Post-Graduation Outcomes by Major or Specialization

High-Paying Jobs for Social Sciences Master's Degrees

Highest-Paid Master's Degrees Outside of STEM

It's no surprise that computer science and engineering top the list of the highest-paying master's degrees. But what about fields outside of science, technology, engineering, and mathematics (STEM)?

• Master's in legal and business-related fields top the list of highest-paying non-STEM degrees.
• While most visual and performing arts students made median salaries closer to $50,000 or less as of 2021, design and applied arts made an impressive average starting salary of $68,552.^{Note Reference [1]}

Highest-Paying Master's Degrees by Career

According to the BLS, nurse anesthetists were the highest-paid professionals who must possess a master's degree in 2021. The median annual salary for folks in this role was $195,610.^{Note Reference [2]}

• Several other nursing occupations, including nurse practitioners and midwives, earned over six figures.
• The BLS also projected faster-than-average job growth for health-related occupations in the coming year.
• Nurse practitioners had the highest projected job growth with an expected 50,000 or more projected job openings.
• STEM-related workers, including those in computer research, science, and math, all made a median of well over six figures as of 2022, ranging from $105,630-$131,490.

Other Factors to Consider Apart From Salary

While potential earnings are important to consider before pursuing a master's, taking into account other factors, such as the ones noted below, may also be worthwhile.

Salary Range

While the median salary can be useful in considering potential earnings, it is just one metric. Salary ranges for certain professions are extremely wide.

For example, the median annual wage for sociologists was $98,590 in 2022. However, the bottom 10% made less than $57,490, and the top 10% earned more than $166,040.^{Note Reference [2]} This is a salary range of over $108,000.

Employability

Some high-paying jobs have very few openings. For example, industrial-organizational psychologists make higher median wages than clinical and counseling psychologists — by over $20,000 a year. However, there are about 10,000 industrial-organizational psychologists in the country, versus more than 67,000 clinical and counseling psychologists.^{Note Reference [2]}