Highest-Paying Master’s Degrees

As of 2022, the average annual household income for master’s degree holders was approximately $165,000, or $65,480 per individual.^[3] During the same period, the average annual household income for bachelor’s degree holders was around $24,000 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, including data on job growth to gauge employability.

The National Association of Colleges and Employers (NACE) surveyed 187,000 master’s degree graduates in 2022.^[4] It found:

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]})

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.

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.

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.

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.

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 21% aren’t working because they’re continuing their education.

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 (31.8%) are continuing their education beyond their master’s degrees.

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.

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.^[5]

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 (38.4%) are continuing their education.

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.

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)?

According to the BLS, nurse anesthetists were the highest-paid professionals who must possess a master’s degree in 2022. The median annual salary for folks in this role was $203,090.^{Note Reference [2]}

The payoff of continuing your education may depend on your field. Here are some of the top academic disciplines in which getting your master’s degree may be worth it.

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.

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.

Some high-paying jobs have very few openings. For example, industrial-organizational psychologists make a 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]}