Does a master’s degree lead to a better salary?

Against the backdrop of a cost-of-living crisis and a highly competitive job market, it’s not surprising many of us must factor future earning potential into our career choices. In the UK, postgraduate study has become an increasingly popular option for individuals hoping to maximise their employability, earning power, and the benefits that come with further study and training.

Considering it takes an average of one to two years to complete a master’s degree – and it constitutes a significant investment – it’s worth taking time to consider your options and understand how postgraduate study might align with your career ambitions and interests.

There are various types of master’s degrees available, including:

• Master of Arts – focused on humanities subjects
• Master of Business Administration – focused on leadership and business management
• Master of Education – focused on educational administration and pedagogy
• Master of Science – focused on science and technology subjects.

We’re here to help you understand how further education could boost your average starting salary, lifetime earnings and job opportunities, and set you on a fulfilling – as well as lucrative – career path.

Can a master’s degree improve your earnings?

FindAMasters states ‘graduates with a master’s degree appear to be employable, and many also go on to earn more over their lifetime.’ Based on data from HESA’s latest Graduate Outcomes Survey, they also report that master’s grads are more likely to enter professional, senior-level roles than those without advanced degrees.

Similarly, the U.S. Bureau of Labor Statistics (BLS) indicates a clear parallel between level of higher education and median weekly earnings and unemployment rates. Individuals with master’s-level graduate degrees earn more than those with bachelor’s degrees, and are more likely to be in employment.

As well as earnings, there are a host of additional benefits that come with studying at graduate school level. For example, you could:

• position yourself as an expert in your given field
• boost your employability and gain competitive edge over other candidates
• gain specialised knowledge in an area of specific interest
• access networking opportunities
• advance your personal skill set
• demonstrate your commitment to learning and professional development
• gain a qualification recognised by industry employers.

What is the average salary with a master’s degree?

According to the UK government’s Graduate Labour Market Survey (GLMS), the median salary of a postgraduate in 2021 was £42,000, compared to £36,000 for an undergraduate.

Naturally, graduate salaries vary depending on a variety of factors, such as sector or industry, job title, geographical location, and individual skills and years of experience. It also depends on the type of master’s-level qualification you choose; for example, in the UK, the average annual salary for an MBA graduate is over £86,000.

While postgraduate entry-level salaries are already higher than those of non-postgraduates, as you grow in your role – both in terms of experience, increased responsibility, seniority, and knowledge and skill set – you can progress up the pay scale.

What are the highest paying jobs with a master’s degree?

There are numerous roles that command higher salaries and require postgraduate study, from clinical psychologists, architects and nuclear engineers, to engineering directors, anaesthesiologists and project managers. And, as you can see, they span a broad range of industries and job types.

According to career and recruitment specialists, Indeed, the best master’s degree programmes and disciplines to boost your earning potential are:

• Engineering and technology – chemical engineering, electronic/electrical engineering, robotics and artificial intelligence, and software engineering
• Education – inclusive education, leadership and management, and medical and healthcare education
• Medicine and healthcare – clinical nursing, pharmaceutical science, genomic medicine, and advanced clinical practice
• Architecture and construction – architecture and urban design, energy and sustainable building design, and building conservation and adaptation
• Computer science and information technology – financial technology (fintech), data science and cybersecurity, and business analytics and information systems
• Marketing – business intelligence, consumer marketing, and digital marketing
• Business administration – investment banking, corporate social responsibility (CSR), business ethics, and project management.

Not all master’s programmes require a certain academic or professional background as part of their entry requirements. If you’re open to a career change, or would like to join a growing, in-demand sector that requires specialisation, researching highest paying industries and roles could help guide your search.

What online master’s degrees are available at Keele University?

At Keele University, we offer a wide-ranging selection of online master’s programmes, covering diverse disciplines and areas of interest including:

• MBA – an MBA degree, with specialist pathways in Finance or Entrepreneurship
• Computer science – an MSc Computer Science degree, with specialist pathways in Data Analytics or Artificial Intelligence
• Education – an MA Education degree, with specialist pathways in Education Technology, Early Childhood Education, International Education or Education Leadership and Management
• Management – an MSc Management degree, with specialist pathways in Marketing, Sustainability or Data Analytics
• MPH – a Master of Public Health degree, with specialist pathways in Global Health or Leadership.

Why study an online master’s with Keele University?

With Keele, you’ll have the freedom and flexibility to study online in a way that suits you – from anywhere in the world. All of your learning takes place online, so you’ll never have to visit campus and you can fit your studies around your existing commitments.

You’ll be joining a university that is well-regarded for:

• Student satisfaction. We’re ranked as Britain’s best university by our students (StudentCrowd University Awards, 2022).
• Research quality. 80% of our research has been judged ‘world-leading’ or ‘internationally excellent’ (Research Excellence Framework 2021).
• Course quality. We’re ranked in the UK’s top 3 for postgraduate business courses (PTES, 2019).

We champion reflective learning across all our master’s programmes. You’ll build on your own experiences, learn how to translate your new skills and knowledge to real-world situations, challenges and environments, and grow as a strategic, independent and critical thinker. Plus, you’ll learn in a highly interactive, collaborative online environment with full support from peers from around the world and Keele experts. There are also multiple start dates throughout the year, enabling you to begin your postgraduate studies at the right time for you.

We’ve got the ideal online master’s programme for you at Keele University. Take the next step towards your future career, unlock your earning potential, and gain a postgraduate degree to set you apart from the crowd within 24 months.