7 Highest Paying Master’s Degrees & Job Opportunities They Offer

Master’s degrees are sought out by people for a number of various reasons. Some may want to change careers and industries; others might want to grow within their profession. 

However, there is a considerable number of individuals who enter such programs in order to increase their income. That is with good reason; a study found that advanced majors can earn up to 28% more than those with a bachelor’s degree.

So, which are the highest paying master’s degrees? Read on to find out. 

1. Master of Business Administration (MBA)

Master of Business Administration programs are designed for business students who wish to broaden their knowledge in business areas and prepare for the global business environment. Such programs aim to teach students how to solve real-world problems using teamwork and management.

What can you do with an MBA?

An MBA degree offers numerous job opportunities within the business industry. Some of the jobs you can expect to do, depending on your preferences and MBA concentration, include:

• Information Technology Manager
• Business Operations Manager
• Marketing Manager
• Chief Financial Officer
• Chief Executive Officer
• Sales Manager

MBA salary

An MBA degree salary is determined by many factors, including the workplace, the industry, and the country, among others. However, we can say that almost all employed MBA graduates tend to have higher than average salaries due to them occupying mainly managerial positions within organizations.

The average salary for an MBA graduate is 115,000 USD/year.

2. Master of Science in Engineering

Since engineering is one of the top degrees in demand, pursuing an MSc in Engineering is a smart choice. This degree is typically considered to be a research-oriented degree, where students have to have a thesis or research project for completion. Such degree programs are often considered the first step towards a PhD and can also be a gateway into senior engineering positions.

What can you do with an MSc in Engineering?

When it comes to jobs you can do with an MSc in Engineering; the possibilities are numerous. Whether it is Civil Engineering or Electrical Engineering, you can expect a lot of career doors to open up to you once you complete the MSc in Engineering program. Some of these positions include:

• Senior Systems Engineer
• Processing Engineering Manager
• Senior Mechanical Engineer
• Structural Engineer
• Software Developer
• Chemical Process Engineer
• Construction Project Manager
• Design Engineer
• Senior Electrical Engineer
• Product Engineer

MSc in Engineering salary

With an MSc in Engineering, your salary can range from 55,000 USD/year and up to 190,000 USD/year, depending on the kind of engineering sector you work in. Salaries can also vary depending on the size of the company you work for, among other factors.

The median salary for employed professionals with an MSc in Engineering is set at 97,000 USD/year.

3. Master of Science in Finance

Although it is often compared to an MBA, an MSc in Finance has a different general focus. Such a program will focus on equipping students with knowledge and finance skills concerning markets, financial theory, financial reporting, mathematics, among other subjects.

What can you do with an MSc in Finance?

Besides entry-level finance positions, an MSc in Finance opens opportunities in almost any industry. Some of the options for finance majors include:

• Chief Financial Officer (CFO)
• Financial Manager
• Financial Advisor
• Actuary
• Accountant
• Investment Banker
• Financial Analyst

MSc in Finance salary

As with most master’s degrees, with an MSc in Finance, your salary will largely depend on where and what you choose to work. Some positions will offer 63,000 USD/year salaries, and some can even go up to 167,000 USD/year.

The median salary for employed professionals with an MSc in Finance is 79,580 USD/year.

4. Master of Science in Computer Science

An MSc in Computer Science is a degree program that focuses on providing computer science and engineering students with the opportunity to broaden their knowledge around troubleshooting, developing, and information systems, among many others.

What can you do with an MSc in Computer Science?

Some positions that professionals with such Computer Science degree can occupy include:

• Computer and Information Systems Manager
• Computer and Information Research Scientist
• Computer Network Architect
• Software Engineer
• Software Developer
• Database Administrator
• Web Developer

MSc in Computer Science salary

Computer science salaries, even entry-level ones, are almost always higher than average salaries. In addition to high salaries, according to the BLS, computer science jobs are projected to grow 15% from 2019 to 2029, much faster than average.

The median salary for computer science professionals with an MSc in Computer Science is 102,947 USD/year.

5. Master of Science in Cyber Security

Master of Science in Cyber Security programs are designed for professionals with analytical minds who wish to gain in-depth knowledge around risk management, cryptography, security architecture, modern information systems, etc.

What can you do with an MSc in Cyber Security?

Some jobs that cyber security professionals with an MSc in Cyber Security can do include:

• Chief Information Security Officer (CISO)
• Computer Information Systems Manager
• Computer Network Architect
• Cyber Security Analyst
• Cyber Security Architect
• Cyber Security Manager
• Cyber Security Specialist
• Information Security Analyst

MSc in Cyber Security salary

Depending on the role you take on, with an MSc in Cyber Security, your salary can range from 72,000 USD/year and up to 170,000 USD/year in certain positions.

The median salary for professionals with an MSc in Cyber Security is 87,314 USD/year.

6. Master of Science in Economics

A Master of Science in Economics program prepares professionals for a number of positions across industries. Such programs focus on educating students with a broad range of skills in policy, economic theory, and quantitative methods.

What can you do with an MSc in Economics?

An MSc in Economics can open various professional opportunities for those who obtain such a degree. Some of these jobs available to those with an MSc in Economics include:

• Economist
• Market Researcher
• Data Scientist
• Consultant
• Budget Analyst
• Policy Analyst
• Statistician

MSc in Economics salary

Similar to most master’s degree salaries on this list, MSc in Economics salaries do not fall within the average range and depend on the position as well as the workplace. Salaries range from 62,000 USD/year and up to 98,000 USD/year.

The median salary for professionals holding an MSc in Economics is 80,572 USD/year.

7. Master of Science in Data Analytics

Master of Science in Data Analytics programs are designed for data analysts who are skilled and looking to improve their abilities. MSc in Data Analytics programs focuses on preparing professionals to interpret great amounts of data in a variety of industries and incorporate it in real-life decision making.

What can you do with an MSc in Data Analytics?

With an MSc in Data Analytics, almost every field that concerns analytics is open for you. Some of the positions you can occupy with such a degree include:

• Analytics Architect
• Big Data Analyst
• Business Intelligence Analyst
• Data Analyst
• Analytics Specialist
• Analytics Product Manager
• Data Engineer
• Data Scientist
• Senior Data Scientist

MSc in Data Analytics salary

The salary you can earn if you have an MSc in Data Analytics depends not only on the company and role but also on the years of experience you have in the field. Salaries can range from 69,000 USD/year and up to 120 USD/year.

The median salary for professionals with an MSc in Data Analytics is 78,387 USD/year.

Conclusion

Given that many students are interested in acquiring master’s degrees that pay off, we made a list of the top-paying master’s degrees, provided information in relation to what you can expect to work as upon graduation, and how high the salaries can go in certain professions. No matter which one of these degrees you want to get, rest assured you will be making more than average income!

Frequently Asked Questions (FAQs)

What are the most in-demand master’s degrees?

Some of the most in-demand master’s degrees include those in engineering, healthcare, psychology, computer science, and business. 

How much does a master’s degree cost?

The cost of a master’s degree can vary depending on the school, program, and location. On average, tuition for a master’s degree program is $65,134.

What master’s degree pays the most?

A Master of Business Administration (MBA) degree is widely considered among the highest-paying master’s degrees.