Although a person’s average lifetime earnings increase with a college degree, average earnings are even greater for an individual with an advanced degree.The higher a person’s education level, the higher the salary. On average, a college graduate earns at least $15,000 more per year than a high school graduate. But the earning potential is even higher with an advanced degree. A person with a master’s degree usually earns about $8,000 more per year and someone with a doctorate degree earns at least $20,000 more per year on average.
According to Occupational Outlook Quarterly, earnings widely vary at every level of education. Fifty percent of bachelor’s degree holders earn anywhere between $18,469 and $83,502 a year, while 80 percent of doctoral degree holders earn between $28,331 and $305,179 a year.
The advanced degree not only means an increase in salary, but in certain occupations, individuals with a master’s degrees are usually offered promotions and qualifies more for positions of responsibility within their occupations.
Many educators recommend pursuing a master’s degree as soon as possible after obtaining a bachelor’s because a student will still have a pattern of good study habits. However, those who wait a few years after working in the field, will have more knowledge of the subject they are pursuing the degree in.
Another reason why some wait for awhile before pursing an advanced degree is because certain employers have tuition reimbursement programs where they pay for your education. For someone interested in pursuing an advanced degree, the first thing that needs to be done is to research different schools that offer the program of interest. Also, a student should evaluate the tuition at the school and different types of financial aid that is available before a decision is made on where to enroll.