As of September 2018, the employment rate in the United States was at almost 60.39%. Compared to last year’s October rate of 60.2%, that’s an almost .2% increase.
Now, these figures appear to be good news, don’t they? Part of it yes. But that’s only a fraction of the story.
Because nowadays, one in every four employers look for master’s degree holders. What’s more, these positions used to go to bachelor’s degree holders.
Simply put, companies have now become stricter in their hiring processes. That should be enough of a reason you should start earning a master’s ASAP.
We’ll talk more about how a master’s degree can benefit you this year and beyond, so be sure to keep reading!
1. A Considerable Spike in Paycheck
Granted, of all types of degrees, a doctorate degree offers the greatest compensation. However, to reach that status, you first need a master’s.
Make no mistake though. A master’s could already bring 38.3% more earnings than a bachelor’s degree. Regardless of tenure, so long as you hold an MS, you’ll enjoy a much higher paying job.
For many, the potential of a higher salary is enough to complete an MS degree. But there are a lot more benefits to getting a master’s than the obvious financial ones.
2. Only 9.3% of U.S. Adults are Master’s Degree Holders
By earning that MS degree, you’re joining a small group comprised of only 9.3% of the U.S. adult population. That’s right. Only a little more than nine in every 100 adults aged 25 and over have a master’s.
This alone already gives you an advantage over the 33.4% of bachelor’s degree holders in the country. Also, because there are fewer people with an MS, they’re much like a prestigious group. That “prestige” then makes them more highly-sought after.
3. Great Demand for Master’s Degree Holders in Certain Sectors
Despite the growth in degree holders, many industries still suffer from talent shortage. There’s the business intelligence sector, for example. Experts estimate a shortage of 190,000 individuals who boast deep analytical skills.
That’s quite the dilemma, seeing as big data analysis is integral to all businesses. After all, it allows for “mining” of insights that businesses can then use to make better decisions. Analysis of data is what lets them know which business move is the most strategic and profitable.
No wonder then that big data and analytics is a $166-billion industry in the U.S. alone. So, why not take advantage of the fact that data science is one of the sectors with a shortage of skilled people? With a master’s in it, you have greater high-paying employment potential.
4. Careers Requiring MS Continue to Increase
The BLS projects that jobs requiring “more education” will grow faster in the coming years. That means there’s a possibility more occupations would need at least a master’s than only a bachelor’s degree. In fact, the BLS says that jobs with a minimum requirement of master’s degree will increase 16.7% by 2026.
This said, it’s best you start thinking of getting into a masters program as early as now. That way, you already have a degree by the time the above-mentioned increase happens.
5. You Get to Learn Even More about the Subject You’re Interest Lies In
Let’s say you took up Information Technology back in college. However, you want to dig deeper and learn more, especially what the future holds for it. In that case, an MS in data science can be a great choice for you.
That’s because data science masters programs allow you to specialize in certain areas.
Interested in biological and social systems? Then a specialization in Computational Biology and Bioinformatics may be the best career decision you can make.
Want to contribute to making computer networks more secure and impenetrable? Then consider specializing in Information Security.
Regardless of what your interest is, there’s a master’s degree for you. Since you’re already interested in it, then there’s far less risk of you not completing the program.
6. A Chance to Switch to a Career You Want
Speaking of subjects, many people are graduates of degrees they don’t like in the first place. As many as 12% of surveyed individuals said they’d change their degree type if given the chance. All in all, more than half said they’d change an education decision if possible.
This brings us to one of the lesser-known benefits of a master’s degree. You can use your BA or BS to pursue a master’s degree in a field you like better. In essence, you can use an MS as a sort of stepping stone to a career that you want more than what you studied in college.
7. It Brings Personal and Intellectual Growth
Earning an MS is no doubt more difficult than a BA or a BS. But that’s also why it’s fulfilling, both to you, as a person, and your finances.
More than the financial aspect though is the opportunity for personal growth. The academic hardships that may come your way can help develop inter- and intrapersonal skills. The more you persevere to finish the program, the bigger the “rewarding” feeling you’ll experience.
Of course, there’s also the intellectual stimulation and development you’ll undergo. Since you’ll learn more about a subject, you’ll come out of your MS wiser and more intelligent.
8. Earning a Master’s Degree Brings Respect
Not only respect from others but also respect from yourself. You’ve come a long way, so you deserve that respect (and the fiscal benefits) that come with completing an MS degree.
Take Your Career to Even Greater Heights with a Master’s Degree
These are only some of how earning a master’s degree can benefit you. But they should be enough to make you consider taking that step to further your career. You only have to think of how you’ll most likely need an MS to secure gainful employment in the years to come.
Interested in the science behind big data and analytics? In that case, start exploring all your data science education options now.