Are you looking to choose a master's program that will help you land a job with a big salary? If you are near the end of your undergraduate studies (or have already finished), you need to choose your master's program carefully in order to have a higher income throughout your career.

To help you out, this article explains what a master's degree is and lists the highest paying master's degrees along with related job roles and average national salaries.

A master's degree is a postgraduate academic degree you can get after you've earned your bachelor's degree. For some professions, it's considered a “terminal degree,” which means it is the highest level of academic accomplishment required in the field. However, it can also be non-terminal because it is typically a prerequisite for pursuing an even more advanced degree, such as a doctoral degree.

Master’s degree programs usually last two years, but there are some exceptions. Each program has its own specific requirements, such as coursework, examinations, and a final research project or thesis.

Master's degrees offer a higher level of specialization (through coursework and practical training) than undergraduate degrees and often require students to engage in independent research. In master's programs, students often focus on the same academic area they studied during their undergraduate education. However, in some cases, you can choose a different area of study.

In the process of obtaining a master's degree, you'll gain critical thinking and analytical skills that will help you progress in your career and earn more money.

As you read the following list of high-paying master's degrees, keep in mind that your actual pay will depend on location, your qualifications, market demand, and the industry.

Here's an overview of top-paying master's degrees, job roles, and average national salaries:

Deciding which degree to pursue is an important choice and it may take a while for you to settle on the right master’s degree program. While thinking about your options, consider your interests, commitment, readiness, and long-term career plans.

Here are some other job titles that require a master’s degree:

If you’re serious about maximizing your earning potential when you consider a master's program, it pays to take your time and think about your “why” before you look at programs. Your passion for an area of study makes all the difference for your success. That passion will maximize your ability to stay focused and put in the time and effort to start and finish your program so you can reap the full benefits once you enter the working world.

Study the accompanying charts of highest-paid master’s-level professions, along with their respective master’s program of study and current average salaries, to see what resonates for you.

What are your innate skills that others have recognized in you over the years? Those skills can be very telling in terms of providing a roadmap for the best master’s degree to get. What subjects could you envision yourself excited to become a true expert in?

The great news about a master’s program is that it affords you the opportunity to fully focus on your area of interest, as opposed to the more generalized work that you are required to complete in an undergraduate program. For some, this more specialized approach to learning makes all the difference in their enthusiasm level. When they start to pursue an advanced degree with a laser focus on specialized learning, some master’s students even find themselves becoming the driven learners that they didn’t know they could be during their undergraduate years. This “excitement factor” is often the key to degree completion and the realization of your dream and vision for your most lucrative job. The freedom to focus on a particular area of study and gain full expertise can be extremely exciting and rewarding. Your level of enthusiasm and excitement for the options you are considering can be a good gauge for how to best proceed for your long-term satisfaction and success.

An important consideration when researching master’s programs of study with high compensation rates is the question of what lies ahead for the job market. Specifically, how will the outlook for various professions change during your professional life? And could there be a shift in the most lucrative master’s professions? If so, what might that shift look like in five, 10, 20 years, and beyond?

These questions are especially important now in light of the rapidly increasing pace of technology. For example, artificial intelligence (AI) is redefining work in ways that are still evolving.

Some issues to consider include:

• Will AI automate the kinds of professions that interest me?
• Will AI create more work options within the profession that interests me?
• Am I interested in studying AI in an in-depth manner as part of my master’s program?
• How can I leverage the power of AI to help me identify and choose the ideal lucrative master’s-driven career for myself?

It’s also important to ask broader questions about future work prospects during any exploration of lucrative professions requiring a master’s degree. Is your target profession positioned for growth in the coming years? The U.S. Bureau of Labor Statistics publishes a regularly updated Occupational Outlook Handbook that can serve as a resource. It is searchable and provides historically reliable projections on growth rates for the next 10 years for a variety of professions.

Questions about the future of work as it impacts your chosen profession and program of study are not necessarily easy to answer. Nevertheless, it is important to educate yourself on what thought leaders are saying. That way, you can make informed decisions when it’s time to choose programs of study and apply.

If you are an aspiring professional who is looking to truly maximize your earning potential with your chosen master’s-level path, here are 10 master’s degrees that are worth your consideration. These positions provide the highest average levels of compensation available nationally for those who hold master’s degrees, from at least $105,000 to just under $200,000. Remember that those figures may increase over time as you gain additional on-the-job experience. What’s more, the demand for these roles is projected to remain stable or even grow over time.

Economists conduct research, prepare reports, and evaluate issues related to monetary and fiscal policy. This role almost always requires a Master of Science in Economics and pays $105,629, on average.

School Principals oversee all school operations at the elementary, middle school, and high school levels, including daily school activities. This role typically requires a master’s degree plus teaching experience and pays an average salary of $115,913.

Physician’s Assistants examine, diagnose, and treat patients under the supervision of a physician. This role typically pays $130,020. Significant growth is expected in the field through 2032.

IT Managers oversee the information technology resources of a firm to ensure they are managed in accordance with its needs and priorities. This role, which typically (although not always) requires a Master of Science in Information Technology, pays an average income of $122,618.

Financial Managers create financial reports, direct investment activities, and develop plans for the long-term financial goals of their organizations. This role typically requires a Master of Science in Finance pays an average of $123,828. Sixteen percent job growth is expected through 2032.

Computer Hardware Engineers research, design, develop, and test computer systems and components. This role usually requires a Master of Science in Computer Science; it pays $135,657, on average. Five percent job growth is expected through 2032.

Software Developers design computer applications and programs. Job candidates with a Master of Science in Software Engineering degree typically have a hiring advantage over those with a bachelor’s degree and can earn $139,470. This role is projected to grow a hefty 25% through 2032.

Management Consultants, or Management Analysts, recommend ways to improve an organization’s efficiency. Applicants with a Master’s in Business Administration (MBA) degree have a leg up over bachelor’s-degree holders and earn a starting salary of $146,892. This role is projected to grow 10% through 2032.

Engineering Managers plan, direct, and coordinate activities in the fields of engineering. Job candidates with a Master’s of Science in Engineering Management are typically favored over bachelor’s degree candidates. New hires with a master’s degree enjoy an average salary of $151,466. This role is projected to grow 4% through 2032.

Nurse Anesthetists coordinate patient care and may provide primary and specialty healthcare. This role requires at least a Master of Science in Nursing (MSN) and can pay $195,610. This role is projected to grow 38% through 2032.

Before you even finish your undergraduate education, you can start thinking about a master's degree. It’s an academic degree that can be "terminal" (the most advanced degree required for a specific job) or "non-terminal" (a prerequisite for pursuing a doctoral degree necessary to enter certain professions).

Among the many master’s degrees that pay well are those in business administration, nursing, engineering management, software engineering, computer science, finance, IT, physician assistant studies, economics, marketing, physics, chemical and biomedical engineering, and healthcare management.

When it comes to the top-paying jobs for those holding a master’s degree in 2024 the list includes nurse anesthetists, nurse practitioners, software developers, financial managers, IT managers, marketing managers, and various types of engineers.

During your postgraduate education (master’s and doctoral degrees) you’ll explore your chosen field more extensively than during your undergrad studies and will gain the necessary experience and skills that will prepare you for higher-paying jobs throughout your career.

The possibilities for increasing your salary potential with a master’s degree are plentiful. We invite you to get more information to inform your best decisions here at MyLiaison.