Why get a graduate degree?
According to the U.S. Bureau of Labor Statistics (BLS), your wages tend to improve with every level of education you complete. Among workers age 25 and over, those holding a master's degree earn an average of $1,840 per week (about $300 more per week than those with just a bachelor's degree). Having a Ph.D. increases your earning potential even more — workers with doctoral degrees report a median weekly wage of $2,363.
Another reason why graduate degrees pay off: BLS data also shows that more education means less unemployment. In 2024, people without a high school diploma had the highest unemployment rate (6.2 percent) among those at all education levels, with unemployment rates decreasing as education increased.
And jobs that require a graduate degree are projected to grow over the next 10 years. The BLS projects that between 2024 and 2034, entry-level employment requiring a master's degree will grow by more than 10 percent. For doctoral degrees, the projected growth is 5.6 percent.
Moreover, many specialized and high-demand professions require advanced degrees, making graduate education essential for those seeking to excel in fields such as healthcare, engineering, and academia. It's a strategic investment that can enhance your professional prospects and financial stability.
Not only does a graduate program provide you with deep expertise in your chosen field, it also gives you a strong skill set in key areas, including teamwork, communications, collaboration, problem-solving, critical thinking, computational skills, leadership and research. These all build confidence, allowing you to explore possibilities and find the best solution to a problem.