"Is a master's degree worth it?" I often ask myself in random places, like waiting in line at the grocery store or while a video project uploads. The pros and cons of getting a master's degree seem obvious, but there are layers of consideration that require a little more digging. 

Catapulted into the workforce a mere 96 hours after obtaining my Bachelor of Science in Journalism in 1997, a master's degree seemed unnecessary as I was so anxious to pair education with experience. Now, expanded courses, the competitive demands of the job market, and evolving technology and tactics elevate my interest in advanced learning.

I want to share some things I've learned along the way as you consider what degree to get a master's in.

What Is a Master's Degree?

It sounds like a silly question, but how much does the average person know about advanced degrees beyond the fact that they are advanced degrees? 

A master’s degree comes in various forms. Here's a partial but not all-inclusive list:

•             Master of Arts (MA): Focuses on humanities, social sciences, and arts disciplines, such as history, sociology, or communication.

•             Master of Fine Arts (MFA): A terminal degree in creative fields like writing, visual arts, or theater, focusing on developing professional artistic skills.

•             Master of Science (MS): Centers in science, technology, engineering, and math (STEM) fields, with a strong emphasis on research, data analysis, and technical skills.

•             Master of Business Administration (MBA): A professional degree focusing on business management, leadership, and entrepreneurship, often pursued by those aiming for executive roles.

•             Master of Public Administration (MPA): Prepares students for leadership roles in public service, government, or non-profit organizations, emphasizing policy analysis and public management.

•             Master of Public Health (MPH): Focuses on public health practice, epidemiology, and health policy, preparing graduates for roles in health promotion and disease prevention.

•             Master of Education (MEd): Designed for educators, this degree focuses on teaching methods, curriculum development, or educational leadership.

The Cost of Higher Education

It's easy to get swept up in statistics, like getting a master's degree can lead to a 20% increase in salary compared to bachelor's degree counterparts. However, there's also the fact that the average cost of a master's degree is about the same price as a new Mercedes C-Class.

The cost-prohibitive nature of the master's program scared me off for years until I dug a little deeper (thanks to those journalism skills) and found a world of potential to cut the costs. 

•             Consider attending public universities or community colleges, which often offer lower in-state tuition rates. 

•             Regional exchange programs like the Western Interstate Commission for Higher Education (WICHE) allow students to attend schools in neighboring states at reduced rates. 

•             Online and hybrid programs are also more affordable and offer flexibility to continue working while studying. 

•             Applying for scholarships, grants, and fellowships is crucial, as they do not need to be repaid. 

•             Leverage tax credits and deductions where available.

•             Accelerated and part-time programs can save money by shortening the study period or spreading costs over time.

Perhaps the single most overlooked aspect of going after a master's degree is tuition reimbursement programs through employers. It could mean all or part of your education costs are covered in exchange for a commitment to work for the company using your new skills. 

How Much Time Does a Master's Degree Take?

A traditional master’s degree typically takes one to two years of full-time study, depending on the program and field. However, there are non-traditional options for those still working while chasing the master's degree dream. 

Consider accelerated programs that can be completed in as little as one year. Online programs often offer greater flexibility and asynchronous classes with course load and scheduling. 

One of the most important questions to answer is how much time you can spend in class or studying when going after a master's.

Master Understanding How a Master's Degree Benefits You

Using my personal career trajectory as an example, it's important to understand that there aren't many limits to what master's program is right for you. 

I could seek an MA to focus on additional learning in journalism and communication. However, I feel like I've already achieved that education in the "real world." 

As I made a career change near 50, I considered getting into a Public Information Officer role in government. That would put me on a path to an MPA. At the same time, I would enjoy learning more about the business end of running my own company, which would make me a good fit for the MBA. 

Simply put, a master's degree doesn't have to be an extension of what you already know. It can be a pivot or about-face from your work experience or bachelor's degree. 

Master's Degree Quick Facts

I want to address some of the top questions I get asked about my adventures in searching for a master's degree program that suits my schedule, budget, and career goals. First, start with a tool like these free career quizzes in chosen fields or explore several careers.

Second, when looking for the most useful master's degree, check out the Bureau of Labor Statistics list of fastest-growing jobs over the next decade. Those include data scientists, medical and health service managers, and physician's assistants.

You can easily read the tea leaves of technology to understand the most in-demand master's programs. Every workplace or company needs a team of IT experts, which generally requires a master's degree. 

MBAs show business prowess, and every industry needs educated leaders. However, MBA programs are among the most popular and competitive, with entrance exams and up to five years of education possible. 

The health care demands of the future warrant further investigation into the Master of Nursing or Healthcare Administration. Then there's the potential that a health care worker wants to pivot to research, which could mean a Health Sciences graduate program.

Start Planning Your Master's Degree Today

The best tactic I used when deciding if I should get a master's degree was to "talk myself out of it." Instead of going at the topic of "Why should I get a graduate degree," I approached it as "Can I find three reasons that I shouldn't get a master's degree." It made me a much better researcher and started the process of reinforcing my dream, not talking myself out of it at the first "average tuition" article.  

Once you take a career quiz, use the information provided to consider "What if?" Look for the options that pique internal curiosity you might have buried in day-to-day life.