The Master's Degree
There are nearly as many choices for master’s degrees as there are majors, since so many schools offer both Bachelor's degrees and Master's degrees in the same subjects. So this section will focus more on describing what a master’s program generally does for you than delving into the details of any specific program. For more detailed information about the Master’s program in your major or field of interest, I recommend starting with the relevant department website at your school (or school’s you are interested in attending).
What is the Master's?
Master’s (MA or MS) programs tend to be one or two years and involve mostly academic courses, similar to a Bachelor's degree. In some STEM fields, there are research-oriented Master's, which may include writing a thesis or some form of a research project as a requirement to graduate. There are also many variants of Master's degrees - like Master's of Public Health (MPH), Master's of Public Policy (MPP), or Master's of Business Administration (MBA, which we will cover in more detail next, among others - that are necessary qualifications for certain jobs. For many, Master's degrees may be a prerequisite to eventually getting a PhD, though whether students are expected to have a Master's when applying to PhDs is very field- and person-specific.
Career Motivations
As mentioned above, Master's programs can be a popular option as stepping stones to continuing to a PhD. However, “terminal” Master's students still have many reasons to get their degree. For one, having a Master's usually provides you a salary premium for the same position over someone who would be hired with only a Bachelor's. This of course varies by field and many other factors, but on average, in 2015, full-time workers with a master’s out-earned those with a bachelor’s by $12,000. For degrees like the MPH or MPP, a master’s may be required in order to access certain positions involved in work like policy or consulting. For degrees like an MSCS or MS in Data Science, a master’s can teach technical skills for those looking to break into the field or advance to more intensive positions.
Costs and Considerations
Master’s programs may be offered with more flexibility than other degree-granting programs - many schools offer part-time or online options. For some schools and some majors, you may even be able to enroll in an “accelerated degree program” that lets you earn both a Bachelor's and master’s degree while an undergraduate. These are typically called 4+1 programs because you spend 4 years getting the Bachelor's and 1 extra getting the master’s. Choosing to do such a program includes an extra set of considerations, as you are saving time and money potentially at the cost of a more difficult schedule (balancing the program with a job or other degree) and/or a much faster pace.
One important thing to note is that Master's programs are rarely funded by the schools offering them. With some exceptions, you are expected to pay your way through the program (through your own savings or student loans) or to find external funding. In some cases, companies will pay for their employees’ tuition - check with your employer if this is something they offer. You can also apply for grants and scholarships, though the ones available for Master's students are limited compared to the number of offerings for PhD students. In general, if you don’t have your own funding lined up, prepare to dip into your own finances to cover your tuition.
If you are hoping to become a professor, a Master's degree also may not be enough to qualify you for such positions. Most professors have PhD’s, and while a Master's can sometimes open the door for lecturer or adjunct positions, these do not have the same benefits or pay. Since it can vary so much, it's important to research what requirements professors are expected to meet in your field.