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5 Common Master’s Degrees

In today’s professional and economic climate, it is becoming more difficult to enter a profession without obtaining a higher education. In recent years there appears to be a significant amount of  “degree Inflation”. The term degree inflation refers to the practice of requiring job candidates to possess a college diploma when the job type did not traditionally require a four year degree. And now jobs that once required a 4 year degree are now requiring a Master’s degree. The irony of the situation is that earning a master’s degree is a large financial investment in and of itself. Here are 5 common Master Degree programs.

Master of Business Administration

A master of business administration (MBA) prepares you to turn anything you enjoy into a lucrative business if you are adequately trained to properly open and maintain one. As this Rutgers University article explains, business is still primarily a brick-and-mortar-only industry, however higher education is not. For all of the master’s degrees listed in this article, online programs can be just as beneficial as traditional programs. Although most people seeking an MBA do so for monetary reasons Forbes recently published an article citing The 10 Most Under-Rated Reasons Why You Should Get An MBA and none of them are monetary. A CNBC article listed the following reasons for getting an MBA. 1) Hiring of MBA’s is up. 2) Even in the depths of a recession A 2014 study that surveyed 21,000 business-school alums found that the majority of them would enroll in business schools if given the opportunity to do it all over again.” 3) Networking Opportunities. (So don’t just keep your nose in the books while you are there).

But the CNBC article also listed two “Cons” of getting an MBA. 1) Rising Costs- Top schools can cost $200,000 for the two year program.  2) Fewer CEO’s hold MBA’s so getting an MBA may not be the “route to the top”.


Master of Psychology

A master of psychology is a springboard for the widest variety of careers. It is a great degree to pursue if you are not sure what you want to do. Review this list by CareersInPsychology.org to explore the over 60 careers that you will qualify to pursue with a master of psychology. Some of these include Consumer psychologists, forensic (or Criminal) psychologists, Geriatric Psychologists, Military psychologists, and Industrial/Organizational psychologists. According to the U.S. Bureau of Labor Statistics Occupational Outlook Handbook  “The median annual wage for psychologists was $75,230 in May 2016… Employment of psychologists is projected to grow 14 percent from 2016 to 2026, faster than the average for all occupations. Job prospects should be best for those who have a doctoral degree in an applied specialty.”

Master of Economics

If you are interested in economics, and looking for an economical route to get there an online economic master’s degree program is a less expensive path. People and professional organizations will always need financial advisers, planners, and analysts. This helps them understand the financial integrity of their company and how they are impacted by the local economy. And pursuing a degree online allows you to pursue a degree without disrupting your current life. You can even do it while continuing to work. Many employers will even help you cover some of the education expenses. According to the BLS, “The median annual wage for economists was $101,050 in May 2016… Employment of economists is projected to grow 6 percent from 2016 to 2026, about as fast as the average for all occupations. Job prospects should be best for those with a master’s degree or Ph.D., strong analytical skills, and experience using statistical analysis software.”

Master of Health

The healthcare field is another one where you can rely on supply and demand. People will always need nurses and doctors. Hospitals and doctors will always need specialized administrative staff. All of these careers can begin with a master of health. According to the BLS, “Employment of healthcare occupations is projected to grow 18 percent from 2016 to 2026, much faster than the average for all occupations, adding about 2.4 million new jobs. Healthcare occupations are projected to add more jobs than any of the other occupational groups. This projected growth is mainly due to an aging population, leading to greater demand for healthcare services.”

Master of Marketing

If you have interpersonal skills and love to get the word out about things you love, consider a master of marketing. Companies pay a lot of money to people who can bring them in a lot of money through good representation. Their need for these services will never cease.

Your master’s degree should be an investment in a brighter future, not an additional financial burden. There is a path for everyone within the five programs listed above Choose wisely, work hard, and that will be your first step toward a lucrative career.

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