15 Best Master’s Degrees for 2024
Whether you’re looking to advance your career or earn a higher salary, obtaining a master’s degree can be highly advantageous. Many of these programs are available online, which means that you should have more flexibility regarding how you complete your studies. Before entering a master’s degree program, keep in mind that not all of them pave the way for a higher-paying career. A master’s degree in nursing can be more valuable than one in counseling. In this guide, you’ll learn about the best master’s degrees in the country.
What Is a Master’s Degree?
A master’s degree is a type of academic qualification that’s given to people who complete additional studies at the postgraduate level. These degree programs are often more specialized to help students gain professional and transferable skills for their preferred careers.
For example, students can use a Master of Business Administration degree to land jobs as chief technology officers and purchasing managers. You can complete a master’s program quicker than a bachelor’s one. Students are usually able to complete these programs in one to three years.
Who Needs a Master’s Degree?
Nearly everyone can benefit from earning a master’s degree. If you’ve already entered the workforce and discovered that there’s a limit to how far up the ladder you can go, a master’s degree can help you improve your skills as well as your resume. Your prospects of earning a higher-paying job should improve after you complete your studies.
15 Best Online Master’s Degrees
Below is a comprehensive guide to 15 of the best online master’s degrees. Each degree makes it possible for you to earn a salary of at least $100,000.
1. Master of Engineering Management
A Master of Engineering Management like this one from Arizona State University is a program that’s available to students who’ve earned an undergraduate degree in engineering. By entering this program, you’ll learn the management and business skills needed to apply for leadership roles within the engineering industry.
Once you finish your studies, you’ll likely be eligible for architectural and engineering manager jobs. As an architectural and engineering manager, you can earn around $160,000 per year. Over the next decade, the outlook for this profession is 4% growth, which means that you should have access to ample job opportunities.
2. Master of Science in Nursing
A Master of Science in Nursing like this one from Duke University is a degree that allows you to enter a healthcare field that’s in high demand. Many of the other high-paying medical jobs require lengthy residencies and medical degrees. However, a Master of Science in Nursing should give you the skills you need to land a job as a nurse practitioner or anesthetist.
The median salary for these roles is $125,900. However, the best aspect of earning this degree is that the job outlook is upwards of 38% over the next decade, which is much faster than normal.
3. Master of Business Administration
A Master of Business Administration like this one from Florida State University is a type of degree that allows students to enter a wide range of different fields. This specific program takes 39 credit hours to complete, after which you’ll be able to apply for a job as a marketing manager or sales manager. Both jobs come with annual salaries above $100,000 and a job outlook that indicates growth of 4%-6%. You can customize your coursework to focus on marketing, sales, or other specialties.
4. Master of Science in Finance
A Master of Science in Finance like the one from Miami University is an example of a great choice for anyone who’s looking to enter the financial sector and gain access to high-paying jobs. Most companies require financial professionals, which gives you the opportunity to work in many different industries. There’s also a strong potential for growth in many of these careers. For example, earning this degree gives you the skills needed to become a financial manager, which comes with a median annual salary of just under $140,000.
The job outlook for financial managers involves an estimated 16% growth over the next decade, which is much faster than the average. If you’d prefer to focus on the financial costs of uncertainty and risk, you can use this degree to obtain a job as an actuary. This profession comes with a median annual salary of $114,000 and an estimated job outlook of 23% growth.
5. Master of Arts in Political Science
A Master of Arts in Political Science like the one from Indiana University is a degree program that prepares graduates to enter a wide range of political fields. During this degree program, you’ll also learn about law, sociology, economics, and psychology.
Even though there are numerous careers available to people with this degree, the most common one is political scientist. This career offers a median annual salary of $128,000 and a potential growth of 7%. If you obtain this job, you’ll likely study the development and operation of various political systems.
6. Master of Science in Petroleum Engineering
A Master of Science in Petroleum Engineering like the one from Texas Tech University is a specialized program. By completing this degree, you should be able to land a high-paying job as a petroleum engineer. Since this job comes with strict physical requirements and ample risks, the median salary is around $131,800. The estimated job outlook is 2%, which is as fast as other professions. The degree program from Texas Tech University is 100% online. During your studies, you’ll learn about everything from chemical and environmental engineering to bioengineering.
7. Master of Science in Healthcare Administration
A Master of Science in Healthcare Administration like the one from Southern New Hampshire University teaches students about using business and analytical knowledge to perform healthcare management.
As a health manager, you can earn a median annual salary that’s just under $105,000. Because of the high demand for healthcare professionals, the estimated job outlook is 28%. Once you complete this program and obtain a job as a health manager, your tasks will involve everything from overseeing budgets to managing staff.
8. Master of Science in Computer Science
A Master of Science in Computer Science like the one from the Stanford School of Engineering gives you the skills and knowledge required to become a software developer. You can use your skills to create advanced software that incorporates artificial intelligence, machine learning, and other modern technologies. Companies across numerous industries are in need of software developers.
The median annual salary for this profession is $124,200, while the estimated growth over the next 10 years is 25%. If you want the master’s degree you obtain to help you earn a high-paying job immediately after you finish your studies, this program is a great option.
9. Master of Science in Economics
A Master of Science in Economics like the one from West Virginia University allows you to become an economist, which is a career that comes with a median pay of $114,000. The job outlook is a solid 6%, which means that it shouldn’t be too difficult for you to get a job after graduating. As an economist, you’ll research market hurdles, predict trends, and analyze data. Your coursework in this program can include everything from microeconomics to quantitative economic analysis.
10. Master of Science in Information Technology
A Master of Science in Information Technology like this one from Florida State University is a specialized version of a computer science degree. The coursework in this program focuses on operating systems concepts and information systems development. You’ll also learn about everything from wireless technologies to network security. If you earn this degree, you can become a database administrator or architect.
These jobs come with salaries of around $112,000 per year and job growth of 8%.
11. Master of Science in Industrial Engineering
A Master of Science in Industrial Engineering like the one from the University of Louisville is suitable for anyone interested in entering a career that focuses on eliminating waste in production processes. This program’s coursework includes subjects like production systems planning, trigonometry, and computer science. Strong math skills are required.
You can use the degree to become an industrial production manager, which comes with a median annual salary of $107,560 and a job outlook that involves 2% growth.
12. Master of Physician Assistant Studies
A Master of Physician Assistant Studies like the one from the University of North Dakota is another healthcare-related degree that allows you to land a high-salary job. As a physician assistant, you’ll focus on diagnosing, examining, and treating patients. The coursework in this program focuses on physiology, human anatomy, and pathology. You’ll likely want a couple of years of experience in paramedics or patient care before applying for this type of job.
It has a median annual salary of $126,000 and an estimated job outlook of 27% growth.
13. Master of Science in Applied Statistics
A Master of Science in Applied Statistics like this from the Pennsylvania State University is a mathematics-related degree that involves calculus, abstract algebra, and differential equations. You’ll also learn about statistical computing. Statisticians earn a median annual salary of $105,510. The specific degree program from the Pennsylvania State University is among the most prestigious in the country. It’s also 100% online.
14. Master of Arts in Educational Leadership
A Master of Arts in Educational Leadership like this example program from the University of Cincinnati is a degree program that’s ideally suited to teachers who are looking to advance their careers. You’ll learn how to manage a school’s budget and create academic calendars. Depending on the job you earn, you might also be tasked with enforcing school policies.
Jobs in educational leadership usually come with annual salaries of around $100,000 or more. For example, you can earn more than $115,000 when working as a post-secondary education administrator.
15. Master of Arts in Sociology
A Master of Arts in Sociology like the one from the University of Alabama is an accredited, online program that gives you the skills you need to become a sociologist. As a sociologist, you’ll collect and analyze information from interviews and surveys. You’ll be responsible for studying human society, which is what you’ll learn in this program. The University of Alabama is a well-regarded institution that allows students to specialize in areas of sociology like healthcare and crime.
Sociologists earn just over $101,000 per year. The field has a job outlook that involves 5% growth over the next decade.
Admission Requirements
Admission requirements for master’s degrees vary with each program. Expect them to be more stringent than the requirements for bachelor’s degrees. Before you can enter a master’s degree program, you must first earn a bachelor’s degree. Many programs require students to have an undergraduate GPA of at least 3.0.
You may be tasked with taking an entrance exam, which can be either GMAT or GRE. Some schools may allow you to enroll even if you don’t meet the GPA requirement. In this scenario, you’ll likely need to pass the entrance exam.
Why an Online Program?
There are many reasons why you should take your master’s degree online. Many colleges and universities offer online programs because they know that most students need to work while they complete their coursework. The advantages of online learning include:
- Lower costs
- More flexibility with your schedule
- Better course variety
- Quick feedback
- Easy access to course materials
Getting Started
Once you find a specific program you’re interested in, get started by finding the admissions requirements. Most programs allow you to submit your application online. Getting a master’s degree gives you the opportunity to improve your job prospects, obtain a higher salary, and have more control over your career.
If you enroll into one of the best master’s degrees mentioned in this guide, you should earn the skills required to enter a lucrative career in fields like computer science, business administration, and education administration.