Highest Paying Jobs with Master's Degree
Data-driven ranking based on Bureau of Labor Statistics employment projections, salary data, and industry trends.
A master's degree unlocks specialized careers with exceptional earning potential and job security. These occupations offer median salaries ranging from $56,000 to $223,000, with healthcare advanced practice roles dominating the top positions and many showing extraordinary growth rates.
Top Rankings
The following occupations represent the highest-paying careers accessible with a master's degree, based on May 2024 Bureau of Labor Statistics data. Advanced practice nursing roles lead in compensation, while analytical and research positions show explosive growth driven by data and technology trends.
Nurse Anesthetist (CRNA)
Administer anesthesia and provide care before, during, and after surgical procedures. One of the highest-paying master's degree careers. Requires RN licensure plus specialized graduate training and critical care experience.
Physician Assistant
Examine, diagnose, and treat patients under physician supervision. Practice medicine across specialties from primary care to surgery. Exceptional growth driven by healthcare demand and team-based care models.
Nurse Practitioner
Provide primary and specialty healthcare services independently or in collaboration with physicians. One of the fastest-growing occupations with increasing practice authority across states. Strong demand in underserved areas.
Nurse Midwife
Provide care to women including prenatal care, delivery, and gynecological services. Act as primary maternity care providers. Growing interest in holistic, patient-centered birth experiences drives demand.
Political Scientist
Study political systems, behavior, and trends. Conduct research and analysis for governments, think tanks, and advocacy groups. Most positions require graduate education with PhD common for research roles.
Economist
Research and analyze economic issues using data and statistical methods. Work for government, corporations, or research institutions. Master's sufficient for many roles; PhD required for academic and advanced research positions.
Computer and Information Research Scientist
Invent and design new approaches to computing technology and solve complex problems. Research areas include AI, robotics, and cybersecurity. Many roles accept master's degrees, especially in industry.
Statistician
Apply statistical methods to collect, analyze, and interpret data. Work across industries from healthcare to government to finance. Exceptional growth as data-driven decision making becomes standard practice.
Operations Research Analyst
Use advanced mathematical and analytical methods to help organizations solve complex problems and make better decisions. Growing rapidly as businesses optimize supply chains and operations using data analytics.
Occupational Therapist
Help people with injuries, illnesses, or disabilities develop or recover skills for daily living and working. Requires master's degree and state licensure. Growing demand from aging population and chronic conditions.
Speech-Language Pathologist
Assess and treat communication and swallowing disorders. Work with children and adults in schools, hospitals, and private practice. Strong growth driven by aging population and early intervention for children.
Mental Health Counselor
Provide therapy to individuals, families, and groups dealing with mental health, behavioral, and substance abuse issues. Growing awareness of mental health needs drives strong demand. Requires licensure in most states.
School Counselor
Help students develop academic and social skills and plan for college or careers. Work in elementary, middle, or high schools. Master's degree and state certification required. Stable career with education system employment.
Instructional Coordinator
Develop educational curricula, select textbooks, and train teachers. Work at school district level or with educational publishers. Typically requires teaching experience plus graduate education in curriculum or administration.
Methodology
This ranking prioritizes median annual salary from the Bureau of Labor Statistics Occupational Employment and Wage Statistics (May 2024). All listed occupations require a master's degree as the typical entry-level education, though some (like Computer Research Scientist or Economist) may have positions accepting either master's or doctoral degrees depending on role and employer.
Growth projections cover 2024-2034 from BLS Employment Projections. Advanced practice registered nurse roles (CRNA, NP, CNM, PA) require master's degrees plus clinical experience and professional licensure.
Key Insights
- Healthcare APRNs dominate top pay: Advanced practice nursing roles occupy 4 of the top 5 positions with exceptional compensation
- Explosive growth in analytics: Statisticians (30%), computer research scientists (26%), and operations research analysts (23%) show massive expansion
- NP growth is exceptional: 40% growth for nurse practitioners reflects healthcare workforce transformation and scope of practice expansion
- Research fields strong: Political scientists, economists, and computer researchers earn $110K-$145K with master's degrees
- Counseling is growing: Mental health counselors (18% growth) and speech-language pathologists (17% growth) show strong demand
Career Paths
- Advanced Practice Nursing: Requires BSN → RN experience → MSN in specialty → certification. CRNAs require ICU experience. High pay, strong autonomy
- Physician Assistant: Bachelor's + patient care experience → Master's PA program (2-3 years) → national certification. Fastest healthcare entry to practice medicine
- Data/Research Roles: Bachelor's in relevant field → Master's in statistics, economics, or computer science. Many industries hiring; remote opportunities common
- Therapy/Counseling: Bachelor's → Master's in specialty → clinical hours → licensure. Rewarding work helping others; slower salary growth but meaningful impact
- Education Leadership: Teaching experience → Master's in education, curriculum, or administration. Move from classroom to system-level impact
Is a Master's Degree Worth It?
- ROI varies significantly: CRNAs earn $223K (excellent ROI); school counselors earn $65K (modest ROI compared to cost)
- Healthcare = premium: Advanced practice medical roles command salaries competitive with physicians but require less education time and debt
- Consider alternatives: Some bachelor's degree careers (software development, engineering) may earn similar or more without graduate school
- Growth projections matter: Fields like NP, statistician, and information research show demand will sustain salaries
- Professional requirements: Many healthcare and counseling roles legally require master's degrees—no alternative path exists
How to Choose the Right Career
- Passion + pragmatism: Counseling offers fulfillment but lower pay; CRNA offers high pay but intense training and stress
- Calculate total cost: Include tuition, lost wages during school, and opportunity cost against salary premium over bachelor's roles
- Understand prerequisites: Many programs require specific undergraduate coursework and professional experience
- Research job markets: Some roles (like school counselor) are geographically constrained; others (data scientist) offer remote flexibility
- Talk to professionals: Shadow workers, conduct informational interviews, and understand daily realities before committing to expensive programs
Data Source
All data sourced from the U.S. Bureau of Labor Statistics (BLS) Occupational Outlook Handbook, Employment Projections, and Occupational Employment and Wage Statistics. Data reflects May 2024 estimates and 2024-2034 projections. Salaries represent median annual wages. APRN salaries from detailed occupational data.