Choosing the right master's degree can greatly affect your bottom line.
Graduate school can be expensive and leave you with a mountain of debt to overcome. That makes it even more important to choose a graduate program that will offer the best opportunity to earn a high salary after graduation. Although all higher education increases your potential earnings, some degrees lead to careers that are much more lucrative than others.
Software Engineer
In a world that runs on computers, it makes perfect sense that the people who tell the computers what to do receive ample compensation. Software engineers are those people. They work with programmers to design and perfect the programs that computers require to operate. Although it's not necessary to have a master's degree to work as a software engineer, those who do are in the top 10 percent in terms of earnings, with an average salary of nearly $140,000, as of 2011, according to the Bureau of Labor Statistics (BLS).
Nurse Anesthetist
In America's overburdened health care system, nurses are taking on many of the responsibilities previously reserved for doctors. Nurse anesthetists perform most of the same tasks as anesthesiologists, and in many states, they do not even require a doctor's supervision. To become certified, you must be a registered nurse and graduate from a master's level program to become a certified registered nurse anesthetist (CRNA). According to the Health Careers Center, CRNAs can earn an annual salary of $150,000 or more, as of 2011, depending on the geographical location and work setting.
Physician Assistant
Physician assistants take the burden off of busy doctors by performing simple diagnostics and medical procedures. Such assistants are licensed to dispense certain medications and often work alone, with only phone contact with a physician. Though it's possible to become licensed as a physician assistant with only a bachelor's degree, it is becoming less common; most programs now award a master's degree. According to the BLS, the salary for a general physician assistant working in a clinical setting is around $75,000, as of 2011, but physician assistants also work in specialized fields such as cardiology, where the earnings potential is much greater.
Petroleum Engineer
The world's insatiable thirst for oil guarantees a high salary for petroleum engineers. Petroleum engineers work closely with other scientists such as geologists to locate oil reserves throughout the world. As reserves are depleted, the demand for skilled engineers increases, as does the value of higher education. Like with software engineers, you can begin working with only a bachelor's degree, but to enter the top tier, you need a master's degree. Once there you can expect to earn around $150,000 annually, as of 2011, according to the BLS.
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