Although online education has made it more accessible in recent years, earning a master’s degree in data science is still a significant time and financial commitment. However, having a graduate degree can open up additional management opportunities in the field and increase your earning potential, making it a worthwhile investment for many.
In this article, we examine the benefits of earning an online master’s degree in data science and provide some cost-effective alternatives.
The Benefits of Earning an Online Master’s in Data Science
Earning an online master’s degree in data science can help you further your career and improve your earning potential.
Higher potential salaries
In general, you can expect to earn more money if you have a master’s degree than you would with only a bachelor’s degree. According to the Bureau of Labor Statistics (BLS), someone with a master’s degree in their field earns a median rate of $1,737 a week, while someone with a bachelor’s degree earns a median rate of only $1,493.
More job opportunities
In addition, according to the BLS, the unemployment rate at the master’s degree level is 2.0 percent, while at the undergraduate degree level, it is a higher 2.2 percent. However, your chances of unemployment are low in the data science field, with BLS data showing that the job outlook for data scientists over the next decade will grow 36 percent, much faster than most jobs.
Advanced education and training in the field
A data science master’s degree program from an accredited university gives you a solid grounding in the field. It will open the door to leadership positions or those with higher qualifications. You may also meet potential employers in networking situations set up by your school.
An online degree can be beneficial when applying for data science positions, specifically because many of these roles are remote. Experience collaborating and working in an online environment can be a bonus for employers.
Financial savings
Online programs may offer savings over in-person education since many schools feature accelerated programs or have fewer fees for online students. If you are attending your classes asynchronously, you also have a high level of flexibility that can be a boon if you work or have family commitments.
Making an Online Master’s Degree in Data Science More Affordable
Cost is a significant factor in deciding whether to pursue an online master’s degree in data science, but some options can make it more affordable.
- Scholarships: Scholarships provide funds to help pay for your education that you don’t have to pay back. In some cases, the money must be used for a specific purpose, such as tuition or books, but in others, the funds can also be used to pay for everyday living expenses while you’re in school.
- Graduate assistantships: Participating in an assistantship lets you work for the institution in exchange for discounted — or even free — tuition, and some colleges also provide a living stipend. Assistantship opportunities can be limited for online graduate students, so meet with a financial aid advisor to find out what’s required to apply.
- Employer tuition reimbursement: If your employer offers tuition reimbursement as part of its employee benefits package, this can help you make your degree more affordable. There may be specific requirements for the area of study or which college you can attend.
- Student loans: While you do have to pay back student loans, they can help you defer the cost of your education until you’re working in the field and have a higher-paying job.
Alternatives to Earning an Online Master’s in Data Science Degree
While an online master’s degree program in data science may be worth it in some cases, other options offer similar flexibility at a far lower price. Remember that a graduate degree can cost as much as $100,000, which could be a barrier for many students.
You can learn much of what a graduate program would teach you with a lower cost and time commitment. How? Consider the following learning options.
Massive open online courses
MOOCs are becoming increasingly popular for students of all kinds — reputable institutions such as Harvard and corporations such as IBM post courses online at Coursera, EdX, and other online platforms. The same instructors in master’s degree programs teach these online courses.
Consider, for example, the data science specialization offered by Johns Hopkins University on Coursera. This 10-course series takes about seven months and features a broad background in data science, including data acquisition, regression analysis, and data visualization. The three professors are all faculty members at Johns Hopkins. And the cost? That may be the best part. You can enroll for free.
Bootcamps
Bootcamps are short-term training programs that offer practical skills to students focused on advancing their careers. They can be intensive and are best for students with the self-discipline necessary to devote considerable time to a subject for the short term. Colleges, universities, and other organizations offer bootcamps, ranging in cost from free to many thousands of dollars.
One example is DataCamp‘s programs, which include more than 100 online courses in data science featuring hands-on learning experiences and the opportunity to learn at your own pace. Limited access to the programs is free, but to fully utilize the library of courses, you’ll pay a reasonable $27 a month. However, specials can often reduce the cost by almost half.
Graduate certificate programs
Graduate certificate programs are another way to access higher education in data science. Certificate programs are generally not as extensive or long-lasting as a complete master’s program and offer skills-based specialized education in specific areas. Once you have completed the program, you earn a certificate to show your proficiency in the topic.
You may find certificate programs offered through educational institutions, Coursera, or other online platforms. One example would be Harvard’s professional certificate in data science, offered on EdX. This self-paced program takes around a year and a half if you devote two to three hours a week and costs $1,481. It focuses on R basics, inference and modeling, and other topics in the field, and a Harvard professor teaches it.
Is an Online Master’s in Data Science Right for You?
Only you can determine if an online master’s in data science is the right choice for your needs. For some individuals, the structure and format of a graduate school program and the standard flexibility for online education make it an excellent choice. A master’s degree conveys a certain level of prestige and may be a requirement for some jobs. Master’s students may also qualify for financial aid, which is unavailable for non-master’s coursework.
However, for others who do not wish to devote several years and significant financial resources to advancing their careers, one of the other options we’ve outlined above may make more sense. A non-master’s course or program could be better if your primary motivation is expanding your data science skills in a specific topic or area.
Even with less time and money commitment, you will still broaden your areas of knowledge considerably and may open yourself up to career advancement and an increased salary range.
Interested in another degree instead?
Learn more about online degrees, their start dates, transferring credits, availability of financial aid, and more by contacting the universities below.