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A master’s degree in HR can offer students significant career benefits, including in-depth knowledge, advanced skills, and formal credentials to help individuals stand out in a competitive job market. However, the tuition, textbooks, and transportation costs can be prohibitive for many aspiring professionals, and the time commitment required to complete a degree program can be substantial.

This article explores the pros and cons of earning a master’s degree in HR and discusses various options for covering the cost of the degree. To help you decide which path is right for you, we also examine alternative options, including graduate certificate programs, workplace training, and mentorships.

What to Consider Before Pursuing a Master’s Degree in HR

While pursuing a master’s degree can offer many benefits, it’s essential to consider the added expenses and time commitment required to complete such a program. Weighing the pros and cons of a master’s degree in HR lets you make an educated decision about your career path.

Pros

  • tickIncreased earning potential

    Individuals with a master’s degree tend to earn higher salaries and experience lower unemployment rates than those with a bachelor’s degree or less. According to a 2023 study from the Bureau of Labor Statistics (BLS), the median weekly earnings for graduates with a master’s degree was $1,737, compared to $1,493 for those with a bachelor’s degree and $899 for those with a high school diploma. This translates to an annual median salary of $90,324 for a master’s degree, significantly higher than the median salary of $77,636 for individuals with a bachelor’s degree.

  • tickLower unemployment rate

    In addition, students who graduate with a master’s degree have a lower employment rate than those with a bachelor’s degree. For example, in 2023, the unemployment rate for individuals with a master’s degree was 2.0%, compared to 2.2% for those with a bachelor’s degree and 3.9% for those with a high school diploma.

  • tickCareer advancement opportunities

    Earning a master’s degree in HR can help increase the chances of being promoted to higher-level positions, such as HR director or manager. These positions are some of the highest-paying jobs in the field, with a median annual salary of $136,350 in 2023. In addition to the lucrative nature of this role, HR managers also enjoy other job benefits, such as opportunities for career growth, job security, and flexible work arrangements.

Cons

  • tickMay be cost prohibitive

    However, pursuing a master’s degree in HR has potential drawbacks, including the additional expense of continuing education and the time commitment required to complete the program. While tuition fees vary depending on the institution and the program, pursuing a master’s degree is generally expensive. In addition to tuition costs, students must pay for textbooks, course materials, transportation, and living expenses if they attend an on-campus program. These added expenses can be significant and may require students to take out loans or work part time to finance their education.

  • tickCan require a substantial time commitment

    Likewise, earning a master’s degree is time-consuming, especially for students who are already working full time. Many master’s degree programs in HR require students to complete coursework, projects, and internships, which can be time-intensive. Balancing work and school can be challenging, and students often sacrifice personal time and leisure activities to meet their program’s demands.

How to Choose a Master’s Degree in HR Program

If you decide a master’s degree in HR sounds right for you after carefully weighing the potential pros and cons, you’ll need to choose a program. As you research potential schools, consider factors such as:

  • Whether you want an online, on-campus, or hybrid program. Online programs can provide flexibility and may cost less than the on-campus options nearest you. On-campus programs offer classroom structure, and in-person interactions with peers and professors, while hybrid programs let you strike a balance between these options.
  • Accreditation. Check that your degree program or school of choice is accredited by a body recognized by the Council for Higher Education Accreditation.
  • Desired concentrations. Not all HR master’s degree programs are the same. Ensure a program offers a concentration that suits your interests and career aspirations.
  • Teaching faculty experience and expertise. You may want to consider the expertise of the teaching staff. Professors who are leaders in their fields can offer high-quality learning environments for students.
  • Cost. Consider the cost of the degree and whether there are financial aid options that can help make the program more affordable.

What Jobs Can You Get With a Master’s Degree in HR?

A master’s degree in HR prepares you for a career in HR leadership, corporate management, and employee relations. Some jobs that may require this type of degree include:

  • Human resources manager. At the manager or director level, human resource leaders coordinate corporations’ HR functions.
    • Average pay: $136,350 per year
    • Job growth through 2033: 6%
  • Compensation and benefits manager. These professionals plan and implement programs related to employee salaries, benefits packages, and other compensation.
    • Average pay: $136,380 per year
    • Job growth through 2033: 2%
  • Labor relations. Professionals in this niche work to resolve disputes between employees and management.
    • Average pay: $89,980 per year
    • Job growth through 2033: no change

How to Finance a Master’s Degree in HR

While it’s true that the total tuition for a two-year master’s degree program in HR can be expensive, it’s important to note that most students do not have to pay this amount out of pocket. Many graduate programs in HR offer financial aid options, such as loans, work-study programs, grants, and scholarships. These financial aid options can significantly reduce the monetary burden of continuing education.

Student loans

While student loans can be an option for financing a master’s degree in HR, students should carefully consider the option before taking on the debt.

One benefit of student loans is that they can help students cover the cost of tuition and other expenses, such as textbooks and living expenses. This funding can be beneficial for students who do not have access to other forms of financial aid, like scholarships and grants.

However, it’s crucial to remember that student loans come with interest rates, which can add up over time and significantly increase the debt to be repaid. Too much student loan debt can also negatively impact your credit score and financial stability, which can affect your ability to achieve financial goals in the future, such as buying a home or starting a business.

If you’re considering taking out student loans to finance a master’s degree in HR, carefully consider the potential long-term costs associated with the loans and develop a plan for repaying the debt. It’s also essential to research other financial aid options, like scholarships, grants, and work-study programs.

Graduate assistantships

Graduate assistantships can be an excellent option for financing your graduate education. These programs help students earn money while gaining valuable work experience related to HR. They can be a first-rate option for students who want to minimize their debt load, gain real-world experience, and build their professional network.

However, these programs don’t typically cover the total cost of your education, and you may need to explore other financial aid options. Some students may also need to balance their work and study responsibilities carefully to ensure they can succeed academically.

Grants and scholarships

Grants and scholarships are often the best options for financing a master’s degree in HR. Unlike loans, grants and scholarships do not have to be repaid, allowing students to minimize their debt load and reduce the overall cost of their education.

While grants are awarded based on financial need, scholarships are awarded based on merits, such as academic achievement, leadership skills, or community involvement. Many grant and scholarship programs are available for students pursuing a graduate degree in HR, including various scholarships from the Society for Human Resource Management (SHRM) Foundation.

The SHRM Foundation Graduate Scholarship program awards scholarships based on academic achievement, leadership potential, and commitment to the HR profession. The program offers scholarships at the graduate level ranging from $5,000 to $10,000. In addition, the foundation provides a $5,000 Veterans Scholarship for veterans of the U.S. Armed Forces who are pursuing a degree in HR or a related field.

Employer tuition reimbursement

Some employers offer education benefits, including tuition reimbursement. Often, employers are most willing to pay for degree programs or coursework that also benefits them. For example, an employer might be willing to help cover the cost of a master’s in HR degree program for a team member who is already working in the human resources department, as this education will enhance the employee’s value. Talk to your employer about options for tuition reimbursement as you explore financial aid options.

Alternatives to Earning a Master’s Degree in HR

There are several options for individuals who cannot invest the time and money required to earn a master’s degree in human resources but still want to further their education and advance their careers. Here are the most promising alternatives.

Graduate certificate programs

Graduate certificate programs can be a viable alternative to earning a master’s degree in HR, offering many benefits. Certificate programs are often shorter and less expensive than a full degree program, making them an attractive option for those needing more time or resources to commit to a more extended program.

Certificate programs can also provide specialized training in specific areas of HR, helping students focus their studies on their interests. Additionally, many certificate programs are offered online, providing more flexibility for students who are working full-time or have other commitments.

Workplace training

While a master’s degree provides in-depth theoretical knowledge and formal credentials, workplace training offers practical, hands-on training that can be immediately applied professionally. Moreover, workplace training can be customized to an individual’s needs and cover various topics, from technical skills like payroll management to soft skills like conflict resolution and leadership development.

Additionally, workplace training can often be completed in a shorter time than a master’s degree program, allowing individuals to quickly acquire the skills they need to take on new responsibilities in their current roles or pursue new opportunities. Many organizations offer training programs tailored to their employees’ needs and goals. Some may even provide financial support for training and development activities.

Mentorships

Mentorships can benefit individuals seeking practical experience and guidance from seasoned professionals without spending their time and money on a graduate degree. Mentorship programs are typically designed to provide people with one-on-one advice, support, and feedback on their work, helping them to develop the skills and knowledge necessary to succeed in their careers. Additionally, mentorships can be completed alongside a full-time job, allowing them to continue gaining experience while building valuable connections in their industry.

Read More about Online Master’s in Human Resources