A master’s degree is among the most prestigious educational degrees available in the U.S. and can lead to a well-paying career in many industries. Some of the highest-paying master’s degrees are in psychology and computer science, but political scientists, physician assistants, and nurses rank highly, too. According to the Bureau of Labor Statistics, the median weekly earnings for a professional with a master’s degree is $1,737, but this can vary depending on your field of study. That’s why we’ve made this list of the top 10 master’s degrees according to pay. We also spoke to Blanca Villagomez, a program coordinator and counselor at UC-Irvine, for her guidance on what students should consider when choosing a master’s degree program.
Calculating Return on Investment for a Master’s Degree
Before enrolling in a master’s degree program, it’s important to understand the benefits and risks of earning such a degree.
According to the Bureau of Labor Statistics (BLS), individuals with a master’s degree earn, on average, $1,737 per week, while those with a professional degree earn $2,206 per week. While this is more than the median weekly earnings for individuals with an undergraduate degree or no college degree, a closer look reveals that earnings vary widely based on what type of master’s degree a student earns.
In its 2023 analysis, “Does College Pay Off?” the Foundation for Research on Equal Opportunity (FREOPP) reports that there’s a significant variance in the return on investment (ROI) for master’s degrees. This is primarily based on the area of study a student pursues, but is also affected by the higher earning potential students have going into a master’s degree program and the fact that tuition rates for master’s programs are often higher than for undergraduate degrees.
The report says, ” The median master’s degree delivers an ROI of just $50,000… master’s degrees in science, engineering, and nursing tend to have solid ROI, while master’s programs in the arts and humanities usually leave students much worse off.”
Students must also consider the investment part of return on investment when deciding how much they want to pay for a master’s degree. This includes not just what they spend on their graduate degree program but also whatever they spent to earn their bachelor’s degree. Therefore, even if students enter a high-paying field, if they’ve spent or borrowed hundreds of thousands of dollars to pay for their post-secondary education, seeing a positive ROI can be more challenging.
Villagomez reminds students that investing in education isn’t just about money; the time and energy students commit are also important. “It’s not enough to simply attend classes,” she says. Students must also actively pursue opportunities to develop skills and knowledge outside of the classroom in order to stand out to employers in the competitive job market. It’s also crucial for students to recognize that building a successful career takes time and that financial gain is not always linear.”
The Highest-Paying Jobs You Can Get With a Master’s Degree
Our ranking criteria
To create our list, we relied on data from the Bureau of Labor Statistics (BLS) to find the highest-paying occupations that typically require a master’s degree for entry-level positions. We then did additional research to find the best schools to obtain each degree.
After you’ve received a bachelor’s degree, earning a master’s can take one and a half to three years of additional study, so it isn’t a decision to take lightly. We’ve also included tuition costs and job outlook data so that you can make the most informed decision about your career path.
1. Nurse Anesthetist
Median Salary: $212,650
What They Do: Nurse anesthetists, also known as certified registered nurse anesthetists (CRNAs), prepare patients for anesthesia, administer anesthesia, monitor vital signs, and adjust anesthesia during procedures. In addition to advanced medical knowledge and technical skills, communication is key to succeeding in this career path. Nurse anesthetists must make sure they fully understand the patient’s allergies and illnesses that may conflict with anesthesia, and they also educate patients on how to best recover from anesthesia after surgery.
How to Become One: The Council on Accreditation of Nurse Anesthesia Education Programs (COA) has mandated that, as of 2025, all entry-level nurse anesthesia programs must transition to awarding doctoral degrees. Many available programs have already begun this transition, so the programs on this list award a Doctor of Nursing Practice (DNP) or Doctor of Nurse Anesthesia Practice (DNAP). After completing a doctoral program, students must pass the National Certification Examination administered by the National Board of Certification and Recertification for Nurse Anesthetists.
- Projected Job Growth, 2022-2032: 9%
- Highest-Paying States: Illinois, Massachusetts, Montana, New York, Vermont
Top Academic Programs for Nurse Anesthetists:
| School | Tuition | # Credits to Graduate |
| Johns Hopkins University School of Nursing | $2,293 | 88 |
| Duke University School of Nursing | $2,166 | 83 |
| Rush University | $1,344 | 77-89 |
2. Industrial-Organizational Psychologist
Median Salary: $147,420
What They Do: Industrial-organizational psychologists apply the principles of psychology to workplace issues, such as training employees, resolving conflicts, and maintaining a proper work-life balance. They may research these topics at a university or think tank or work for employers to help solve specific problems directly. Their responsibilities often include observing employees’ behavior, conducting surveys and studies, and developing reports and presentations to share their findings with executives and other decision-makers.
How to Become One: The best degree for advancing in this field is a master’s in industrial-organizational psychology. Many master’s in psychology programs offer a concentration option for industrial-organizational psychology. In addition to general psychological principles, these degree programs cover talent development, change management, and industrial relations.
- Projected Job Growth, 2022-2032: 6%
- Highest-Paying States: Data not available
Top Academic Programs for Industrial-Organizational Psychologists:
| School | Tuition | # Credits to Graduate |
| NYU Arts & Science | $2,243 | 36 |
| Hofstra University | $1,695 | 44 |
| The Chicago School | $1,409 | 40 |
3. Computer/Information Research Scientist
Median Salary: $145,080
What They Do: Computer and information science is a high-paying field, and research scientists within that industry can expect to work on new technologies such as robotics or machine learning. Responsibilities may include developing new software or programming languages, running experiments, and writing academic papers about the results. This career path is best for people who work well on teams, love to solve problems, and want to work in a research capacity in fields such as biomedicine or business.
How to Become One: A master’s degree in computer science or a related major is the typical level of education for workers in this field. To get into one of these master’s programs, you’ll first need to earn a bachelor’s degree in a relevant subject, such as computer science or information technology.
- Projected Job Growth, 2022-2032: 23%
- Highest-Paying States: Washington, California, West Virginia, Massachusetts, Oregon
Top Academic Programs for Computer and Information Research Scientists:
| School | Tuition | # Credits to Graduate |
| Duke University | $3,780 | 30 |
| Georgetown University | $2,550 | 30 |
| Brown University | $,2537 | 32 |
4. Political Scientist
Median Salary: $132,350
What They Do: According to the BLS, around 6,200 political scientists work in the U.S., 61% of whom work for the federal government. Their responsibilities include research and analysis, which may focus on current events, foreign relations, and other aspects of law and government. Political scientists may also track public opinion and economic trends, study voting patterns, and more. Their research helps to shape policy decisions by government agencies, labor unions, private businesses, and other organizations.
How to Become One: Political scientists typically have a Master of Public Policy (MPP), Master of Public Administration (MPA), or similar degree. It’s common for new entrants to the field to gain experience through internships or volunteer positions as they work to complete their college education.
- Projected Job Growth, 2022-2032: 7%
- Highest-Paying States: Maryland, District of Columbia, Virginia, New York, Washington
Top Academic Programs for Political Scientists:
| School | Tuition | # Credits to Graduate |
| George Washington University | $2,020 | 33 |
| University of Connecticut | In-State: $1,084 Out-of-State: $2,302 |
30 |
| Duke University | $3,780 | 30 |
5. Physician Assistant
Median Salary: $130,020
What They Do: Physician Assistants (PAs) do nearly everything a licensed physician can do, except they work under the supervision of a physician. In a hospital setting, they may work as part of a small team, performing examinations, providing vaccinations, and preparing patients for surgery. In rural areas with limited healthcare providers, physician assistants may be the primary point of contact for patients and their families. Other tasks may include treating broken bones and prescribing medications.
How to Become One: Before pursuing a career as a physician assistant, it’s essential to research the licensing requirements in your state. You’ll likely need to complete a two-year master’s degree program and undergraduate studies in a relevant subject. Unlike doctors, PAs don’t have to obtain an M.D. or complete a residency program. This means you’ll have a shorter, less stressful career path but earn less than a medical doctor — $130,020 per year on average, compared to $239,200.
- Projected Job Growth, 2022-2032: 27%
- Highest-Paying States: Nevada, California, Washington, Connecticut, Alaska
Top Academic Programs for Physician Assistants:
| School | Tuition | # Credits to Graduate |
| Yale University | $16,517 (per semester) | 118 |
| Pace University | $1,535 | 102 |
| University of North Dakota | $1,214 | 90 |
6. Nurse Midwife
Median Salary: $129,650
What They Do: Nurse midwives deliver babies and provide prenatal and postpartum care. Before birth, their work involves confirming and dating pregnancies, performing exams and tests, and managing complications. They also help with the physical and emotional challenges that often follow childbirth, such as back pain and depression, and they educate patients on topics like infant care and breastfeeding.
How to Become One: Nurse midwife positions require a Master of Science in nursing (MSN) with a concentration in midwifery. After earning this degree, you’ll then need to pass a certification exam administered by the American Midwifery Certification Board and become licensed in your state to practice.
- Projected Job Growth, 2022-2032: 6%
- Highest-Paying States: California, Hawaii, Massachusetts, Maine, Oregon
Top Academic Programs for Nurse Midwives:
| School | Tuition | # Credits to Graduate |
| Georgetown University | $2,550 | 49 |
| George Washington University | $1,530 | 50 |
| Thomas Jefferson University | $1,298 | 62 |
7. Nurse Practitioner
Median Salary: $126,260
What They Do: The typical job duties of a nurse practitioner include the same responsibilities as registered nurses (assessing conditions, treating injuries and illnesses, educating patients, etc.) as well as more advanced medical tasks, including ordering tests, analyzing test results, and prescribing medication. Nurse practitioners typically specialize in caring for a particular patient population, such as children, people with mental health disorders, or older people.
How to Become One: The first step to becoming a nurse practitioner is earning a Master of Science in nursing (MSN) degree. While the exact licensure requirements vary by state, you will probably need to pass a certification exam administered by an organization like the American Academy of Nurse Practitioners Certification Board (AANPCB) or the American Nurses Credentialing Center (ANCC).
- Projected Job Growth, 2022-2032: 45%
- Highest-Paying States: California, Nevada, Washington, New Jersey, Oregon
Top Academic Programs for Nurse Practitioners:
| School | Tuition | # Credits to Graduate |
| Georgetown University | $2,550 | 40 |
| Duke University School of Nursing | $2,166 | 42-49 |
| University of Southern California | $2,201 | 50-52 |
8. Psychologist
Median Salary: $117,750
What They Do: For their employment data, the BLS defines “psychologist, all other” as any kind of psychologist who does not work in clinical, industrial-organizational, or school settings. This includes forensic psychologists, who study criminal behavior, provide expert testimony in court, and help rehabilitate criminal offenders; cognitive psychologists, who study how the human brain works; and rehabilitation psychologists, who help people cope with disabilities, illnesses, and injuries.
How to Become One: Entry-level jobs in this field typically require a master’s in psychology. Depending on which specialty you choose and the state you plan to work in, you may also need to obtain a professional license to work as a psychologist.
- Projected Job Growth, 2022-2032: 5%
- Highest-Paying States: California, Hawaii, Oregon, Nevada, Massachusetts
Top Academic Programs for Psychologists:
| School | Tuition | # Credits to Graduate |
| University of Pennsylvania College of Liberal and Professional Studies | $1,857 | 36 |
| University of Illinois at Urbana – Champaign | Resident: $585 – $1,171 Non-Resident: $1,264 – $2,529 |
32 |
| NYU Arts & Science | $2,101 | 36 |
9. Mathematician
Median Salary: $116,440
What They Do: A master’s in mathematics can prepare you for a job in government, where you’ll work on policy proposals based on surveys and statistics, or in academia, where you’ll work on more abstract theories. There are also opportunities available in the healthcare industry, where biostatisticians assess the results of medical studies and in business, engineering, and research and development.
How to Become One: Since career outcomes can vary widely in this field, it’s essential to know what kind of mathematician you want to be. Mathematicians who work in government may only need a bachelor’s, but many other roles typically require a graduate degree. You can start by obtaining a bachelor’s degree in mathematics or economics, with statistics or computer science courses to round out your education. Then, you can apply for an appropriate master’s degree based on your long-term career goals.
- Projected Job Growth, 2022-2032: 2%
- Highest-Paying States: Washington, New York, Virginia, Maryland. California
Top Academic Programs for Mathematicians:
| School | Tuition | # Credits to Graduate |
| Louisiana State University | $787 | 36 |
| University of North Dakota | $498 | 30-32 |
| Liberty University | $415 – $615 | 36 |
10. Economist
Median Salary: $115,730
What They Do: Over a quarter of economists work in the federal government, while others work in consulting, R&D, state government, and local government. Economists may focus on a specific area of expertise, such as healthcare, education, taxes, or employment. A big part of an economist’s job is to make predictions using data analysis software, and other tasks include writing reports, delivering presentations, and consulting with business clients. Economists need to be familiar with everything from statistical models to historical trends.
How to Become One: Most positions in this field require applicants to have a master’s in economics or a related subject area. However, for some opportunities (particularly government jobs), you may only need a bachelor’s degree.
- Projected Job Growth, 2022-2032: 6%
- Highest-Paying States: District of Columbia, Virginia, Massachusetts, Maryland, California
Top Academic Programs for Economists:
| School | Tuition | # Credits to Graduate |
| American University | $2,000 | 30-36 |
| University of Detroit Mercy | $1,857 | 30 |
| Johns Hopkins University | $1,800 | 30 |
Other Factors to Consider When Choosing a Master’s Degree Program
Employment outlook
When selecting a master’s program, students should consider the employment outlook for their area of interest. Even if a field offers high salaries, if employment is projected to experience limited growth or decline in the future, it may not be a good option, as opportunities will become more limited.
“I recommend that students thoroughly research the job market they’re interested in and pay attention to the projected salaries and available career advancement opportunities for their intended major,” Villagomez says. A key resource for this is the BLS’s Occupational Outlook Handbook, which offers employment projections for hundreds of jobs and career fields.
Location
Although individuals with master’s degrees can be found everywhere, specific fields, like tech and political science, are concentrated in particular cities or regions, meaning that location can impact available job opportunities.
It can also influence how much an individual earns. Although salaries are often higher in urban areas where these fields are centered, these locations typically have a higher cost of living. Students must weigh potential earnings against what it will cost to live in a particular city or region when selecting their master’s degree program.
Another consideration is whether you want a job that allows you to work remotely, giving you the freedom to live in a more affordable area or move from place to place. This can also impact your choice of master’s degree, as some jobs are more conducive to remote work than others.
Employability
While specific fields or jobs require a master’s degree, not all do. Before enrolling in a master’s degree program, students should research standard education requirements for the types of jobs they’re interested in pursuing to determine if a master’s degree is necessary or if a different kind of graduate degree, such as an MBA, can prepare them for the jobs they seek.
“I strongly recommend that students begin by meeting with a college or career counselor to develop an action plan that aligns with their career and educational goals,” Villagomez says. “Working with trained professionals can help alleviate some of the stress and uncertainty that comes with this process.”
Students can also use the BLS’s Occupational Outlook Handbook and job postings on sites like Indeed or ZipRecruiter to learn more about educational requirements for jobs that interest them. Another option is to utilize professional networks to learn more about how others with similar interests and goals worked their way up the professional ladder and if a master’s degree is necessary.
Work-life balance
Students who plan on entering a master’s degree program often have some professional and life experience, so it’s important to consider other needs and priorities, including work-life balance.
Certain high-paying master’s degree fields, such as nurse practitioner and physician assistant, may involve long or irregular hours or stressful working conditions. Students should consider the impact these types of jobs will have on other areas of life, including relationships, health, and hobbies, when determining if it’s the correct path.
Establishing your priorities in terms of working hours and location, stress levels, flexibility, and room for personal growth and accomplishments can help you determine if a high-paying job is the right fit for you.
Personal interests and aptitudes
Students who select a master’s degree program based solely on salary potential may find themselves in fields they’re not well-suited for in terms of personal interests, aptitudes and skills, or values and beliefs.
“When students are selecting a major, I encourage them to consider what type of work they find fulfilling and aligns with their values,” Villagomez says. Students can use career guides and aptitude tests to help them gain an understanding of what careers might align with their abilities. They can also explore careers related to academic or extracurricular interests and hobbies.
Professional fulfillment can come in many different forms beyond a high salary, and students should consider what is most important to them before deciding which master’s degree and career path they want to pursue.
Frequently Asked Questions
What is a master's degree?
A master’s degree is a postsecondary degree typically pursued after completing an undergraduate degree. Most master’s degrees take one and a half to three years to complete, making it less of a commitment than obtaining a doctorate. Some industries require a master’s degree to get a job, while in others, it’s optional but may still boost your employability or earning potential.
Who should pursue a master's degree?
Before pursuing a master’s degree, you should determine whether it will be worth the expense and necessary for your career. Some students begin their master’s immediately after a bachelor’s degree as part of a long-term career plan, while others may pursue it later in life to increase their earning potential or shift careers.
What master's degree pays the most?
The highest-paying career on our list is nurse anesthetist, with a median annual pay of $212,650. If this career isn’t right for you, industrial-organizational psychology ($147,420) or computer science ($145,080) may also be worth considering. Remember that annual salaries can vary from state to state, even with the same credentials.
How much does a master's degree cost?
The cost of a master’s degree depends on which program you enroll in and which school you attend. On average, graduate school tuition costs $12,596 at public universities and $28,017 at private universities. It should be noted that public schools usually charge out-of-state students a much higher tuition rate than in-state students.
Interested in a degree instead?
Learn more about online degrees, their start dates, transferring credits, availability of financial aid, and more by contacting the universities below.