One of the biggest differences between a bachelor's degree and master's degree is the cost of achieving the degrees. According to a recent College Board article, the average cost of a bachelor's degree for a resident student at a public college or university is $7,605 per year as of 2011, adding up to more than $30,000 for a bachelor's degree. A non-resident student can expect to pay an additional $4,000 each year to attend the college or university. The average cost of getting a master's degree will range from $20,000 to $30,000 in addition to the cost of a bachelor's degree, which you must first have before pursuing a master's degree. The University of California Berkeley, for example, will cost an additional $34,286 for resident students seeking a graduate degree like a master's degree.
A bachelor's degree opens the door to several job opportunities, but a master's degree will not only open the door, but keep a individual employed. According to the Bureau of Labor Statistics, a person with a bachelor's degree has a 0.2 percent higher unemployment rate than a person with a master's degree. Job openings for a bachelor's degree graduate is also lower than the expected job openings for a person with a master's degree. The Bureau estimates expected job openings for a bachelor's degree graduate is 1 million less than a master's degree graduate over the course of a 10-year period.
The wages for a bachelor's degree graduate are much less than a master's degree graduate. The average weekly income for a individual with a bachelor's degree is $834 as of 2011, and the average weekly income for a individual with a master's degree is $984. This is a $150 a week more for the master's degree graduate and a total of $7,800 per year more. The lifetime wages of a master's graduate and bachelor's graduate is also significantly different, according to the Bureau of Labor Statistics.
The biggest difference between a bachelor's degree and master's degree is the time it takes a student to achieve the degrees. A bachelor's degree generally takes a student four years to complete, while the master's degree takes an additional one to three years depending on the college or university graduate program and major. A student seeking to achieve a master's degree can go to college for a total of five to seven years before entering the workforce.