In some professions, obtaining a master's degree can lead to a higher rate of pay or a bigger salary. A 2003 article published by Salary.com noted the disparity between bachelor's degree earners and those holding a master's degree. Those with a bachelor's degree earned a median annual salary of $43,000, while those holding a master's degree made $53,000. Similarly, WorldWideLearn noted that over a working lifespan of 40 years, the average master's degree holder will make about $400,000 more throughout her lifetime. The amount of money you make can also be dependent upon your career field as well. Some careers will not reward you for graduate level degrees, but some will. Some of the more common fields where you can expect greater pay include business, teaching and even government jobs where your pay grade can be directly related to your education and experience.
Another advantage of obtaining a master's degree is the level of expertise you will gain on a subject. In some cases, this can lead to greater responsibility. A master's degree indicates that you have achieved a level of knowledge over and above the average person, even someone with a bachelor's degree in the subject. This alone can give you an advantage in certain job markets where greater specialized knowledge may be needed. For instance, engineering is a common field where specialized technical knowledge can prove to be beneficial. Engineers with greater technical expertise may be more likely to obtain a position if competing with others in the same field who only hold a bachelor's degree. Nursing is another common field where this is likely to be the case. Nurses who have obtained a Master of Science in Nursing usually obtain expertise in an area, such as geriatric or pediatric care. This can qualify them for positions of leadership and specialized positions in the nursing field.
A third benefit to obtaining a master's degree is that it can prepare you for doctoral studies in the same field, or one that is closely related. While it is not absolutely necessary to obtain a master's degree before moving on to a doctoral program, it can be helpful. A master's degree can provide you a higher level of knowledge, which can be utilized at the doctoral level. Most master's degree programs require a master's thesis or a significant project of some type. Completing a thesis can be good practice for a doctoral dissertation.