Master's degrees are advanced graduate degrees that can improve earning potential and professional advancement for students and working professionals.
A master's degree is a postsecondary credential that typically takes 2-3 years to complete. Master's programs may build on undergraduate knowledge or help learners from other disciplines enter a new field.
Certain jobs require a graduate degree, such as professor and survey researcher. In professions that don't require it, an advanced degree may help individuals progress to managerial or leadership roles. The Bureau of Labor Statistics reports that master's graduates in 2019 earned a median of $249 more per week than professionals with only a bachelor's degree.
This guide outlines important information for students considering a master's degree, including types of master's degrees, common master's degree requirements, and answers to frequently asked questions.
Types of Master's Degrees
A master's degree differs from a graduate certificate in terms of content depth, credit requirements, and career options. For instance, master's degrees typically require 30 or more credits, while graduate certificates require 20 or fewer credits. The additional courses required in a master's program mean master's graduates qualify for more advanced positions than certificate-holders.
Details for what a master's degree is, though, vary by master's type. Some of the most common options are explored in detail below.
The types of master's degrees outlined above do not constitute a complete list of the different degrees available. There are several other types, many of which lead to opportunities in specific careers or industries. For instance, a master of teaching may lead to initial teaching certification, and a master of divinity may qualify individuals for pastoral positions. We've listed some of them below.
- Executive Master of Business Administration (EMBA)
- Master of Divinity (M.Div.)
- Master of Science in Education (M.S.Ed.)
- Master of Engineering (M.Eng.)
- Master of Law (LL.M.)
- Master of Philosophy (M.Phil.)
- Master of Public Policy (MPP)
- Master of Teaching (MAT)
Admission Requirements
Master's programs require a bachelor's degree for admission. Some programs require a related bachelor's degree, while others accept students from any discipline. Master's programs may also require a minimum undergraduate GPA and/or prerequisite coursework.
Other common requirements include standardized test scores, such as the GRE or GMAT, industry certifications, and/or professional experience. Master's programs may also require recommendation letters, personal statements, writing samples, transcripts, and resumes or CVs.
Degree Requirements
Degree requirements vary by program. For instance, MSW programs require clinical experience, while MFA programs may require performances or writing projects. Many master's programs also require a thesis.
Credit requirements also vary by school, but most master's programs require 30-60 credits. Additional master's requirements may include final exams, portfolios, projects, and/or minimum GPAs for graduation.
Cost of a Master's Degree
Graduate students often pay higher tuition rates than undergraduate learners. Typically, public schools charge lower tuition than private schools. Public institutions also often offer tuition discounts to in-state students. However, some schools allow all online students to pay in-state tuition rates regardless of where they live.
Tuition rates may vary due to credit load since some schools charge part- and full-time learners different tuition rates. Additionally, students who exceed full-time courseloads may pay a course overload fee. Master's students can take advantage of financial aid opportunities to help offset the cost of their education, such as scholarships, grants, and fellowships.
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Online Master's Degree Programs
Accredited online programs offer the same quality instruction as on-campus programs, and they often result in an identical diploma. However, online programs typically offer more flexibility and affordability than on-campus programs. Many schools offer reduced tuition rates for online students, and online students often save on many of the expenses that on-campus students incur, such as housing and commuting costs. Online programs that feature asynchronous or self-paced courses typically offer the most flexibility since they do not require set login times.
How to Choose an Online Master's Degree?
Learners should consider several factors when researching prospective online master's degrees, such as delivery format, length, and cost. For instance, some online programs feature asynchronous courses, which do not require students to log on at a specific time, while others feature synchronous courses, which require set meeting times. Additionally, some online programs feature on-campus requirements. Students should ensure that they can meet these requirements before committing to a program. Other important considerations include degree type, available concentrations, and faculty qualifications.
