05-23-2010, 03:40 PM
Quote:Best and Worst Master's Degrees for Jobs
MBAs, Computer Degrees Rank High; Social Work, Education Rank Low
By Kurt Badenhausen, Forbes.com
May 23, 2010
Shane Tysinger had a lifelong interest in medicine, but the Davidson County, N.C., high school science teacher had only dabbled in health care, holding a couple of medical assistant jobs before becoming a teacher. At his school he was the first responder for any type of medical emergency.
In 2006, looking for a full-time career in medicine, Tysinger entered the two-year physician assistant master's program at Duke University--the birthplace of the physician assistant program. Good choice. Tysinger graduated in 2008, in the middle of a recession, but says there were jobs everywhere for students in his graduating class. Today he works in an Eden, N.C. clinic that focuses on family medicine. His salary has more than tripled from his days as a teacher. "I found the career I was meant to do," says Tysinger.
Look for more people to follow Tysinger back to school for a master's in physician assistant studies. The United States' new health care system will further exacerbate the shortage of doctors and increase the need for physician assistants who provide diagnostic and preventative health care services under the supervision of a doctor. Those job prospects--and the promise of hefty paychecks--put physician assistant degrees at the top of the heap in Forbes' first-ever look at the best master's degrees.
Colleges will hand out 1.6 million bachelor's degrees this year, according to the U.S. Census (another 762,000 students are on track for associate degrees). Yet with unemployment sitting at 9.9% and underemployment at 17.1%, many students are considering sitting out the anemic job market and pursuing graduate degrees.
With this in mind, Forbes set out to determine which master's degrees would provide the best opportunities, based on salary and employment, over the next decade. We turned to Payscale.com, which lets users compare their salaries with those of other people in similar jobs by culling real-time salary data from its 16.5 million profiles.
Physician Assistants Do Well
Payscale looked at midcareer median pay for people possessing one of 30 common master's degrees. The typical worker for this group was 43 years old and had 15 years of work experience. Median salaries ranged from $121,000 for electrical engineering degrees to $53,500 for those with a master's in counseling. Payscale also provided the most common jobs for people who had earned any of these 30 degrees.
Next we looked at the Bureau of Labor Statistics to see how fast employment was expected to increase for these popular jobs over the next decade. We also considered the number of job openings based on replacement needs over the next 10 years. Physician assistants finished on top in both cases; 29,000 jobs should be added, a 39% increase over the next decade. And we'll need 57% more PAs when you factor in replacing those who will leave the field.
Another advantage of a physician's assistant degree: The prerequisites are not as narrow as other high-paying degrees, like engineering and physics, according to Al Lee, Payscale's director of quantitative analysis. Physician assistants can get undergrad degrees in almost any field, and only need to take a few science classes to prep for a master's program.
Compensation varies tremendously, based on career path, for many of the 30 degrees we looked at. An actuary with a master's in mathematics can hit a median midcareer pay of $157,000. But a high school teacher with the same degree may pull in a sight less robust $57,800.
Concentration within the degree makes a difference as well. M.B.A.s who focused on finance had median salaries of $124,000, while those in accounting took home only $72,500. "Not all M.B.A.s are created equal," says Payscale's Lee.
By our count, computer science is the second-best advanced degree, including for those who become IT consultants and senior software engineers. Median pay for these grads is $111,000, fourth best out of the 30 degrees in our survey. Employment opportunities for computer science degree-holders are expected to expand 27% over the next decade, fourth best among all disciplines.
Expensive Education Itch
The worst master's degrees pit career satisfaction against financial rewards. Getting a master's in education or social work (both rank near the bottom) can be gratifying, but costly. If you are still determined to take that route--and saddle yourself with $60,000 or more in debt at a private university--don't quit your day job. Median midcareer pay for both degrees is under $60,000, and employment growth is expected to be limited.
Jean Morse, associate dean of the New York University School of Continuing and Professional Studies, makes the case for an advanced degree, whether in English literature or computer science. "A master's improves general analytical skills and improves knowledge within the field," she says. "It also improves contacts within a field, as there is a networking element."
Quote:In Pictures: Best Master's Degrees For Jobs
No. 1: Physician Assistant Studies
Mid-career median pay: $98,900
Projected employment increase: 39%
Job growth, including replacement needs: 57%
Common jobs: Nurse anesthetist, clinical nurse specialist, director of nursing
No. 2: Computer Science
Mid-career median pay: $111,000
Projected employment increase: 27%
Job growth, including replacement needs: 39%
Common jobs: Database administrator, software architect, information technology consultant
No. 3: Civil Engineering
Mid-career median pay: $98,700
Projected employment increase: 24%
Job growth, including replacement needs: 41%
Common jobs: Project engineer, senior civil engineer, structural engineer
No. 4: Mathematics
Mid-career median pay: $96,900
Projected employment increase: 22%
Job growth, including replacement needs: 51%
Common jobs: Actuary, statistician, high school teacher
No. 5: Physics
Mid-career median pay: $110,000
Projected employment increase: 16%
Job growth, including replacement needs: 44%
Common jobs: Physicist, medical physicist, senior systems engineer
[PhD qualifies you for stalking, invading privacy, claiming to be an expert in other fields where you have no training or education]
No. 6: Information Technology
Mid-career median pay: $97,200
Projected employment increase: 29%
Job growth, including replacement needs: 39%
Common jobs: Information technology project manager, information technology specialist, software developer
No. 7: Human Resources Management
Mid-career median pay: $81,900
Projected employment increase: 22%
Job growth, including replacement needs: 47%
Common jobs: Human resources consultant, human resources manager, recruiter
No. 8: Economics
Mid-career median pay: $108,000
Projected employment increase: 19%
Job growth, including replacement needs: 38%
Common jobs: Economist, financial analyst, business analyst
No. 9: Geology
Mid-career median pay: $90,100
Projected employment increase: 17%
Job growth, including replacement needs: 44%
Common jobs: Environmental project manager, hydrogeologist, petroleum geologist
No. 10: Business (MBA)
Mid-career median pay: $109,000
Projected employment increase: 17%
Job growth, including replacement needs: 35%
Common jobs: Business development manager, management consultant, senior financial analyst
Quote:In Pictures: Worst Master's Degrees For Jobs
No. 21 (of 30): Speech Pathology
Mid-career median pay: $72,100
Projected employment increase: 18%
Job growth, including replacement needs: 37%
Common jobs: Speech-language pathologist, speech pathology supervisor, rehabilitation services manager
No. 22: Accounting
Mid-career median pay: $89,900
Projected employment increase: 14%
Job growth, including replacement needs: 28%
Common jobs: Certified public accountant, accounting manager, financial controller
No. 23: Social Work
Mid-career median pay: $56,200
Projected employment increase: 16%
Job growth, including replacement needs: 41%
Common jobs: Social worker, mental health case manager, social services director
No. 24: Psychology
Mid-career median pay: $64,500
Projected employment increase: 12%
Job growth, including replacement needs: 40%
Common jobs: Behavior analyst, clinical psychologist, school psychologist
No. 25: Library and Information Science
Mid-career median pay: $57,200
Projected employment increase: 16%
Job growth, including replacement needs: 41%
Common jobs: Reference librarian, library director, law librarian
No. 26: Fine Arts
Mid-career median pay: $63,900
Projected employment increase: 12%
Job growth, including replacement needs: 39%
Common jobs: Art director, senior graphic designer, high school teacher
No. 27: Counseling
Mid-career median pay: $53,500
Projected employment increase: 17%
Job growth including replacement needs: 40%
Common jobs: Clinical therapist, high school guidance counselor, mental health counselor
No. 28: Education
Mid-career median pay: $59,600
Projected employment increase: 14%
Job growth, including replacement needs: 39%
Common jobs: Assistant principal, education administrator, teacher
No. 29: English
Mid-career median pay: $61,700
Projected employment increase: 9%
Job growth, including replacement needs: 32%
Common jobs: Editor, high school teacher, writer
No. 30: Divinity
Mid-career median pay: $54,200
Projected employment increase: 13%
Job growth, including replacement needs: 32%
Common jobs: Chaplain, minister, senior pastor
