Master’s Degrees

Sometimes, a master's degree leads to coveted leadership and management positions. Other times, students seek it primarily for enrichment purposes. According to a survey by the U.S. Census Bureau, the median income for people with a master's degree is $53,716, while it stands at $42,783 for those with only a bachelor's degree. Still, a master's degree does not guarantee more zeros at the end of anyone's salary. It may, however, allow seekers to advance in their current field or change fields altogether by gaining expertise in a new area.

Some students may head to graduate school immediately after receiving their bachelor's degrees, while others may spend years gaining professional experience before deciding to head back to the classroom. In general, earning a master's degree takes two years. However, some programs may offer a joint bachelor's and master's degree. These programs often allow students to receive both degrees in less than six years. In most cases, students apply for these condensed programs while they are still working toward their undergraduate degrees.

The most common master's degrees are the Master of Arts (M.A.) and the Master of Science (M.S.). Some fields have more specific degrees, such as the Master of Business Administration, or MBA. Like bachelor's degrees, master's degrees are also offered in a variety of fields.

What to Expect

Baccalaureate degrees instill various academic skills, such as critical thinking and writing. Students learn to form, justify, and support their arguments. While a student's undergraduate classes may run the gamut from one on youth in the Middle East, to one on developmental psychology, to another on tai chi, graduate school degrees are much more targeted toward specific areas. A student will not take classes on such diverse topics, but he or she will be trained to become an authority in a chosen field. Graduate school builds on existing skills, sometimes preparing students for leadership positions.

Graduate classes also tend to be more discussion-based than undergraduate classes. Seminars may replace large lecture-based classes, and professors hold grad students to a higher caliber, even in an online setting. They expect better research skills, a higher level of analysis, and more in-depth knowledge from students. While requirements vary, most master’s degree programs require students to complete a thesis prior to graduation. Others may require a practicum or internship, during which students learn practical skills.

Popular Programs

The most popular master's degree programs are in the fields of education and business. According to the National Center for Education Statistics, most master's degrees were awarded in these fields during the 2008-2009 school year. Aside from the MBA, men and women choose to pursue graduate degrees in different areas. The most popular master's degrees among men are in engineering and education leadership, while women often choose to pursue degrees in education and social work.

Overall, however, an MBA is by far the most sought after master's degree among both men and women, and most people who seek an MBA work for a few years before returning to school for their graduate degree. In business school, they study core subjects such as accounting, economics, finance, marketing, and statistics. Other MBA classes teach students management skills so that upon graduation, MBA degree holders might pursue leadership positions in various business fields and industries. An MBA can also lead to greater salaries and career opportunities.

For the education field, a master's degree is not required to teach, but some aspiring educators opt to attain one. For example, those who hope to become teachers, but did not obtain their bachelor's degree in education may seek a master's degree in education to better prepare themselves for what the field will require of them. There are several graduate degree programs to choose from in the education discipline, such as master's degrees in special education; education policy and management; and higher education. Prospective students should carefully consider what school and program best suits them and their career goals.

What to Consider

Students applying to graduate programs should also verify that the schools and programs that they are applying to are accredited by legitimate institutions. Accreditation verifies that a school has met certain expectations that pertain to the quality of education they provide. These standards are determined by accrediting agencies, which are private regional or national educational associations. The U.S. Department of Education maintains a list of accredited institutions.

There are several risks associated with attending a school that is not accredited. Employers may not hire people who graduated from unaccredited institutions. Aside from its impact on job prospects, unaccredited institutions also hinder a student's ability to transfer credits or receive financial aid. Still, just because a school or program is not accredited does not mean it is not legitimate. For instance, faith-based schools and newer programs may not be accredited.

Many graduate programs may also receive accreditation by professional agencies that specifically accredit programs within a certain discipline. For instance, The Association to Advance Collegiate Schools of Business (AACSB) accredits business programs and degrees, including the MBA. Schools that receive this form of accreditation generally hold more prestige, as the AACSB puts business programs through a rigorous set of requirements.

Other discipline-specific accreditation bodies for graduate programs include the National Council for Accreditation of Teacher Education, which accredits education programs, and the American Bar Association, which accredits law schools.