There are many reasons why students choose to study abroad and undertake a master’s degree.
Perhaps you want to further your knowledge in a certain field, gain a further qualification needed for a certain job, or maybe you even want to change your career.
One of the most common reasons people choose to take on a master’s degree is to earn more money. Investing in yourself by gaining new qualifications can be a great way to make yourself valuable to employers and move into a new pay bracket.
However, some master’s degrees will result in higher-paying jobs than others.
Also read: Here are 10 of the Highest Paying Masters Degrees of 2023
1. Business Administration
A masters in business administration (otherwise known as an MBA) is one of the most popular masters programmes around. Getting a good MBA can set you apart from the crowd and give you a great chance at a successful career in business.
Salaries for MBA graduates vary, but business is certainly a lucrative field to work in, with the average salary of a CEO hitting $170,000 a year!
2. Engineering
One thing is for sure, we will always need engineers. Engineers are highly skilled workers, and carry out some of the most important jobs in our society. Whether you’re interested in mechanical, civil, or electrical engineering, gaining a masters degree is a good idea if you want to start earning the big bucks as an engineer.
Again, it’s hard to give an exact salary for a graduate engineer, but as an engineering manager you’ll be earning around $120,000 per year.
3. Petroleum Engineering
Okay, this is a slightly more specific branch of engineering, but it happens to be one where salaries are particularly high. A degree in Petroleum Engineering focuses on the world of fossil fuels, which we all know are worth a lot of money.
However, oil and gas won’t last forever, and petroleum engineers are tasked with figuring out alternative (and hopefully more sustainable) ways of powering our world.
For your valuable work you’ll be paid handsomely, with $110,000 per year being the average salary of a petroleum engineer.
4. Physics
Physics is another field where your valuable work will literally help shape the future of our society. Physicists work to understand the very fabric of the world around us, but their work isn’t just implemented in labs. Physics comes into many industries, from textiles to optometry, artificial intelligence and machine learning, and many more.
If you think you’re curious and clever enough to become a physicist, you could earn around $110,000 a year!
5. Pharmacy
Pharmacists occupy an extremely important role in the medical field, as dishing out medication is a huge responsibility. If you go on and get a master’s degree in pharmacy, you’ll move up the ranks even quicker, helping senior doctors make key decisions on how to treat patients.
If you’re responsible enough for this job it’s well rewarded, as you could earn anything from around $90,000 to $160,000 per year!
6. Economics
Have you got a mind for numbers? If so, a master’s degree in economics could be the way for you to make your fortune. A master’s degree in economics will give you vital knowledge that can be used in many high-paying jobs, including as a banker, stockbroker, and an economist.
And it could be your way to making a fortune, as the average economist’s salary is around $115,000 per year.
7. Human Resources
This one may come as a bit of a surprise, but a master’s degree in human resources can take you way up the pay scale! If you’re a senior HR employee, you’ll be tasked with managing lots of employees, recruiting staff, running training, and generally keeping the peace in the office. It’s full-on work and a job that can earn you a nice, high salary!
Those at the top of their field in HR can earn around $100,000 – and HR will always be in demand.
8. Health Administration
If you’re interested in working in the medical field but not as a doctor or nurse, this one could be for you. There are many different types of Health Administration masters degrees, such as Public Health.
These degrees will allow you to become a manager in the world of healthcare and will see you earning good money too. The average salary for healthcare managers is around $80,000 per year.
9. Health Sciences
Like Health Administration, this is a degree that comes in many different forms and can project you to higher management positions within the healthcare industry. Once again, you’ll be rewarded handsomely for your efforts, with people with Health Sciences master’s degrees also earning around $80,000 a year.
10. Computer Science
Last but certainly not least are master’s degrees in Computer Science. As the world becomes increasingly reliant on computer technology, this is one degree that sets you apart from everyone else. You’ll always be in high demand, and could be doing anything from managing large-scale databases, to developing new software.
It’s hard to pin down an exact average, but it’s likely that with a master’s degree in Computer Science, you’ll be earning around $70,000 a year.
Summary table:
| Job Profile | Average Base Salary/ year (In INR) |
|---|---|
| Business Administration | $170,000 |
| Engineering | $120,000 |
| Petroleum Engineering | $110,000 |
| Physics | $110,000 |
| Pharmacy | $90,000 to $160,000 |
| Economics | $115,000 |
| Human Resources | $100,000 |
| Health Administration | $80,000 |
| Health Sciences | $80,000 |
| Computer Science | $70,000 |
Ready to take the next step in your study abroad journey? You can search for master’s courses in the Edvoy course finder, or start an application!