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Master's Degrees That Don't Pay

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Master's Degrees That Don't Pay: Five of the lowest-paying master's degrees

Facts:

  • College tuition costs increase at about twice the inflation rate
  • Tuition for a master's degree is anywhere from $5,000 to $38,000/year
  • Those with master's degrees have make approximately 20-30% more than those with bachelor's degrees
  • In 2008, national unemployment for those over 25 years old was 4.6%
    • 2.8% for those with a bachelor's degree
    • 2.4% for those with a master's degree
  • People with master's degrees stand to earn $400,000 more in their lifetime than if they had a bachelor's

5. Master's in Culinary Arts

Average starting salary - $31,000

Average mid-career salary - 49,700

Some career options:

  • Restaurant chef
  • Personal chef
  • Caterer
  • Mixologist

4. Master's in Education

Average starting salary - $37,200

Average mid-career salary - $55,000

Some career options:

  • Teacher
  • Principal
  • Career counselors
  • Corporate trainers
  • Social workers
  • Education outreach specialists for museums, zoos, etc.

3. Master's in Social Work

Average starting salary - $33,100

Average mid-career salary - $37,700

Some career options:

  • Medical/public health
  • Hospitals, hospices, nursing homes
  • Substance abuse
  • Rehab, prisons, juvenile detention
  • Mental health
  • Community mental health centers, hospitals, schools
  • Child welfare
  • Schools, child protective services
  • School social work
  • Behavioral intervention, truancy prevention, sexual education, health education, crisis intervention

2. Master's in Theology

Average starting salary - $32,400

Average mid-career salary - $50,700

Some career options:

  • Ordained ministry
  • Chaplaincy
  • Counseling
  • Education

1. Master's in Music

Average starting salary - $34,600

Average mid-career salary - $51,100

Some career options:

  • Performer
  • Talent agent/management
  • Music educator
  • Audio engineer/technician
  • Composer
  • Music therapist
  • Instrument repair/piano tuner
  • Music journalist/publicist
  • Disc jockey

Will your degree pay for itself?

  • Close to 12 million college students borrow annually to cover costs (60% of all college students)
  • There are approx 37 million student loan borrowers with outstanding student loans
  • Of these, 14% have at least one past due loan account
  • As of 2012, there are more than $8 billion in defaulted private loans (that's 850,000 loans in default)
  • 48% of 25-34 year olds say they're unemployed or underemployed

Sources

http://career-advice.monster.com/salary-benefits/salary-information/best-and-worst-paying-masters-degrees/article.aspx

http://usatoday30.usatoday.com/money/economy/story/2012-02-09/income-rising/53033322/1

http://www.finaid.org/calculators/

http://suite101.com/article/careers-with-a-masters-of-education-degree-a292639

http://www.payscale.com/college-salary-report-2013/majors-that-pay-you-back

http://mustech.net/2009/09/so-what-can-you-do-with-a-music-degree/

http://culinaryprograms.net/exciting-career-opportunities-with-a-culinary-arts-degree/

http://msw.usc.edu/mswusc-blog/the-five-most-popular-social-work-careers/

http://work.chron.com/list-jobs-require-master-divinity-degree-15150.html

http://www.cbsnews.com/8301-505125_162-51382687/graduate-school-should-you-get-another-degree/?tag=mwuser

http://www.asa.org/policy/resources/stats/



Master's Degrees