For those of us who are currently in college or who have recently graduated from college, four years just does not seem like enough. We might be considering pursuing graduate school to get our master’s degrees, or to just prolong entering the real world. Keep in mind that in a few short months, it’s going to be time to start paying off some of those college loans.
This is what makes the idea of graduate school seem absolutely daunting. Shelling out more money and piling on more loans, really? The thought alone could be enough to make you run straight into the real world and never look back; but not so fast. There are degrees that will actually make the debt worthwhile.
Here are the top five grad degrees that are worth spending a little extra dough to get:
- Business. It’s not surprising that careers centered on money such as accounting, finance and management actually pay pretty well too. According to the Huffington Post, an MBA is one of the most worthwhile grad degrees because of its versatility. The degree prepares you for business, accounting and finance, so upon graduation, you’ll be skilled to enter whichever field you choose.
- According to BusinessInsider.com, Biology and Chemistry are two of the best graduate degrees out there. It reports that graduate degree holders of these fields earn nearly $30,000 more annually than experienced college grads. Additionally, the percentage of those unemployed with grad degrees is much lower than those who only have bachelor’s degrees.
- Medicine. One career path that is never going out of style is being a doctor. Most of us know that success as a doctor requires many, many years of schooling; however, the payoff is huge. In the northeast, the average physician earns $239,000. If that doesn’t help alleviate some of the grad debt, there’s not much else that will. Beyond that, it is said to be one of the most rewarding careers, and money is usually not the driving force behind that.
- Computer Science. Technology is on the rise, and so are the careers centered around it. The mid-career median pay is not too shabby either: $109,000. Aside from that, the need for these professionals is only expected to increase. Forbes predicted that the employment opportunities for these degree holders is expected to increase 27 percent between 2008 and 2018.
- One of the advantages that you might not know about getting your graduate degree in Engineering is that there are many different possibilities for it, all of which pay pretty well. A few of these include mechanical engineering, electrical engineering, civil engineering and mechanical engineering. While they all reportedly pay off, electrical engineering takes the cake with an average salary of $121,000.
Most of the time, furthering your education for a higher degree will reward you with more money, but it’s absolutely imperative to evaluate if it’s financially worth it. For these five careers, it makes all the difference.
A satisfying salary is only half of the consideration. Be completely sure that you are actually passionate about the degree you are pursuing, otherwise, the debt will never be worth it.