If you find yourself wondering about the value of a master’s degree or asking yourself, “Is a PhD worth it?” the answer, according to recent statistics, is a resounding yes.
Studies repeatedly prove that the value of a PhD degree and the value of a master’s degree—online or from an on-campus institution—are significant when it comes to salaries.
Master’s degrees and PhDs: Degrees worth getting
In terms of degrees that are worth it, on campus or online, graduate programs pay off. According to the U.S. Bureau of Labor Statistics, in 2014, doctoral degree holders earned a median weekly salary 30% higher than those with a bachelor's degree. Master’s degree salaries were also significantly higher—17% greater than those that stopped their education at the bachelor’s level.
Whether you pursue one on campus or online, master’s degrees and PhD degrees deliver when it comes to income. According to the U.S. Census Bureau, over a lifetime, a PhD salary can bring in more than $3.5 million. A master’s degree salary provides a hearty income as well¬—more than $2.8 million in a lifetime. With those kind of numbers, the value of a master’s degree—and the answer to that age-old doctoral degree question, “Is a PhD worth getting?”—becomes perfectly clear.
Master’s vs. PhDs—Salary comparisons
Employers are willing to pay a premium for the advanced skills, knowledge, and increased productivity that often accompany doctoral degrees such as a PhD degree.
While a master’s degree salary is higher than that of a bachelor’s, a PhD salary trumps that of a master’s degree—and keeps increasing over time. Although a master’s degree salary and PhD salary may start off similarly (roughly $50,000 for each), a PhD salary can double over the span of 20 years, jumping to more than $100,000 per year 20 years after completing a PhD degree, making the value of a PhD even more apparent.
Online graduate programs—ideal for busy professionals
Reports and statistics prove that the higher your education level, the higher your earning potential. But how do you pursue a master’s or doctoral degree while juggling work and family commitments?
Many working professionals pursuing master’s degrees and PhD degrees find that online graduate degree programs provide the flexibility they need without sacrificing the rigor and quality of traditional master’s and doctoral degree programs at brick-and-mortar institutions.
Backed by cutting-edge educational technologies, online graduate programs give students the opportunity to get their PhD degree or master’s degree in a flexible format that fits their life and schedule—without the need to travel to and from class.
Ready to take your career—and your salary—to the next level? With dozens of online master’s degrees and PhD degrees to choose from, Walden University’s online graduate degree programs are helping working professionals change their world and the world of others. Learn more about how Walden can partner with you for success.