Is a master’s degree right for me?

A master’s degree is a postgraduate degree that demonstrates advanced knowledge or expertise in a certain field.

Some jobs require a postgraduate qualification, such as a master’s degree or a PhD, while others favour professional experience.

Before deciding if studying for a master’s degree is right for you, you need to consider a few things, including costs, time studying, and entry requirements.

The prospect of beginning more studies can be daunting, especially if you have recently finished your bachelor’s degree, or are returning to university after time in the workplace. But that doesn’t mean that you should rule it out, and hopefully this article can help with your decision making.

Do I need a masters degree?

One of the first things to consider is if you really need a masters degree. If the career you want to pursue requires you to gain a postgraduate qualification then your decision should be simple.

However, if your desired career doesn’t require a masters degree, or you don’t know what you want to do in your future career, then your decision might require more consideration.

As masters degree is a really great option for students who:

Have a passion for learning
Need to gain in-depth knowledge about a specific subject area
Want to pursue a career in academia
Want to increase their career prospects
Are interested in changing career
Want to pursue a very specific career.

If any of these apply to you, then studying at the postgraduate level could be a great option for you.

Another thing to consider is the cost of a masters degree. If it is not a requirement for your future, you should be sure that you are able to afford the extra time studying.

Average cost of a master’s degree around the world

Country	Tuition Fees	Living Costs	Total Cost	Notes
USA (USD)	$20,000 – $50,000	$10,000 – $20,000	$30,000 – $70,000	Expensive, many scholarships, top universities
UK (GBP)	£8,200 – £20,500	£9,000 – £15,000	£17,200 – £35,500	1-year master’s common, scholarships available
Canada (CAD)	CA$13,000 – $30,000	CA$10,000 – $15,000	CA$23,000 – $45,000	Quality programs, post-grad work opportunities
Australia (AUD)	AU$20,000 – $45,000	AU$21,000	AU$41,000 – $66,000	High living cost, strong research universities
Germany (EUR)	€0 – €3,000	€10,200 – €14,000	€10,200 – €17,000	Free/low tuition, many English programs
Norway (NOK)	NOK 0 – 20,000	NOK 120,000 – 150,000	NOK 120,000 – 170,000	High living cost, tuition-free at many schools
Finland (EUR)	€4,000 – €18,000	€8,400 – €13,200	€12,400 – €31,200	Tuition waivers often available
France (EUR)	€3,770	€9,000 – €12,000	€12,770 – €15,770	Low fees at public unis, many English programs

As you can see from the table above, the cost of studying a master’s degree can vary greatly depending on where you choose to study, as well as the subject you pick. Some European countries do offer very reasonable tuition fees, even for international students.

While there are options to help with funding your studies, scholarships can be more competitive than those for undergraduate degrees, and can be harder to come by.

Reasons to do a masters degree

There are several reasons why a masters degree can be a good choice if you are considering it.

Here are some of the most popular reasons:

You want to develop field-specific skills

Getting a masters degree shows that you have expertise in your field, and proves that you are willing to go further to advance your career.

You will be given the opportunity to build on the knowledge you gained at undergraduate level, by studying modules that take on more complex and advanced topics. You’ll be able to learn about the different approaches to your chosen field, and further understand how you can apply your skills to practical situations.

Increased career and salary prospects

While not a guarantee of a job or high salary, having a masters degree does usually allow you to earn more money, as well as offering more advanced job opportunities.

When applying for a job it may give you an advantage over applicants who only have a bachelor’s degree, especially as an international student. This is because it not only shows that you have taken your knowledge and skills to the next level, it also suggests that your language proficiency will be at a higher level, and that you are interested in investing your time and money into the country where you are studying.

The Institute for Fiscal Studies (IFS) found a variation in earnings based on the subject of the master’s degree. For example, master’s degrees in business and law can boost your earnings by more than 15% at age 35, while degrees in creative arts, English, and philosophy may result in earnings 10% lower than those without a postgraduate qualification.

The Office for National Statistics (ONS) also conducted a study that found that between 2004 and 2018, people with a master’s or PhD degree had a lifetime earnings boost of 9-11% over those with only an undergraduate degree. In 2020 the ONS reported that individuals with a postgraduate qualification saw the largest increase in lifetime earnings.

Change career paths

Getting a masters degree isn’t just for recent graduates. There is no age limit on going to university, so you can consider postgraduate studies at any time in your life.

The most common reason for mature students to study for a masters degree is that they want to change their career. If you are looking at a different career, getting a postgraduate qualification can be a great way to develop your knowledge in that area, and provide you with the skills to enter the workforce at a higher level.

It’s required for your career choice

Some students don’t have a choice when it comes to gaining a masters degree, as their career aspirations require (or strongly desire) it. If you want to work in certain fields, a postgraduate degree is crucial, as it covers important knowledge that is needed.

Some careers that require or desire a masters degree:

Psychologist
Research scientist
Secondary and post-secondary teacher
Economist
Data scientist
Architect
Nurse practitioner

You want to develop leadership skills

Certain masters degrees, such as an MBA, are designed to develop specific skillsets like management and leadership.

If you want to get ahead in your career, and are seeking that next promotion, a masters degree might be a helpful stepping stone for you. While gaining hands-on experience is important when it comes to progressing in your career, theory and working alongside other students is another great way to develop your abilities.

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How long does a masters degree take?

The time required to study a masters degree depends on the format you choose. You can study full-time or part-time at most universities, with some even offering online study.

If you study full-time your degree normally takes one to two years to complete. Part-time study usually takes three to five years, depending on the release of your modules. Online study can be more flexible, so can take anywhere from one to five years.

The time it will take to complete your masters degree is something that you need to consider. Can you afford to take this extra time before entering the workforce? Some people value professional experience over postgraduate qualifications, and that’s totally fair!

Types of masters degrees

There are many different types of masters degrees, and all have value in a range of fields. The most common are:

MSc – usually awarded for science based subjects like technology, natural sciences and mathematics
MA – usually awarded for arts, humanities and social sciences subjects
MEng – awarded to students of engineering degrees
MBA – a graduate level degree specialising in business and management, usually requires minimum work experience
MRes – a research degree that involves taught modules
MPH – for students who want to work in the healthcare sector, focusing on policy around health in communities
MEd – ideal for students who wish to work in education administration and leadership roles
MPhil – this is a research degree (no taught modules) and might require that you have another masters degree
LLM – for law students who want to specialise in a specific area of law, such as international law, intellectual property or family law.

Online masters degrees

Online masters degrees are far more common now than they have ever been. They are useful if you don’t want to travel for your studies, or want to study around work or other commitments.

Studying online offers you more flexibility than an on-campus degree can, as you are able to study anywhere that you can access the internet, from your kitchen table to a coffee shop. It can also be cheaper than studying on-campus, saving you money whilst giving you the opportunity to earn more once you have graduated.

Making a decision

So, with all this being said, you need to make a decision about whether studying for a masters degree is the right choice for you. The main questions you might want to ask yourselves are:

Is the degree required or desired for my chosen career path?
Can I afford to continue studying? Is there financial support if required?
Is the course I am considering recognised by employers in my field and country?
Am I prepared to work on a more advanced research project or dissertation?

If the answer to any of these questions is yes, then a masters degree might be for you.

Take a look at our article about postgraduate interview questions so that you can be prepared for your application process.

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