If you are currently working in education and you are debating whether or not you should advance your degree so that you can raise your lifetime earning potential, it is important to understand how studying for your Master’s can help you. There is no denying the fact that earning a Master’s degree requires both an investment in time and money, and you must know that return on investment before you decide whether or not a Master’s in Education is worth your while.
What is the Average Salary for Master of Education Graduates?
The first step in determining whether or not you should earn your Master of Education is to compare the average salaries reported for employed graduates. When you are looking up the average MEd salary, one thing that you must keep in mind is that the averages can vary significantly based on your title and your setting. According to a survey conducted by the National Association of Colleges and Employers, the average starting salaries in education fluctuate by an average of 20% between Bachelor’s and Master’s degree holders. Based on this survey, earning a Master’s will pay off in the form of a higher average salary, but this is not the only variable to keep in mind when making an official decision, according to Fox Business.
Related Resource: Master’s in Educational Leadership
Considering the Cost to Earn Your Degree
In economics you learn about calculating opportunity cost, and how to consider the value of what you are giving up to attain something. When you are earning a Master’s, there are two different costs to consider: the monetary cost of the degree and the time you will lose studying for your degree. By considering the opportunity cost to earn your Master’s, you can truly determine whether or not you should study for an MEd.
The average cost of earning a Master’s in Education can range, with programs costing between $80,000 and $120,000. Since not as many forms of aid are available for graduate school, you need to consider how much time it will take to earn back the money you have spent to attend school. If you are young and you have a lot of time left in the field, it is very likely that you will recoup the cost, but if you do not have much time left until retirement, you should assess your options. Look up the average salary for MEd holders in your specialty, compare degree costs and then you can make an informed decision. You also must consider the opportunities that you will miss out on while you attend graduate school for 18 to 36 months.
A Master’s degree in Education program will help you acquire new skills, so that you can advance or change careers. Make sure that you compare all of the various programs that are accredited, and then compare the salaries in the specialty you are pursuing. There are a variety of reasons to go back to school, but if your goal is to earn a larger salary, doing your homework is a must. While there is a salary increase after Masters in Education, consider all of the variables before applying for admissions.
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