Top 5 Best Master's Degrees (2024)

Shane Hummus
21 Nov 202208:07
EducationalLearning
32 Likes 10 Comments

TLDRThe video discusses the top five master's degrees of 2023 that offer a good return on investment. It emphasizes the importance of choosing a degree that aligns with career goals and provides a high earning potential. The list includes technology-related degrees like computer science, engineering, and data science, as well as health-related fields such as nursing and physician assistant programs. The video also highlights the value of work experience over pursuing a master's degree in many cases, and suggests digital marketing as a flexible and lucrative alternative career path.

Takeaways
  • 📚 Master's degrees often lead to significant debt, averaging around $66,000, so it's crucial to choose wisely for a good return on investment.
  • 💻 A computer science master's degree can be valuable, especially for careers in AI or machine learning, but isn't necessary for typical development roles.
  • 🔍 Research is key when considering an engineering master's degree, as it may not be required for many positions but can offer higher salaries.
  • 📊 Data science master's degrees are often beneficial, with many transitioning into roles like statistician, though it's possible to become a data scientist without one.
  • 🩺 Health-related master's degrees, like those for nurse practitioners and physician associates, are highly recommended due to the clear career path and barrier to entry.
  • 🏥 The shift from Master's to Doctorate degrees is evident in nursing, with incentives to pursue higher education for better career prospects.
  • 💰 High demand for certain health-related professions like nurse practitioners and physician associates ensures a strong job market and competitive salaries.
  • 🤔 The necessity of a master's degree depends on individual career goals, with many alternative routes often being more efficient and cost-effective.
  • 🌐 LinkedIn and Glassdoor are useful resources for researching salaries and job opportunities in various fields.
  • 🔄 Flexibility in career paths is highlighted as an advantage in certain health-related professions, allowing for transitions between specialties.
  • 🚀 Digital marketing is presented as a valuable alternative career path that offers demand, good pay, and the possibility of entering the field without a college degree.
Q & A

  • What is the average debt incurred for a master's degree?

    -On average, a master's degree leads to about $66,000 in debt, with the average debt among master's degree holders being around $71,000.

  • What type of master's degree is recommended for those interested in AI or machine learning?

    -A master's degree in computer science can be beneficial for those aiming for careers in AI or machine learning, as these fields require advanced knowledge and skills.

  • Is a master's degree in computer science necessary for all tech-related jobs?

    -No, a master's degree in computer science is not necessary for all tech jobs. It is not required for typical front-end or back-end development roles where one can earn a good income without the degree.

  • What is the average salary for computer scientists with a master's degree?

    -Computer scientists with a master's degree can expect to earn about $106,000 per year on average.

  • How many people graduate with a master's degree in computer science each year?

    -Approximately 12,000 people graduate with a master's degree in computer science each year, according to Glassdoor.

  • What is the value of a master's degree in engineering?

    -A master's degree in engineering can be valuable for certain positions, but it's essential to research whether it's needed for the specific roles one is targeting.

  • How does a master's degree in data science compare to a degree in statistics for career prospects?

    -A master's degree in data science is beneficial for careers in the field, but a statistics degree is also common among data scientists. Companies sometimes offer positions called data scientist to attract candidates without a master's in data science.

  • What is the career outlook for nurse practitioners with a master's degree?

    -Nurse practitioners with a master's degree have a strong career outlook, with the field transitioning to doctorate degrees. They enjoy a good barrier to entry and competitive salaries, with an average annual salary of $139,000.

  • Why is a master's degree in physician assistant considered a top choice?

    -A master's degree in physician assistant is a top choice due to its flexibility, relatively less demand compared to nurse practitioners, and competitive salaries, with an average annual salary of $101,000.

  • What alternative career paths are suggested for those who may not need a master's degree?

    -Digital marketing is suggested as an alternative career path that offers high demand, good pay, and the possibility to enter the field without a college degree or experience.

  • What is the general advice regarding the pursuit of a master's degree?

    -The general advice is to consult with professionals and assess personal goals to determine if a master's degree is necessary. Often, work experience and alternative routes can be more valuable and cost-effective than pursuing a master's degree.

Outlines
00:00
🎓 Top 5 Master's Degrees of 2023: Value and ROI

This paragraph discusses the importance of choosing a master's degree that offers a good return on investment. It highlights the average debt incurred for a master's degree and emphasizes the need to research whether a specific degree is necessary for one's career goals. The speaker mentions that while technology-related degrees like computer science can lead to high-paying jobs, not all tech careers require a master's degree. The paragraph also touches on the salaries and job prospects for computer science graduates, as well as the value of using resources like LinkedIn and Glassdoor for research.

05:01
🔧 Engineering and Data Science Master's Degrees

The second paragraph focuses on engineering and data science master's degrees. It explains that certain positions in engineering may benefit from a master's degree, but it's crucial to research whether it's necessary for the desired career path. The speaker provides statistics on graduates and job prospects in electrical and electronics engineering. The paragraph also discusses the value of a data science master's degree and the alternative of a statistics degree for aspiring data scientists. The importance of understanding the job market and using platforms like Glassdoor and LinkedIn for salary information is reiterated.

Mindmap
Keywords
💡Master's Degrees
Master's Degrees are postgraduate academic degrees that typically require one to two years of study beyond a bachelor's degree. In the context of the video, the focus is on the value and return on investment of obtaining a master's degree, especially in terms of career prospects and salary.
💡Debt
Debt refers to the money borrowed by students to finance their education, which they are required to pay back after graduation. In the video, it is emphasized that taking on significant debt for a master's degree may not always be worthwhile, and individuals should consider the potential earnings against the cost of the degree.
💡Return on Investment (ROI)
Return on Investment (ROI) is a financial metric used to assess the probability of gaining a return from an investment. In the context of the video, it refers to the potential increase in income and career advancement one can expect as a result of obtaining a master's degree.
💡Computer Science
Computer Science is a field of study that focuses on computers and computational systems, including their design, development, and application. In the video, a computer science master's degree is highlighted as a potentially valuable investment, especially for careers in software development, software engineering, AI, and machine learning.
💡Engineering Masters
An Engineering Masters is a graduate-level degree that focuses on the application of scientific and mathematical principles to design, build, and maintain various structures, machines, systems, and processes. The video suggests that certain engineering positions may benefit from a master's degree, but it's crucial to research whether it's necessary for the desired career path.
💡Data Science
Data Science is an interdisciplinary field that uses scientific methods, processes, algorithms, and systems to extract knowledge and insights from structured and unstructured data. In the video, a master's degree in data science is portrayed as beneficial, especially for those interested in careers involving complex data analysis and machine learning.
💡Nurse Practitioner
A Nurse Practitioner is a registered nurse with advanced education and clinical training that qualifies them to diagnose and manage acute or chronic health conditions. In the video, pursuing a Master of Science in Nursing (MSN) to become a nurse practitioner is highlighted as a wise investment due to the high demand and competitive salaries in this healthcare role.
💡Physician Associate
A Physician Associate, previously known as a Physician Assistant, is a healthcare professional who practices medicine under the supervision of a physician and surgeon. The video positions the Physician Associate as a top choice for a master's degree due to its flexibility, demand, and the relatively high salaries associated with the role.
💡Digital Marketing
Digital Marketing is the practice of promoting products or services using digital channels, such as search engines, social media, email, and websites. In the video, digital marketing is presented as an alternative career path that does not require a college degree and offers high demand, good pay, and flexibility.
💡Career Goals
Career Goals refer to the objectives or targets an individual sets for their professional development and advancement. In the context of the video, identifying one's career goals is crucial for determining whether obtaining a master's degree is the right path, as it helps in assessing whether the degree aligns with desired career outcomes and financial benefits.
💡Barrier to Entry
Barrier to Entry refers to the obstacles or requirements that must be met in order to enter a particular profession or market. In the video, a high barrier to entry, such as the need for specific degrees in healthcare, is seen as a positive factor because it limits competition and can lead to higher salaries and job security.
Highlights

The average debt for a master's degree is around $66,000, with master's degree holders averaging about $71,000 in debt.

Technology-related master's degrees, specifically in computer science, can lead to high-paying jobs like software developer or software engineer.

A master's in computer science may be worth it for specialized fields like AI or machine learning, but not necessary for typical front-end or back-end development roles.

Around 12,000 people graduate with a master's in computer science per year, with computer scientists earning about $106,000 annually.

Engineering master's degrees can be beneficial for certain positions, but research is key to ensure it's necessary for the desired role.

Electrical and electronics engineering master's graduates number around 11,000 per year, with higher salaries compared to those with only a bachelor's degree.

A master's degree in data science can be advantageous, with many in the field having degrees in statistics.

Data scientists can earn an average of $123,000 per year, with 74,000 results found at the entry level on LinkedIn.

Nurse practitioner degrees, or Master of Science in Nursing (MSN), are increasingly transitioning to doctorate levels.

There are 16,000 people graduating with MSN degrees per year, with nurse practitioners earning around $139,000 annually.

Physician associate degrees, previously known as physician assistant, are still master's degrees with about 8,500 graduates per year.

Physician associates can earn around $101,000 per year, offering flexibility to switch specialties unlike medical doctors.

Health-related master's degrees are often the best choice due to the requirement of the degree, creating a barrier to entry and protection for those who obtain them.

Technology-related degrees are more optional, and one can achieve similar career paths with experience and skills rather than a master's degree.

Digital marketing is highlighted as a valuable and flexible career path with high demand, good pay, and the possibility to enter without a college degree.

The video encourages viewers to consider alternatives to master's degrees, such as gaining work experience, which can be more valuable than theoretical classroom learning.

A free master class on digital marketing is offered for those interested in a career change or entry into the field without a college degree.

Transcripts

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