What Are the Highest Paying Master’s Degrees?

As the world of work expands into more specialized areas, demand grows for graduates with specialized skills. It means the highest paying master's degrees can attract some lofty salaries. But before we analyze those, let's look at the average salary of master's graduates in different countries.

How Much Can I Earn After a Master's Degree Compared to an Undergraduate Degree?

According to figures from the U.S. Bureau of Labor Statistics, business master's graduates can earn upward of US$85-90,000. That compares favorably to workers with a bachelor's degree, who earn on average US$77,500

Of course, these figures can vary hugely depending on a number of factors—including which specialist master's degree you choose. To understand the range, looking at the average salary for each master's degree can give you a better idea of what you can expect to earn.

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The Highest Paying Business Master's Programs

Let's dig into which are the highest paying business master's programs. For simplicity, we've sourced these numbers from the most recent National Association of Colleges and Employers (NACE) Salary Survey. Its data comes directly from employers in the United States, unlike other sources which are crowdsourced or simply estimated. (If salary information for a specific degree wasn't available in the NACE survey, Payscale figures are used.)

All of the figures here are based on the US labor market. However, that tends to be a good indication as to the pay scales in other countries.

9. Master of Marketing, US$68,000+

The average salary for marketing master's graduates in the United States is US$68,000. That figure may be even bigger for more senior roles within the industry.

In a Master of Marketing degree you'll learn how to manage and execute successful marketing campaigns. It's about bringing together the various different strands of marketing—SEO, social media, email and the like—into a unified campaign that drives increased interest in and revenue for a business.

It's why graduates of this program tend to go for senior roles as managers or leaders rather than an entry level marketing position. There's plenty of job growth in this industry, particularly in emerging digital roles around artificial intelligence and automation.

8. Master of Accounting, US$69,000+

Although the average salary for Master of Accounting graduates is US$69,000, it does have some of the highest potential for salary growth.

You may start in a role such as accounting manager or financial controller, but tax managers or chief financial officers could earn in excess of US$100,000. Most Master of Accounting graduates will apply to become a Certified Public Accountant.

7. Master of Human Resources Management, US$70,000+

HR roles are continually in-demand at organizations and may become even more vital as companies invest in Diversity, Equity, and Inclusion (DEI) policies, as well as initiatives to support employee mental health.

Your graduate salary after an HR management degree will depend on the size of the organization you enter and how senior your role. On average, HR management graduates earn US$73,000—a little more than the average business masters graduate salary.

However, some graduates could earn up to US$114,000 after graduating from this program. This includes lucrative human resource management roles at large multinationals like an MBB consulting firm.

6. Master of Supply Chain Management, US$71,000+

Master of Supply Chain Management graduates are well-placed to seek high-paying careers after graduation. This sector has experienced significant job growth in recent years as businesses look to future-proof their supply chains. Digitalization, automation and AI are transforming this sector, making it an exciting career path.

The median salary for Master of Supply Chain Management graduates is US$76,000 in the United States. The highest-paying careers in supply chain management could reach up to US$150,000. These roles range from operations management to material planner.

5. Master of Finance, US$81,000+

According to Payscale, the average salary of finance masters graduates in the USA is US$81,000. But this is another area with a lot of scope for salary growth. According to the 2023 Financial Times Master in Finance Ranking, graduates of the leading programs in the world earn as much as US$200,000.

The most lucrative finance jobs include investment banking, mergers and acquisitions, and private equity. Many MiF graduates also go into consulting or roles as financial managers in international companies and boutique investment firms.

4. Master in Management, US$83,000+

Though long-established in Europe, the COVID-19 pandemic triggered renewed global interest in Master in Management (MiM) programs. Seen as a lower cost, lower barrier alternative to an MBA, they are now the second-most popular business master's degree among prospective students.

And it's easy to see why. According to both Payscale and the 2023 Financial Times ranking, MiM graduates earn an average salary of US$83,000. As a generalist program, MiM career opportunities are many and varied, from investment management to consulting to retail and fashion.

3. Master of Business Analytics/Data Analytics, US$84,000+

Data has become a common currency in business today, and those who are adept at analyzing and deploying it are in high demand. It means that Master of Business Analytics/Data Analytics (MBAn) graduates are in increasingly high demand.

According to data from Payscale, graduates of programs related to data analytics command an average salary of $84,000. However, in more senior roles, you could earn much more. For example, senior data analysts at McKinsey can make upwards of US$125k.

It's worth noting that graduates of this degree in the US tend to earn much higher than elsewhere. MIT Sloan MBAn graduates earn an average base salary of US$122k, which with bonuses, is almost equal to MBA graduate salaries.

2. Master of Project Management, US$88,000+

Though perhaps sometimes overlooked among business master's degrees, a Master of Project Management is one of the highest-paid master's degrees. Graduates earn on average US$88,000.

A project manager is responsible for bringing together the various strands of a business project. They play a vital role in managing teams, driving the project forward, and ultimately driving increased revenue for the business.

1. Master of Information Technology, US$90,000+

Master of Information Technology graduates are helping to meet growing global demand for IT skills within a management context.

It makes Master of Information Technology grads the highest paid business master's graduates on average, earning US$87,000 a year in the USA. Salaries quickly increase if grads become senior software engineers, who earn US$120k on average, and IT directors, who earn US$130k on average.

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While you can measure return on investment in many ways, your business master's degree will more than likely pay off in terms of salary. Take our quiz to find out which business master's you should do.