Does Salary Increase With Additional College Degrees?
Does my salary increase with an additional degree?
Earning a bachelor’s degree is one of the stepping-stones to achieving better earning potential, with some sources saying that on average, workers with a 4-year degree will earn as much as $2 million more in their lifetime.
But how much more money can another degree earn? Should you get another bachelor’s or go on to grad school? It all depends on what you want to do.
Many people wonder if extra education will increase their earning potential. The rumor mill has said for some time that graduate degrees are slowly replacing undergrad as the entry-level degree of choice. More often, schools are offering honor students the chance to receive their bachelor’s and master’s degrees together. A master’s degree can be a career saver, the key to moving beyond a plateau or even just getting ahead from the get-go.
A second bachelor’s can boost your earning potential depending on how you use it. You can move into a more lucrative career field, increase your résumé strength in your current field, or prepare for a specific master’s program.
Generally, a second bachelor’s is best if you want to broaden your horizons, branch out into another field, or make develop yourself as a multi-tool player in your current work environment. Also, you may need to go back for a second bachelor’s if a master’s degree you want requires a specific bachelor’s degree first. Some schools offer accelerated second-bachelor’s degree programs. On the other hand, some schools do not allow a student to earn two degrees at one level, so your alma mater may or may not be a choice. Funding rules also generally differ for a second degree of the same level.
Moving on to a master’s program can show increased academic skill and the willingness to succeed in new ventures. A lot of master’s programs don’t require a specific bachelor’s if you meet the other requirements to get accepted.
A master’s degree can certainly increase earning potential. It shows you have progressed beyond the usual amount of education to become an expert in a topic you are passionate about. You can increase your knowledge in your current career field, in some cases, or use the opportunity to jump to a new career path altogether.
There is also the option of jumping straight from a bachelor’s to a Ph.D. program, although some experts warn the lack of a master’s on the CV can be a sizeable disadvantage.
At the end of the day, taking a second degree to your current boss, or adding it to your résumé for interviews, can certainly boost your salary expectations.
Trying to figure out the right degree for you? Check out What Degree Should I Get for expert advice on choosing the right degree for you.