For Those Applying To Grad School, New Study Reveals Some Graduate Programs Don’t ‘Pay Up’

A new study has revealed that many popular graduate degrees don’t come with paychecks that justify the cost.

Oftentimes, bachelor’s degree holders go back to school to level up in the job market. While many complete graduate programs in hopes of finding higher-paying jobs, the notion is reportedly more myth than fact.

A new report released by the Postsecondary Education & Economics Research Center at American University confirmed that secondary degrees in fields such as social work, psychology, and curriculum and instruction do not yield as mighty returns as some believe. This new information may lead students to think twice before taking on more debt to pursue a Master’s degree.

The study’s co-authors calculated the return on investment for completing certain graduate programs. They estimated how much graduates typically earn before and after a graduate degree, and found that the aforementioned fields yield zero gains. For social work, those with just a bachelor’s earned around $41,000 on average. However, social workers who obtained a master’s degree earned only around 35% more. Given the cost of the additional education, the cost-adjusted returns were -2%.

Advanced degrees in curriculum and instruction also had the same negative return percentage. Clinical and non-clinical psychology had even worse figures, with cost-adjusted returns of -5% and -8%, respectively.

On the flip side, some graduate programs are actually worth the high tuition costs. Those pursuing law, medicine, and pharmacy degrees frequently land high-paying jobs that benefit their pockets in the long-term.

New doctors received a 273% pay increase, making their cost-adjusted returns total to 173%. Pay increases for both pharmacists and lawyers also nearly tripled compared with professionals in these fields before degree acquisition. However, where students attended also played a role in their salary potential.

Other programs, such as nursing, business administration, and civil engineering, had more humble, yet still positive, pay increases and cost-adjusted returns. While the study provided some shocking findings, its authors noted that graduate degrees benefited women, full-time students, and people whose bachelor’s degrees did not warrant high salaries.

This news, however, could also stunt progress for more Black professionals obtaining secondary degrees. According to U.S. Census data obtained by The Journal of Blacks in Higher Education, only 10.1% of Black adults held a graduate or professional degree. However, Black women are more likely to earn additional degrees than their male counterparts, accounting for 71% of all Black Master’s degree holders, as detailed by AAUW.

Students still wanting a Master’s can curtail some of these issues through scholarships and grants that offset the cost of attendance. However, especially as the Trump administration rolls out new policies that curb high student loan allotments, those pursuing graduate programs for jobs with lower salary ceilings should think twice before investing in another degree.

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