Bachelor's vs. Master's: How Does Your Salary Stack Up?

These days, education is playing a bigger part in your career than ever before. More and more, employers are encouraging employees to take advantage of tuition reimbursement programs to go back to school -- but workers wonder if it's worth the time and effort.

 

Additionally, the unsightly job market is making college students rethink their entry into the real world. Instead, many students are continuing their education -- but they don't know if the extra credentials will help or hurt them when they do join the work force.

 

"The role that education level plays in your salary depends on the nature of the job and the relevance of your education," says Jim Brennan, senior associate at ERI Economic Research Institute. "A Ph.D. in physics won't earn you more money as a cab driver, but it will probably put you at the high end of the starting-pay scale for physical stress measurement technicians, and it may be merely an essential entry requirement for rocket scientists."

 

All else being equal, more formal education or advanced credentials in the specific field of work or occupational area will carry some weight in starting-salary offers -- how much difference will depend on the employers and their practices, Brennan adds. It's also important to remember that in this economy, the job market is more competitive than ever. While it may not boost your salary much in some cases, having higher education on your résumé certainly won't hurt.

 

Here's a look at how starting salaries can differ based on the degree type and level,* according to CBSalary.com.

Degree type: Accounting**

Bachelor's degree: $45,893

Master's degree: $50,468

Related careers: accountant, auditor, bookkeeping clerk, tax examiner, budget analyst, loan officer

 

Degree type: Art

Bachelor's degree: $34,460

Master's degree: $43,112

Related careers: art director, illustrator, animator, multimedia artist

Degree type: Biochemistry

Bachelor's degree: $38,511

Master's degree: $46,921

Related careers: agronomist, forensics specialist, geneticist, pharmacologist, environmental scientist

Degree type: Chemistry

Bachelor's degree: $45,385

Master's degree: $56,617

Related careers: waste management specialist, technical writer, science technician, food

scientist

Degree type: Computer programming

Bachelor's degree: $50,985

Master's degree: $72,515

Related careers: computer systems analyst, computer programmer, computer scientist, c

omputer systems designer

 

Degree type: Economics

Bachelor's degree: $47,326

Master's degree: $63,429

Related careers: economist, loan officer, financial manager, reporter

 

Degree type: Elementary teacher education

Bachelor's degree: $33,242

Master's degree: $43,997

Related careers: Any position within an elementary school

 

Degree type: Engineering

Bachelor's degree: $54,181

Master's degree: $69,752

Related careers: engineering technician, sales engineer, civil engineer, architect, drafter

 

Degree type: Finance

Bachelor's degree: $41,446

Master's degree: $50,468

Related careers: insurance underwriter; budget analyst; securities, commodities and financial services sales agent

 

Degree type: Foreign languages and literatures

Bachelor's degree: $37,113

Master's degree: $43,112

Related careers: teacher, writer, interpreter

 

Degree type: History

Bachelor's degree: $37,340

Master's degree: $43,112

Related careers: archivist, curator, librarian, researcher, political aide

Degree type: Human resources management

Bachelor's degree: $37,874

Master's degree: $56,094

Related careers: compensation and benefits; training and development; employment, recruitment and placement specialist

 

Degree type: Science management

Bachelor's degree: $49,116

Master's degree: $70,668

Related careers: operational researcher, investment analyst, market research analyst, transportation planner, systems analyst

 

Degree type: Mathematics

Bachelor's degree: $50,582

Master's degree: $57,471

Related careers: statistician, mathematician, actuary, cost estimator

 

Degree type: Philosophy

Bachelor's degree: $34,163

Master's degree: $43,112

Related careers: professor, lawyer, policy analyst, lobbyist, critic

 

Degree type: Physical sciences

Bachelor's degree: $31,258

Master's degree: $69,842

Related careers: animal scientist, hydrologist, meteorologist, engineer, fish and game warden

Degree type: Psychology

Bachelor's degree: $35,085

Master's degree: $37,528

Related careers: probation officer, correctional treatment specialist, career counselor, health educator, outreach coordinator

 

Degree type: Sociology

Bachelor's degree: $36,905

Master's degree: $38,749

Related careers: social worker, sociology teacher, market researcher, school counselor, public policy analyst

* The 2008 Starting Salary by Degree: Bachelors vs. Masters Index"explores salary offers for graduating students. The data in this index are broken down by type of major and type of degree (e.g. bachelors in engineering). Data are taken from CareerBuilder and SalaryExpert research, and represent starting salary offers for recent graduates in 2008.

**Please note that some majors are general and can be narrowed down to more specific areas of study.