If you want to be perceived as an industry expert and gain a good amount of recognition as well as earn more money, then obtaining a master’s degree in education can easily shoot you into the spotlight for all these achievements. This article answers te question of ‘how much does a masters degree in education cost?’
Statistics show that those with master’s degrees have a higher median annual income compared to holders of a Bachelor’s Degree. Hence, obtaining a Master’s Degree in any field is an important decision that will impact your entire career.
As a result, making the appropriate decision is critical to your future success. Have you ever considered pursuing a master’s degree in education? Are you among those asking how much a master’s degree costs?
If any of this resonates with you, you’ve come to the right place. In this article, we cover what it takes to earn a master’s degree in education and how much a master’s degree in education costs.
What Is a Masters Degree?
A master’s degree is a postgraduate academic certification awarded to those who have completed a study displaying a high level of skill in a certain field of study or area of professional practice.
A master’s degree is an intelligent choice for those who want to broaden their knowledge of a certain subject and explore additional areas of interest after completing an undergraduate degree.
Master’s degrees can be completed in one to two years, depending on the type of study you choose to embark on.
Wile you’re here, you should check out How Much Does A Ph.D Program Cost?
Types of Masters Degree
Generally, there are two main types of master’s degrees namely:
- Taught Master’s Degrees
- Research Master’s Degrees.
1. Taught masters degrees:
They are significantly more structured, with students following a program of lectures, seminars, and supervisions while also selecting their research projects to investigate.
2. Research masters degrees:
This necessitates significantly more independent work, allowing students to pursue a lengthier research project while requiring less instruction time.
Because many master’s degrees are tailored to allow flexibility, you will find a variety of study options. Some of them are:
Distance Learning: here students can learn entirely online, attend a short residential course or visit their chosen institution.
Part-time Learning: this is to enable you to structure your course schedule around your job. You can decide to enroll in evening or weekend classes.
Having known the meaning of a master’s degree and the various types, you must know why you need to even pass through the stress of furthering a master’s degree after your undergraduate, so, below are the reasons why you need a master’s degree.
Why Study For a Master’s Degree?
Earning a master’s will earn you respect and prestige and make you stand out in today’s increasingly competitive job market.
However, it’ll cost you your time and resources but rising to greatness and relevance will always come with a price. Since nothing good comes easy, studying for a master’s degree is a sacrifice that is worth it. Below are some of the benefits of earning a master’s degree:
1. Subject Interest
During your bachelor’s degree, you discovered a passion for a certain field of study, and you want to learn more about it so that you may become an expert when the subject is brought up.
As a result, you might choose to conduct in-depth research on the subject, become an authority in the field, or educate others about it.
So, earning a master’s degree in that particular field of study will make you. become an authority in that subject matter.
2. Industry Requirement
If your chosen professional field places a high value on master’s degrees, you’ll need to obtain one to stay in business. However, master’s degrees are not required in all industries for progression or employment.
3. Enhanced Professional Network
If you want to obtain a better understanding of your ideal industry, you can establish yourself as an expert and network with key industry people. A master’s degree will put you in the driver’s seat of your dreams.
Your coursemates may come from a diverse range of businesses and backgrounds, whether you take classes online or in person.
Meeting people from other backgrounds and expanding your network are both crucial aspects of pursuing a master’s degree. “Relationships are currency.”
4. Career Development
A master’s degree is required to gain further information and certifications to pursue a specific field, advance in your current career, or perhaps change careers entirely.
Before applying, ensure that you verify with professional bodies or employers to see if the course you want to take is appropriately recognized or accredited.
Over 70% of companies have increased educational standards in recent years, and many are trying to hire people with master’s degrees.
5. Academic Recognition
A master’s degree is earned by far fewer persons than a bachelor’s degree. It denotes a dedication to learning and development that companies see as a competitive advantage.
Problem-solving and analysis abilities, which are important in most vocations, can be cultivated at this level of study, so your studies will benefit more than just you.
6. Increased Earning Potential
Since your learning power always determines your earning power, acquiring a master’s degree can greatly boost your revenue.
Research shows that those with a Masters’s degree earn more than those with a Bachelor’s degree.
A master’s degree can help you improve your knowledge, personal and professional abilities, and even boost your confidence, increasing your employability.
What Are the Ways to Earn a Master’s Degree?
A master’s degree can be obtained in one of two ways: through online education or offline application.
1. Getting A Master’s Degree Online
According to the National Center for Education Statistics (NCES), over 1.2 million Master’s students participate in online programs, with over 900,000 studying entirely online.
Degree seekers choose affordable online master’s programs for their flexibility, as you can acquire a degree and advance your profession while still working.
An online course may have a larger price tag, but the savings in commuting and parking may offset it. Students can obtain a low-cost online master’s degree in a range of fields.
2. Getting a Master’s Degree Offline
Studying for a master’s degree offline can be the ideal option for you if you enjoy practical lessons that require you to be present. Unlike virtual study, the offline study requires you to be physically present at lectures.
Before we get into how much a master’s degree costs, let’s look at some of the factors that impact the cost of a master’s degree.
What are the Factors that Influence the Cost of a Master’s Degree?
The cost of a Master’s degree is determined by several factors that affect your graduate school tuition and your living expenses. So, what are the reasons behind the tuition fee?
1. The Type of Institutions
Whether it’s a profit or non-profit institution. The type of institution always influences the cost of a master’s degree. The cost of a master’s degree is affected by both institutions as shown below.
2. Profit Institutions
By providing educational services, profit institutions hope to create impact as well as generate revenue for their owners and shareholders.
Profit-making schools must deliver enough financial returns to their shareholders and stakeholders so they hold making a profit in high regard.
3. Non-Profit Institutions
Unlike for-profit institutions, non-profits provide a learning atmosphere that is primarily focused on students’ interests, assisting them in completing their college degrees and achieving career success.
They are free to focus on offering high-quality education to pupils because no one owns them.
4. The Type of Program
The tuition fee for a master’s degree will always vary depending on the course you wish to take.
Master’s degrees in education and art are less expensive, whereas an MBA or a law degree is substantially more expensive. The longer the program, the more expensive it will be.
5. Online Only or On-Campus
Logic would suggest that online courses might provide cost savings for a school by reducing brick-and-mortar fees and upkeep.
However, according to current trends, several colleges are charging more for the ease of their online programs.
6. On-campus
If you want to relive the delights of student life, you’ll probably attend your classes on campus. The difference isn’t just in the experience; it’s also in the price.
On-campus degrees are more expensive than online degrees because colleges incur additional fees for offering resources in class rather than online.
Geographical Location
The cost of obtaining a master’s degree is also determined by geographical location. Take, for example, graduate school in the United States is far more expensive than in Europe.
Universities in higher-income countries tend to charge higher tuition than those in developing or lower-income countries.
Choice of University
Graduate school tuition will also differ between universities. Ambitious students will naturally go toward higher-ranked colleges, but those are often the most expensive.
For example, Harvard and Stanford University’s MBA programs are more expensive than other rapidly rising universities.
On the other hand, schools with lower rankings will be more reasonable, which will help reduce the cost of a Master’s Degree.
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How Much Does A Master’s Degree In Education Cost?
As previously mentioned, tuition costs vary depending on a variety of factors such as discipline, length of study, university, and location. Although the true cost of a master’s degree varies greatly depending on the program. Here are the various costs of a master’s degree.
In public school, the average cost of a Master’s degree is $50,500.
In private school, a Master’s degree costs on average $81,000.
FAQs How Much Does a Master’s Degree in Education Cost?
A master’s degree is a postgraduate academic qualification awarded to those who have completed studies and demonstrated a high level of knowledge in a specific field of study or professional practice.
If you wish to save money on travel and living expenses by studying from home, here is a list of universities in the United States that offer online master’s degrees:
- Walden University
- American College of Education
- Northern Arizona University
Well, you’re trying to attain a great feat and greatness will always come with a price. Master’s degrees are challenging, but your workload may vary based on the type you enroll in as well as your field of study.
A master’s degree program will typically take two years to complete, however, others may take as little as one year.
The minimum requirements for the master’s degree are 45 credits in upper-division (300-level) and graduate (400- or 500-level) coursework is required.
Aside from diving into one’s savings account, paying for a master’s degree is usually at the top of any prospective student’s list of things to do. Here are a few options for funding online education:
- Scholarships
- Grants
- Student Loans
- Fellowships
- Free Application for Federal Student Aid (FAFSA)
Conclusion
Statistics and research back up the assertion that a Master’s Degree boosts your job and offers you a lot more opportunities. Earning a master’s degree doesn’t only boost your earning potential but can set you in the spotlight to be perceived as an industry expert, gain a good amount of recognition, as well as network with other industry experts.
If you’re in the working class you can still run your master’s program while you work because it comes with various options such as full-time, distance or virtual learning, and also part-time. It may not be easy but deciding to obtain a Master’s Degree in any field is an important decision that will impact your entire career.
We hope this article has shown you how much a master’s degree in education costs. Cheers to a profitable career.
References
- www.onlinemasterscolleges.com – How Much Does A Masters Degree Cost
- www.northeastern.edu – Benefits Of Earning A Masters Degree
- https://franklin.edu – How Much Does A Masters Degree Cost
- https://educationdata.org – What Is The Average Cost Of A Masters Degree
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