Sometimes it feels like the universe is nudging you, and that's just what happened when I received this assignment to write about a bachelor's vs. master's degree. As a mid-career shifter, I often consider parlaying my bachelor's degree, which led to a robust journalism career, into a master's degree that will carry me through to retirement. 

My questions are all the same questions you have—what is the cost of a master's degree, what kind of jobs will it open up for me, and what salary would justify the cost of additional education?

Let's get into it.  

Understanding the Basics: Bachelor’s vs. Master’s

A bachelor’s degree is the most common entry point into higher education for those seeking a college credential. It builds a broad foundation in your chosen field while giving you a general education in other subjects. 

  • Time commitment: Usually takes four years of full-time study.
  • Cost: Varies widely, but averages between $25,000 and $100,000 total, depending on the school.
  • Experience gained: Introductory and intermediate knowledge across a subject area, with a mix of electives and general education.

A master’s degree is a graduate-level program that focuses more narrowly on a specific area within your field. It’s designed to deepen your expertise or help you shift into a new specialty.

  • Time commitment: Usually one to two years full-time (longer if part-time).
  • Cost: Can range from $30,000 to $120,000, depending on the field and institution.
  • Experience gained: Advanced, focused training that often includes research, internships, or real-world projects.

Bachelor's vs. Master's Jobs: What Can You Do with Each?

A bachelor’s degree opens doors to many entry-level and mid-level roles across most industries. Think marketing coordinators, graphic designers, accountants, engineers, social workers, and more. Even with a Bachelor of Science in Journalism and Communication, I was offered three jobs a month before graduation. 

In many cases, a bachelor’s is the baseline requirement just to get your foot in the door. And for a lot of people, it’s enough, especially if you’re not looking to climb into leadership or niche specialties right away.

Master’s degrees, on the other hand, can be the key to more advanced roles. In fields like public health, education administration, data science, counseling, architecture, and engineering, a master’s isn’t just preferred—it’s often non-negotiable.

Bachelor's vs. Master's Salary: Is the Payoff Worth the Investment?

This is where things get real. According to U.S. Bureau of Labor Statistics (BLS) data, workers with a master’s degree earn about $240 more per week, on average, than those with just a bachelor’s. That adds up to over $12,000 more a year.

But averages don’t tell the whole story. Field matters a lot.

One of the best ways to start your search for master's vs. bachelor's job requirements is through the Bureau of Labor Statistics. The Occupational Outlook Handbook lists just about every job out there. 

Open that link in a new tab and let me walk you through it:

  • Search for the job Journalist (News Analyst, Reporters, and Journalists).
  • Look at the brief overview of the job and future projections, then tap the header "How to Become One."
  • Each job will have a summary of what entry-level education is required. For journalists, you'll see that a bachelor's is a minimum requirement, and an internship goes a long way. 

At the same time, if I want to become a Journalism Professor, I will likely need a minimum of a master's, if not a Doctor of Philosophy (PhD).

In tech, someone with a bachelor’s in computer science can easily out-earn a public health worker with a master's. A registered nurse (RN) with a bachelor’s may have a starting salary of around $70,000, while a nurse practitioner (NP) with a master’s can pull in closer to $120,000. In business, someone with an MBA may double their earning potential.

A master’s can definitely bump your earnings, but only if it leads to a job that pays more in a field that needs it.

Career Advancement and Long-Term Benefits

A master’s doesn’t just pad your paycheck. It can also reshape your career path.

In some fields, a graduate degree is the price of admission to higher-ranking roles. If you’re looking to move into leadership, policy, or highly specialized work, a master’s often signals you’re invested in your professional growth.

Another benefit of choosing a master's program is that progression doesn't have to be linear. A lot has evolved since I left college. Now I could get a master's in information technology or computer science since AI has replaced many of the multimedia jobs I was initially trained for. That wouldn't have been an option right out of college in 1998. 

That said, plenty of people move up without going back to school. Experience, networking, and performance still count for a lot. But in industries where credentials carry weight—academia, clinical health, government, even nonprofit work—a master’s can help you future-proof your career.

How to Decide Which Degree is Right for You

Ultimately, the bachelor's vs. master's debate is not about choosing the “better” degree. It’s about choosing the one that works for you now and into the future.

A bachelor’s degree is still one of the most valuable investments you can make. It unlocks a vast range of career options and significantly increases your lifetime earning potential compared to a high school diploma.

But if you want to deepen your expertise, make a career switch, or move into higher-paying or higher-impact roles, a master’s degree can help you get there, especially if it aligns with a growing field.

If you’re still not sure, that's okay. We put together a career quiz tool to help sort out the best fit for your career path and education level.