Average Salary By Master’s Degree – BETHLEHEM, PA—What is the advantage of college students getting a master’s degree? In terms of average starting salary, recent research conducted by the National Association of Colleges and Employers (NACE) found that the advantage has been narrowing in recent years.
The NACE First Destinations report for the University Class of 2021 found there is currently a 22.5% pay gap between degree levels; This is the lowest difference in recent years. This rate is down from 26.1% in the Class of 2020 and 31.8% in the Class of 2017. (See Figure 1.)
Average Salary By Master’s Degree
During this period, average annual salary increases for master’s degree graduates lagged behind salary increases for students earning bachelor’s degrees. For example, average starting salaries for master’s graduates graduating from the Class of 2021 increased by 1.1%, while average salaries for Class of 2021 graduates increased by 4.0%.
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“There are a few reasons why this happens,” says Shawn VanDerziel, executive director of NACE. “First of all, this is a very competitive market and employers are willing to pay a premium for talent, sometimes even talent without advanced education. Employers are also increasingly screening candidates for skills and abilities in addition to knowledge, paving the way for hiring those with a bachelor’s degree.” opened.”
There are some disciplines where the mean starting difference is still significant. For example, the average starting salary for both law graduates (73.5%) and communications technology graduates (65%) exceeded the average undergraduate salary by more than 50%.
“There are many factors that go into starting salary—such as field of study, position type, industry, region of the country, and more—and we’re talking averages here,” says VanDerziel. “From an average salary perspective, a master’s degree still has a clear advantage.”
About the First Destinations Survey: The survey that culminates in First Destinations for the College Class of 2021 is the eighth in a series that began with the College Class of 2014. The survey is conducted annually by colleges and universities across the country, and the results are reported to NACE.
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The graduating class of 2021 year was defined as between July 1, 2020 and June 30, 2021. Schools conducted the Class of 2021 survey from graduation through December 30, 2021 and reported their data to NACE from January through April 30, 2021. All data in the report is as of December 30, 2021.
NACE received reports from 290 schools in total; They reported the results of graduating classes totaling more than 686,000 students in four undergraduate programs: associate, bachelor’s, master’s and doctoral programs. The data presented in this release is for undergraduate students. To our knowledge, this represents the most comprehensive view of graduate outcomes currently available for the Class of 2021.
First Destinations for the College Class of 2021, which includes an executive summary of the findings and an interactive dashboard, is available for free through the NACE website. Additionally, the results of previous courses can be accessed on the NACE website.
NOTE: NACE recently released recruiting projections for the Class of 2023 and will update its outlook for 2023 graduates in the spring. Final results data for the Class of 2022 will be available in fall 2023.
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About NACE: Founded in 1956, the National Association of Colleges and Employers (NACE) is the only organization in the United States that brings together more than 9,800 college career services professionals, more than 3,300 university relations and recruiting professionals, and more than 300 business professionals. is a professional association. Solution providers serving this community.
NACE is the leading source of market research on the career and employment readiness of recent college graduates. NACE forecasts hiring and trends in the labor market; tracking salaries, recruiting and hiring practices, and student attitudes and outcomes; and establish best practices and criteria.
NACE offers its members unique research, networking and professional development opportunities, guidance on standards and ethics, and advocacy on important issues. For more information, visit: NACE maintains a virtual press room for the media. Data science master’s programs are a relatively new phenomenon, with most launched in the last five to seven years. These programs have gained ground over the traditional master’s degrees in statistics or computer science that many data scientists pursue before full data science programs are offered. No matter what you study, one thing is true: A master’s degree leads to a significant increase in salary. We took a closer look at data science master’s salaries and found this: Average data science master’s salary after graduation $126,830$126,830 $126,830 – For entry-level positions, master’s degree results in approximately $5,000 Salary increase$5,000 $5,000 For mid-career positions, master’s degree resulted in an increase in salary of approximately $13,000$13,000. In summary, while a master’s degree is not required for a career in data science, it can significantly increase career earnings. We took a closer look at data science undergraduate salaries vs. graduate salaries and provided some insight into weighing the pros and cons.
At all career levels, a master’s degree results in increased salary. However, the pay gap between entry-level and mid-career data scientists is widening significantly. Here’s a look at undergraduate and graduate data science salaries:
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Another option is a doctorate. For example, a PhD in Economics, a PhD in Data Science, or a PhD in Statistics provide training for data science research jobs with high starting salaries.
Data Scientist – Many enter the field as a data science professional, usually at the IC-II level. Data scientists are responsible for building models, preprocessing data, and validating data. Data Architect – Data architects are responsible for designing the infrastructure of data and sometimes building it. Architects often work closely with data engineers. Machine Learning Engineer – Some data science master’s programs offer specializations in machine learning, deep learning, and artificial intelligence. These programs help prepare graduates for specialized machine learning roles such as engineers, scientists, or artificial intelligence experts. Data Science Manager – While a master’s program is not specifically designed to prepare you for management, a master’s degree is often a necessary credential for the job. If you have previous management experience, you can potentially move into a managerial position. Data science manager salaries are some of the highest in the industry.
One of the questions we hear a lot is: Do I need a master’s degree in data science? The short answer is: If you plan to pursue a career in data science, you don’t necessarily need a master’s degree. It’s also important to note that this is not a golden ticket to a job in data science. Instead, a master’s degree is a good investment if: You’re making a major career change (for example, switching from finance to data science) You have the time and resources to study You want to specialize in DS concepts An important consideration is cost. Personally, the average cost of master’s programs is $45,000$45,000 $45,000 and requires 1-3 years of education. Even online programs run an average of $30,000$30,000. If you have the time and resources to invest, a master’s degree is an effective tool to help you advance your career. Additionally, in addition to salary increases, graduate programs also offer benefits such as: 1. Domain Expertise – You will be able to delve into the core concepts of data science such as statistics, machine learning, and probability. Additionally, most programs allow you to specialize and gain experience in advanced topics such as NLP, text mining, deep learning or computer vision. 2. Portfolio Work – Most data science master’s programs encourage project-based learning, competing in Kaggle competitions, and developing a data science portfolio. This can be a powerful tool to help you land a competitive job. 3. Networking – The best data science graduate programs have established career networks and can help you connect with alumni working in the field. These references can help you speed up landing negotiations.
Should you pursue a master’s degree in data science? Our founder Jay takes a closer look in the video below and answers your questions about the reasons for pursuing a master’s degree in data science. In particular, a master’s degree is a good idea if you’re considering a dramatic career change, want to learn the basics of data science, or are a good student and prefer structured learning. However, getting a degree has its pros and cons, and a master’s degree does not guarantee that you will actually get a job. Check out the video for more specific details. It can help you understand whether a master’s program is right for you:
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Pursuing a master’s degree in data science will definitely impact your career earnings. However, although a master’s degree is increasingly becoming a required qualification (or at least a preferred qualification) for many DS jobs, you still need to have: A strong portfolio Good references Various experiences Master’s programs -help you establish yourself it could be. With portfolio and professional networking, many programs also offer career advice to help you find a job. Ultimately, it depends on your interviewing ability. To improve your data science skills and see the most common interview questions, check out these resources on Interview Query: Data Science Course, Machine Learning
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