A master’s degree is a postgraduate degree that cannot be earned until after completing a bachelor’s degree. Most master’s degree programs take anywhere from one to three years to complete. Some master’s degree programs are based entirely around taking courses while others are based entirely upon completing research. Yet others involve a combination of both.

There are several benefits to obtaining a master’s degree. First and foremost, it can provide a boost to your income. While a bachelor’s degree will give you the ability to command more money than a high school diploma, a master’s degree takes you a step further and increases your value to your employer. In fact, some businesses offer automatic raises or bonuses to employees that earn their master’s degree. For these reasons, a person with a master’s degree makes an average of $11,300 more than a person with a bachelor’s degree.

Having a master’s degree also significantly increases your marketability. Since only a small percentage of people in the United States have a master’s degree, holding one can put you significantly ahead of the pack when competing for a job.

If you hope to obtain a PhD or to participate in a doctoral program, you will need to first earn your master’s degree. Therefore, depending upon your career ambitions, earning a master’s degree may be a necessary stepping stone toward getting there.

Earning a master’s degree also helps you gain a much deeper knowledge of the subject area. By delving in deeper, you can achieve a greater understanding and appreciation for the field. You can also apply the practical knowledge you have gained as you worked in the field after earning your bachelor’s degree. By drawing on this knowledge, returning to school to earn your master’s degree can make the experience far more meaningful.

Take the next step, find colleges with masters programs.