
What Is the Value of a Master's Degree?
July 24, 2024
There are a variety of reasons to return to school for a master's degree. Here are seven ways that pursuing a graduate program can positively impact your career.
By Michael Boyles
July 22, 2024
The value of an advanced degree in the social sciences and humanities is often under a lot of scrutiny.
The reality, however, is that advanced education in these areas is applicable to diverse career options that give you the skills needed to address the world’s biggest challenges. For example, while climate change requires various types of scientists, it also requires urban planners, environmental economists, and public policy analysts—all of which have a background in the social sciences.
If you’re considering advancing your education, here’s an overview of the value of a graduate degree in the social sciences and humanities, what you can do with it, and what makes a humanities or social science degree worth it.
There is a diverse range of social sciences and humanities programs available at all educational levels, and each one can bolster your earning potential, skill set, and marketability.
If you’re choosing to advance your studies, a certificate program or master’s degree is likely the best option since it opens the door to additional educational paths, like a PhD.
At Northeastern University’s College of Social Sciences and Humanities, for example, certificate programs can be incredibly valuable to your overall education because they can be seamlessly incorporated into a master’s-level curriculum. Not only that, a certificate can be completed in less time with far less financial commitment, giving you the ability to test out a program or topic before committing to a full degree.
One of the unique features of an advanced degree in the social sciences and humanities is the broad skill set it provides students. Northeastern’s interdisciplinary approach, for example, is incredibly valuable because it can help you better understand how these skills fit into different career paths. Not only that, you’ll learn alongside people outside of your discipline.
Some of the graduate degrees you can obtain in the social sciences and humanities include:
Despite the variety of degree programs a social sciences and humanities school offers, the value of this education is nearly the same across the board—even for programs that you wouldn’t traditionally associate with a master’s degree.
For example, while a master’s degree in history may seem unnecessary, our analysis of job postings data shows that 85% of historian job postings note a preference or requirement for this level of education.
As a result, earning a master’s degree in a social sciences and humanities field can be incredibly beneficial to your personal and professional goals. Here’s a closer look at the return on investment (ROI) you can expect before you decide to apply.
For many, the major obstacle to earning a master’s degree in any field is cost. According to a 2021 report, 51% of students dropped out of their higher education program because they couldn’t afford it. This doesn’t even consider the professionals who weren’t willing to invest in their initial enrollment.
However, there are several aspects of a social sciences and humanities master’s degree that can help you recoup your investment post-graduation.
According to our analysis of job postings data, professionals with a graduate degree in the social sciences and humanities made a median advertised salary of $81,800 per year in 2022.
In addition, graduates from these programs can expect high earning potential long term since these wages have been trending upward by 21.2% from 2020 to 2023.
It’s important to remember that this number varies based on the specific program and career path you choose, though. For example, those pursuing a master’s in political science can earn upward of $125,000 annually, while graduates of advanced economic programs can earn over $105,000 per year depending on the job title.
Advancing your education doesn’t just increase your salary: It also acts as a valuable stepping stone to advancing your career or even finding a new career path you hadn’t anticipated pursuing.
There’s a wide range of programs in the social sciences and humanities. It’s important to keep in mind that the interdisciplinary aspect of these programs allows you to apply your knowledge to a wide range of positions.
However, according to our analysis of job postings data, here are the most common job titles of graduates from a social sciences and humanities master’s degree program:
Not only are these the most common career paths for graduates from a social sciences master’s program, they also predominantly require an advanced education. For example, 91% of political scientist job postings prefer or require a master’s degree, while up to 68% of economist job postings prefer or require a master’s degree.
This isn’t to say that you won’t be able to find employment without a master’s degree, but advancing your education can broaden the positions you’re able to apply for and help you stand apart from other applicants. In fact, our analysis of program data found that 38% of job postings related to social sciences and humanities preferred or required a master’s degree in 2022. If you’re serious about a career in a social sciences or humanities field, it’s in your best interest to deepen your knowledge with additional education after receiving your bachelor’s degree.
A social sciences degree offers a multitude of career paths across diverse industries, providing numerous opportunities to apply your knowledge and skills to unique professional roles. This is largely because it provides a deep understanding of human behavior, decision making, and societal dynamics, which are foundational to any field involving people.
Our analysis of job postings data in the social sciences and humanities confirms this, spanning several sectors of business, including government, education, and business consultation. The extensive application of skills learned from these degree programs can apply to almost any industry in some capacity—especially if the program emphasizes interdisciplinarity.
For example, earning a degree in economics provides opportunities for skills development that’s important for a variety of professionals, including journalists, project managers, and executives. While an economics degree focuses on developing technical skill sets like mathematics and economics analysis, it can also enhance valuable soft skills, such as research, data collection, and collaboration.
If you’re on the fence about earning a master’s degree in the social sciences and humanities, remember to choose a school that gives you the best chance to succeed in a variety of careers.
Northeastern University’s College of Social Sciences and Humanities takes an interdisciplinary approach to education, preparing students to apply skills from their degree to a variety of career paths. Some additional benefits of earning a master’s degree from Northeastern include the emphasis on experiential learning, a large number of co-ops, and unlimited access to university research.
If this pathway is one that interests you, consider checking out the various degree options available at Northeastern in the social sciences and humanities. There, you’ll learn about what policy can and can’t do, and how you can work to solve the most pressing social challenges. No matter which program you choose, you’re going to get experience, rather than just classroom instruction, to help you understand how these strategies work in the real world.
Editor’s Note: This post was originally published in October 2023. It has since been updated for relevance and accuracy.
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