What is a master's degree and is it right for you?

5 key takeaways about a master’s degree

• A master’s degree is a postgraduate academic degree earned after a bachelor’s degree.
• It usually takes 1–3 years to complete, depending on your field and program type.
• People pursue master’s degrees to deepen expertise, boost career options, or switch paths entirely.
• Costs can vary, but scholarships, grants, and federal aid can help fund it.
• It's not always necessary—some careers value experience over advanced degrees.

Not sure what a master’s degree is or whether it’s right for you? You’re not alone. Whether you're planning ahead or thinking about going back to school, here’s everything you need to know about what a master’s degree can do for you—and how to figure out if it’s a smart move for you.

So, what is a master’s degree?

A master’s degree is a postgraduate academic degree that builds on what you learned during your bachelor’s program. It focuses on a specific subject or career field and helps you gain deeper expertise, advanced skills, and a stronger professional edge. Think of it as a way to move from general knowledge to specialized understanding in your area of interest.

These programs vary widely—some emphasize research and theory, while others focus on hands-on learning for careers like teaching, business, or public health. You can pursue a master’s degree in person, online, full-time, or part-time, depending on what works best for your lifestyle and goals.

Who should consider getting a master’s?

A master’s degree might be worth exploring if you:

• Want to advance in a career that requires specialized knowledge or credentials (think: teaching, counseling, engineering, data science).
• Are planning to switch career paths and need new expertise.
• Have a passion for a subject and want to go deeper.
• Want to boost your salary potential or qualify for leadership roles.

That said, not everyone needs a master’s. Some fields value hands-on experience more than extra letters after your name. It all depends on your goals and your industry.

How long does it take to get a master’s degree?

Most master’s programs take about 1 to 2 years if you’re studying full-time. Some programs, especially in areas like business or social work, might take closer to 3 years—especially if you’re going part time or balancing work and school.

Online and accelerated programs can be faster. On the flip side, some research-based or thesis-heavy degrees can take a bit longer.

What are the typical requirements for a master’s degree?

To earn your master’s, you’ll need to complete a set number of credits (often around 30–60), pass required courses, and sometimes write a thesis or complete a capstone project. Some programs also include internships, fieldwork, or exams.

Master's degree admission requirements

To get into a master’s program, you’ll usually need:

• A bachelor’s degree (often in a related field)
• Transcripts and letters of recommendation
• A personal statement or essay
• Sometimes GRE or other test scores (though more schools are going test-optional)

Graduation requirements

Graduation usually requires completing all coursework, maintaining a minimum GPA, and sometimes finishing a research project, thesis, or comprehensive exam.

Types of master’s degrees

There are two main categories of master’s degrees:

• Master of Arts (M.A.): Typically in the humanities, social sciences, or education
• Master of Science (M.S.): Often for science, tech, engineering, and math fields

Other types include:

• Master of Business Administration (MBA)
• Master of Social Work (MSW)
• Master of Fine Arts (MFA)
• Master of Public Administration (MPA)
• Master of Education (M.Ed.) 

What are the benefits of a master’s degree?

A master’s degree can open doors, but it’s not just about the diploma. Here’s what it can offer:

• Higher earning potential in certain fields
• Access to specialized roles or leadership positions
• Credibility and recognition in your profession
• Stronger professional network
• Opportunity to dive deeper into what you love

Is a master’s degree worth it?

It depends. If the degree helps you qualify for a higher-paying job or pivot into a new career, it could be a solid investment. But if the cost outweighs the financial return—or if your industry doesn’t require one—it might not be the best move.

Before you commit, do your research. Look at job listings in your field. Talk to people working in roles you want. And run the numbers on your future earnings versus program costs.

Cost and funding for master’s degrees

Tuition for master’s programs can range from a few thousand dollars to $50,000+ per year, depending on the school, program, and location. Don’t let the sticker price scare you, though—there are ways to lower the cost.

Here’s how people pay:

• Scholarships for master’s degrees
• Federal and private student loans
• Assistantships (where you teach or research in exchange for tuition help)
• Employer tuition assistance
• Grants and fellowships

Check out Scholly Scholarships for personalized opportunities and explore your funding options early.

Master’s vs. PhD: What’s the difference?

A master’s is focused on advancing your knowledge and skills in a subject area. A PhD (Doctor of Philosophy) is more research-intensive and usually aimed at people pursuing careers in academia, research, or high-level professional roles.

PhDs take longer (often 4–7 years), involve writing a dissertation, and may require teaching. For most careers, a master’s is more than enough—but if you want to become a professor or lead major research, a PhD might be your path.

So, should I get a master’s degree?

A master’s degree isn’t a one-size-fits-all solution. It’s a big investment of time, energy, and money—so it should be part of a clear plan, not just a “next step.” Ask yourself what your goals are, what your industry values, and how this degree could help you get there.

And if you're still exploring your options, tools like Scout College Search can help you compare programs, costs, and outcomes to find the right fit for your future.