What Comes After a Master’s Degree

Continue Your Studies with Another Master’s

If you want to become an expert in one area but feel you can increase your scope in it, complementing your recently earned master’s degree with another may be an excellent choice. For example, if you already have a master’s in religious studies, you could enroll in a master’s in theology to give you a broader understanding of your main subject. If you have a master’s in kinesiology and exercise science, you can pursue a master’s in coaching.

Having two master’s degrees can often be better than one. The additional qualification will undoubtedly lead to higher salaries and better career prospects. In 2021, graduates with a bachelor’s degree earned $1,334 per week, while those with a master’s degree earned $1,574 per week^[1]. There has been little research into the impact of two master’s degrees on earnings, but depending on which degree you use to be the primary driver of your career, backed up by your other degree, you can expect a healthy pay increase.
When considering two master’s degrees, remember to keep the costs in check. Although online programs are often cheaper than traditional in-person ones, the overall cost of your education could run into tens of thousands of dollars. You can consider free master’s programs some universities offer or a fast program from which you can graduate quickly. Pursuing a 6-month master’s and easy programs can save you money. 

Enter the Workforce

The most common and possibly most conservative course of action for you is to start looking for a job immediately after graduation. By doing so, you can start your professional career and earn money right away, paying off any student loans you may have. Reputable universities typically offer excellent job placement services that can connect you with recruiters. Entry-level to highly specialized positions are advertised on online job boards, and you can research top businesses in your industry to find something that suits your needs. Alternatively, you can consider entrepreneurship and starting your own business, in which case you must understand whether you have what it takes — man, machine, and money — to make it work.

Pursue a Doctoral Degree

A master’s degree may not be the end of their educational journey for some people. You might want to stand out even more from the swarm of recent graduates applying for jobs, or you might have chosen a profession where a Ph.D. is the minimum requirement to be considered. For instance, psychologists are usually required to hold a Ph.D. to qualify for licensure. In this case, for those who wish to continue with their studies, the next stage after obtaining a master’s degree is to pursue a doctoral degree, typically a Ph.D., which requires working at an institution while also conducting independent research. It is the highest level of education that a person can receive. 

If you are interested in conducting research or teaching at the college level, a Ph.D. or Ed. D. is an excellent option. While the Ph.D. is ideal for pursuing a career in academia, the Doctor of Education (EdD) is a professional degree designed for practitioners interested in educational leadership. The Ph.D. entitles one to employment security and the possibility of a higher salary as a tenured professor at a college or university. The sense of accomplishment, the perception of being an authority in one’s field, and the more opportunities for intellectual stimulation are all undoubtedly personal benefits of earning a doctorate. Ph.D. holders also earn a median weekly pay of $1,909 compared to the $1,574 that master’s degree holders make^[1].

The downside to obtaining a doctoral degree is its cost. Doctoral programs are even more expensive than master’s programs. However, many universities offer fully funded Ph.D. programs that often cover your tuition fees, provide you with a stipend, and pay for your health insurance. Another option to offset the financial burden is to combine working part-time or doing an internship while continuing your studies part-time to gain relevant experience.

Obtain Certifications and Other Qualifications

Professional certifications can speed up career advancement, particularly in fields that require a high level of specialization, like accounting, human resources, or information technology. Although not all certifications are equally valued, they assure professional competence coupled with a professional degree or work experience. For example, if you have completed your master’s in accounting, obtaining the CPA or CMA certification and license would make immense sense. If your degree requires you to be certified to be eligible for licensure to practice or work, it is the natural and logical step after graduation. Professional or board certifications make you eligible for specialized and niche jobs that automatically lead to better pay. 

The Bottom Line

There is no right or wrong option or the best or worst choice — to each their own. Your choice entirely depends on your needs, interests, and professional goals. The next step is to take some time to consider what you want from your career and then begin making plans to get there. Have faith in your ability to make the right decision, and do not be afraid to look around and find what will work best for you and your future career.