When considering graduate enrollment, questions regarding Return on Investment (ROI) should be addressed. How likely is it that the educational investment will pay off?
To help us better predict graduate school ROI, The Bureau of Labor Statistics (BLS) tracks income by educational attainment. BLS data set the median annual salary difference between those with a Bachelor’s degree and those with a Master’s degree at $12,272.
- Bachelor’s annual income: $62,296
- Master’s annual income: $74,568
According to BLS numbers, it appears completing a Master’s degree should show a solid return over time. Investing half the annual salary increase on a monthly basis for 40 years at 8% could result in a return of more than $1.5 million. If educational dollars are spent on quality programs in high-demand areas, potential earnings could be much higher. While there are no guarantees of individual success or riches, data clearly support those who elect to pursue a graduate degree.
An investment of under $30k could return $1.5 million or more, making graduate education worthy of serious consideration.
Master of Nonprofit & Civic Leadership MNCL (30 credit hrs) – $14,220
Master in Public Service and Safety Leadership PSSL (30 credit hrs) – $14,220
Master in Education M.Ed. (30 – 45 credit hrs) – $11,340 to $17,435
Strategies for reducing tuition and fees could accelerate ROI. One example is employers who offer tuition reimbursement as an employee benefit. $5,250 per year may not sound like much, but consider the fact that most Master’s programs allow students to take up to seven years to complete their degrees.
Many employers offer up to $5,250 per year in tuition reimbursement for college courses. Under section 127 of the tax code, the IRS allows your employer to deduct the expense, and the benefit is not taxable to you as an employee. Troy Onink — Forbes
If your employer is willing to invest $5,250 in your education on an annual basis the gains associated with completing a master’s degree could come at a relatively low cost.
Increase your salary potential by earning a graduate degree from Drury University with the possibility of little or no long term debt. Sound good?
Contact Drury’s College of Graduate studies today and start investing in your future.