Why study a master’s in an uncertain economic climate?

With many people around the world facing a cost-of-living crisis amid an uncertain economic climate, you might be wondering whether it’s worth it to study a master’s degree. 

 Studying a master’s degree has many benefits, both in terms of your personal growth and development, as well as your career and earning potential. 

Here are just some reasons to study a master’s degree, particularly in an uncertain economic climate: 

Get a competitive edge in a challenging job market 

With unemployment rates rising and less jobs available in many countries, and consequently more people applying for the same jobs, a master’s degree can be that competitive edge you need to stand out from the crowd in a challenging job market. 

Master’s degrees are highly regarded by employers globally – they highlight to potential employers that you have advanced-level knowledge and skills and are a subject matter expert in your chosen field. 

According to the UK government’s Graduate labour market statistics 2021, graduates and postgraduates continue to benefit from higher employment rates when compared to non-graduates. 

Boost your earning potential and career prospects 

As well as boosting your chances of success in today’s challenging job market, gaining a master’s degree can also boost your earning potential and career prospects. 

Postgraduates can earn significantly more than their undergraduate counterparts. The UK government’s Graduate labour market statistics 2021 reported that working-age postgraduates had a median annual salary of £42,000, compared with £36,000 for working-age undergraduates.

Additionally, within the working age population (aged 16-64), postgraduates earned £6,000 more per year than undergraduates and £16,000 more than non-graduates. 

In addition to boosting your earnings potential, a master’s degree can greatly improve your career prospects and accelerate your career progression – whether you want to stay within your current career or change careers.

This is because it demonstrates your determination and ambition to increase your skills and capabilities within a chosen area, as well as your commitment and self-discipline.  

Pursue a career change 

Master’s studies can prove to be very useful if you’re thinking of a career change. Depending on the field you’re interested in, it may also be a requirement to undertake further study in the area to pursue a career in it. 

You’ll typically need a postgraduate diploma or master’s degree, for example, to work in IT, engineering, psychology, teaching, law or healthcare. 

Expand your professional network 

When you study a master’s degree, especially if it’s an online master’s degree, you’ll be meeting and collaborating with like-minded professionals in your field from around the world.  

By sharing insights, perspectives and experiences, and learning and working collaboratively together, you’ll be able to build strong connections with professionals within your chosen industry and expand your global professional network. This in turn can help connect you to more global career opportunities throughout your career. 

Keep earning a full-time income while you study 

With online master’s degrees and other online postgraduate courses, you have the added benefit of being able to continue with your full-time work and earning a full-time income while you study. 

This means you can simultaneously improve your job prospects and earning potential by pursuing further study, while carrying on with your work uninterrupted. 

Because online postgraduate courses let you study online anywhere, anytime, you’ll be able to comfortably manage your studies alongside your work and personal commitments. 

Queen Mary Online offers flexible online master’s and other postgraduate courses that will empower you with the skills and confidence to take the next step in your career.  Hear from some former students about how their studies improved their job prospects: