Is It Too Late To Get My Master’s Degree? Here’s What the Data Says

 


If you’ve ever wondered, “Is it too late to get my master’s degree?”—especially if you’re considering a master’s degree online—you’re not alone. The answer, backed by research and real-life stories, is a resounding no. (Although if you’re wondering if it’s a good financial decision, there’s a formula for that.)


Whether you’re in your late 20s, mid-career, or contemplating a new chapter in your 50s or beyond, pursuing an advanced degree remains a viable and rewarding option.


What’s the Average Age for Earning a Master’s Degree?


Many assume that graduate school is only for those fresh out of college, but the data tells a different story.


 In the United States, the average graduate student age is about 32 years old, but 22% of students are over the age of 40, a number that has increased significantly since the ‘80s. 


This diversity reflects a growing trend: lifelong learning and career reinvention are more common than ever.


Calculating the ROI of a Master’s Degree

Getting a master’s degree is worth itat any age if you value the pursuit of knowledge and personal fulfillment. But it’s also smart to figure out whether getting one will benefit you financially or not. 

Here’s how to calculate the Return on Investment for any master’s degree.


1. Tally the Total Costs

These include:

  • Tuition and fees

  • Books and materials

  • Living expenses (if studying full-time)

  • Opportunity cost (lost income if you reduce work hours or leave your job)

2. Estimate the Benefits

These include:

  • Average salary increase in your field with a master’s degree

  • New job opportunities or career advancement

  • Improved job security and resilience in a shifting job market

3. Do the Math

Subtract the total costs from the expected increase in lifetime earnings. If you’ll earn more over time than you would have without the degree, the ROI is positive, and you can safely say that you’ll gain more financially by getting a master’s degree than you will lose. 

The Average Master’s Degree ROI

The median master’s degree in the U.S. has a net ROI of $83,000, meaning it’s expected to boost lifetime earnings by that amount after accounting for costs.

Some master’s degrees, especially in fields like computer science, engineering, and nursing, have higher ROIs, with a computer science degree increasing lifetime earnings by a median of $900,000.

However, about 40% of master’s programs have no net financial value, so it’s crucial to research your specific field.

According to the U.S. Bureau of Labor Statistics, in 2024, full-time workers with a master’s degree had median weekly earnings of $1,897, compared to $1,541 for those with only a bachelor’s degree—a difference of around $18,500 per year.


Increasing Your ROI With An Online Master’s Degree


Getting an online master’s degree can actually save you money. The flexibility of a master’s degree online is a game-changer for working professionals.

Online programs allow you to:

  • Learn from home, eliminating the need to relocate or commute.

  • Save on tuition and living costs, as online degrees are often more affordable than traditional on-campus options.

  • Set your own schedule, making it easier to continue working or manage family obligations.


Stories from University of Alabama Online students like Casey Evans and Megan Welborn show how online master’s degrees make advanced education accessible at any stage of life, even when juggling work, family, or major life events.


Beyond the Numbers: Personal Fulfillment and Professional Growth

While financial ROI is important, don’t overlook the intangible benefits of getting your master’s degree:

  • Career Change: A master’s degree can help you pivot into a new field that you’re more passionate about. 

  • Confidence and Credibility: Completing a rigorous academic program later in life boosts self-confidence and signals to employers your commitment to growth.

  • Networking: Graduate programs connect you with peers, faculty, and industry professionals, expanding your professional network.

  • Personal Satisfaction: Earning your graduate degree can provide a deep sense of accomplishment and fulfillment from achieving a long-held educational goal, regardless of age.

Practical Advice: Is Now the Right Time for You?

  • Assess Your Motivation: Are you seeking a promotion, a career change, or personal enrichment?

  • Research Programs: Look for accredited, reputable online programs that align with your career goals and budget.

  • Crunch the Numbers: Use salary data and ROI calculators to make an informed decision for your field.


In summary, It’s never too late to pursue a master’s degree online. With flexible options, clear financial benefits in many fields, and immense personal rewards, the only real question is: Are you ready for your next chapter?

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