A master's degree is a type of graduate-level degree awarded in a variety of fields. Generally, master's degrees increase earning potential, but how much a person earns with the degree varies greatly based on numerous factors like industry and work experience, according to January 2010 reporting on Payscale.com.

Work Experience

With one to four years of work experience, people with master's degrees averaged annual salaries of $50,395, while those with 10 to 19 years earned an averaged of $73,691. By comparison, individuals with the same experience but only bachelor's degrees averaged $43,372 and $68,339, respectively.

Employer Type

The highest paying employers of people with master's degrees are publicly-traded companies and the federal government, where degree-recipients averaged $73,354 and $72,654, respectively. Those who worked in hospitals averaged $66,094, while those who found employment with private practices and firms earned an average of $65,155.

Common Job Titles

Software engineers and programmers averaged annual salaries of $92,969 with a master's degree, while licensed social workers with the advanced schooling earned an average of $50,436. High school teachers averaged $47,292, and elementary school educators averaged $45,267.

Industry

Individuals with master's degrees earned the most in the aerospace and defense industries at $84,019, while those in healthcare averaged $69,290. Average pay rates for master's recipients in other fields were elementary and secondary education at $50,113, colleges and universities at $48,031 and mental health at $42,263.

Types of Master's

Individuals earning master's of science degrees averaged salaries of $71,693, while those with master's of art degrees earned an average of $54,075. Master's of business administration degree-recipients averaged $80,453.

Source:

Payscale.com: People with Master's Degrees

Payscale.com: People with Bachelor's Degrees