﻿Have you thought about going back to school to get your graduate degree? Going back to school for
a graduate degree is one of the most popular and effective ways to increase your earning potential.
Statistically, those who obtain a master’s degree typically see a significant bump in their pay. So
in today’s video I’m going to go over the 7 best graduate degrees. Degrees that not only will get
you jobs with the highest pay, but with good job prospects. Hi, if you are new to the channel,
my name is Tae from Financial Tortoise. Where we learn to grow our wealth, slow and steady. The
first best graduate degree is Masters in Business Administration. Also known as MBA. And this one
is close to my heart. I got my MBA right after I left the US Army and it helped me to successfully
transition to the corporate world. There are many career pathways that you can take with
an MBA. Most common ones in finance, consulting and marketing. But if we are to group all of them
into the general top executives category, jobs with an MBA have an expected growth rate of 8%
and over 200,000 job openings in the next decade. The median salary of an MBA graduate is around
$100,000. Of course more if you are entering a more competitive function like investment banking
and management consulting. And a more competitive industry like tech or finance. Business schools
are most often 2 years long for a full time program and require you to take the GMAT,
the Graduate Management Admission Test to apply. Total tuition costs for a top rated MBA program
can range anywhere from $60,000 to $160,000. I personally came out of business school with
$87,000 dollars in student loans over 10 years ago. However, many would say that the tuition
is worth it because the increased earnings pay for itself after several years. However, there
are many smart ways to offset the tuition if you do your research. I had plenty of classmates who
were able to get their program cost subsidized by their future employers. Some of the top business
programs in the United States are University of Chicago, UPenn and Northwestern. Of Course I can’t
leave out my old alumni, UCLA from the list. If you are currently in the corporate world and are
looking to make that next move up, business graduate schools are a great option to help
you do that. They are general enough to not pigeon hole you into one specific function and industry,
and are rigorous enough to really up your business skills. The number two best graduate degree is
Masters in Healthcare Administration. Also known as MHA. Healthcare is one of the fastest growing
industries with the greatest demand. People are living longer and we all need more healthcare
support as we age. A Masters in Healthcare Administration is a great degree that can allow
you to have a successful career as a Medical and Health Services Manager. A vital hospital
administrator who most often is overseeing all the behind the scene aspects of a hospital or a
medical facility. A Medical and Health Service Manager role is expected to have a growth rate
of 32% and close to 140,000 new openings in the next 10 years. The median salary of a
Medical and Health Services Manager is well over $100,000 a year. A typical Masters in Healthcare
Administration program is 2 years long and normally doesn’t require a standardized test score
to apply. And costs vary for the program. You can find in-state programs at much more affordable
costs of under $20,000. But there are more expensive programs that can cost up to $80,000.
Some top programs include the University of Alabama. University of Minnesota and University of
Michigan. If you like the idea of managing complex medical organizations while supporting frontline
healthcare workers like doctors and nurses, this would be a great degree to pursue. The
number three best graduate degrees is Master of Science in Physician Assistant Studies.
This degree allows you to become a Physician Assistant. One of the fastest growing fields
with a great salary. With a 31% job growth rate, we can expect to have 40,000 new PA openings in
the next decade. And a Physician Assistant has a nice median salary of over $120,000.
An average PA program is approximately 3 years long. And the prerequisite to get into a PA
program is quite extensive. You normally need to have taken classes in core science like Chemistry
and Biology. In addition, you also need some prior healthcare experience. Most applicants either work
as a Medical assistant or a volunteer in order to fulfill this requirement. PA programs cost
on average from $50,000 to $90,000 depending on if you choose a public school or a private
program. Some top PA programs are Duke University, University of Iowa and Baylor College of Medicine.
PA schools are a great choice for grad schools if you have some experience in healthcare but want
to become an advanced healthcare practitioner. You get to work very closely with physicians in
examining, diagnosing and treating patients. There are tons of opportunities for a great
career in all areas of medicine including primary care, emergency medicine and surgery.
In a time where we have shortage of healthcare workers, they play a crucial role in providing
that necessary healthcare service to patients. The number four best graduate degree is a very
close cousin to PA programs. And that is Master of Science in Nursing. A degree that most often
leads to becoming a Nurse Practitioner. Nurse Practitioner and Physician Assistants are what’s
also known as advanced healthcare practitioners. As the massive baby boomer population ages and
more preventive medicine is used to treat chronic conditions, these practitioners play a crucial
role alongside physicians in providing necessary care and treatments. Nurse Practitioner is a great
career with one of the highest job growth rates of 45% which means there will be approximately
121,000 new NP positions in the next 10 years. Nurse Practitioners also enjoy a nice median
salary of $124,000 a year. But like a Physician Assistant school the entry level prerequisites
are pretty rigorous. Most often because Nurse Practitioner programs are for previous nurses,
candidates need an accredited Registered Nurse license. In addition, you need to have taken
core science classes like Anatomy and Chemistry. Typical NP programs range anywhere between 2 to 4
years to complete depending on course work and if you are pursuing it part-time or full time. Costs
for programs vary but they can range from less than $20,000 instate to sometime close to $100,000
for private programs. And if you are already part of a large hospital, I would recommend looking at
partnership programs which could offset a good chunk of your cost. My wife was able to get
her Masters in Nursing paid for by her hospital employer in exchange for additional commitment
to the hospital following the program. Overall it saved us close to $50,000 in school expenses.
Some top Masters in Nursing schools include Johns Hopkins, Duke University, and Emory University. If
you are already a registered nurse and want to up your salary as well as experience new challenges,
pursuing a Masters of Science in Nursing could be a great option.
Number five best graduate degree to pursue is a law degree. Also most commonly known as JD. This
degree allows you to become a Lawyer. One of the oldest and well respected career fields. With a 9%
job growth rate, we can expect to have 71,000 new lawyer openings in the next decade given we
currently have over 800,000 lawyers in the United States. And a Lawyer enjoys a median salary of
$128,000 a year. Most law schools are 3 years long. And from what I hear from my lawyer friends,
a pretty rigorous 3 years. Business school curriculum normally eases up after the 1st
year rigor of core business classes. However, law itself is a mentally taxing exercise,
so law school I’m sure expects a lot of their students in order to best prepare
them for the harsh world of being a lawyer. I have tremendous respect for people who’ve gone
through this process and don’t think I could have survived the ordeal. And the prerequisite
to get into law school is pretty rigorous as well. The most notable being the LSAT. The Law
School Admission Test. Infamously difficult test. Total cost of law school can range from $80,000 to
$150,000. And more for top tier law schools. Top law schools in the United States are Yale,
Stanford and University of Chicago. If you are looking for a well respected, prestigious career
you can be proud of, law school could be a great option to look at. There will be costs in both
effort, time and money, but many who’ve gone through the program have found tremendous value
from it. The number six best graduate degree is a bit specialized, but it is Masters in Finance.
Unlike an MBA which covers a broad range of business functions from marketing to operations,
Master of Finance programs focus more specifically on finance. You get to really deep dive into
topics like financial reporting, portfolio theory and investment analysis. Finance Manager is one
of the fastest growing jobs with a growth rate of 17%. Which translates to approximately 118,000 new
jobs in the next 10 years. It commands a healthy median salary of $132,000 a year and a Masters in
Finance would allow you to be in a great position to take advantage of this growing function.
An average Masters in Finance program ranges anywhere from 1 to 2 years full time. And tuition
for this program also has a wide range based on location and competitiveness of the program. They
can be as cheap as less than $20,000 for instate public schools and high as $120,000 for out of
state private institutions. Prerequisites for this program include most often statistics and
basic accounting. And sometimes could require standardized tests like the GRE or GMAT,
depending on the school. Top schools with a Masters in Finance program overlap a lot with
top business schools since most often they are the same faculty teaching these classes. They are
UPenn, University of Chicago, and NYU. And again I can’t forget my alumni, UCLA has a great Masters
in Finance program as well. If you really enjoy numbers and like the idea of specializing in some
hardcore quantitative analysis. Masters in Finance could be a great option to consider. Number seven
best graduate school is Medical School. And this I would say actually is one of the most challenging
grad schools not only to enter, but to complete given the length and the rigor. Attending medical
school allows you to become a Physician. You either earn a Doctor of Medicine degree, also
known as MD or Doctor of Osteopathic Medicine, also known as DO depending on which medical school
you attend. The Physician role has an expected 3% growth rate and 25,000 new openings in the
next 10 years. Of all the grad schools we covered so far, this one has the lowest growth rate and
new openings, but it has the highest median salary of $208,000 annually. And this is highly deserved
given what students have to go through to become a physician. Medical schools have one of the
most rigorous admissions requirements. Requiring applicants to have completed core science classes
like Physics, Biology and Chemistry. You need hospital experience and in addition, you have
to get a competitive score in one of the toughest standardized tests there is. The MCAT. The Medical
College Admissions Test. A test that takes seven and a half hours to take. I thought the GMAT was
bad at 3 hours. But I give props to anyone who is willing to tackle the MCAT. But the
fun doesn’t stop there for future physicians. Medical school is 4 years long. Full of intense,
rigorous curriculum. And even after you complete your 4 years, physicians need to complete 3 to 7
years of residency before they can become a full attending physician. At minimum we are looking
at 10 years of schooling and training before you can call yourself a full fledged physician. Total
cost of 4 years of Medical schools range from $160,000 to $250,000 Top medical schools known
for research are Harvard, NYU and Columbia. As you can guess, Medical School requires tremendous
commitment of time and money. However, if you want to really challenge yourself to the next level,
it might be something to consider. Even if you may think you aren't a student anymore.
Age is only a number and our lives are defined by the challenges we face, not the ones we
avoid. That is guys. Thank you guys for watching and if you like to learn more about some great
high growth careers for the future, check out my video here. Until next time, all the best.