Gauri Chhabra
With education increasing in surface area, more and more students consider an undergraduate program just a small pause in their education journey- one that nudges them to move on to a post graduate degree. A post graduate degree can serve as a key to securing a promotion or changing fields, and can often lead to better compensation. But getting into a post graduate program is not easy. It means a lot of investment and hard work. Some degrees pay you back, but others don’t do much to increase your earning potential.The compensation data site Payscale.com gives us an idea of growth trajectory of the students in terms of salary, job responsibilities and positions in the organizations of those who opt for masters degrees.
Masters is the new Bachelors
Today, colleges are turning out more graduates than the market can bear, and a master’s is essential for students and job seekers to stand out.It serves as the first cut. Once derided as the consolation prize for failing to finish a Ph.D. or just a way to kill time waiting out economic downturns, the master’s is now the new Bachelors.The proliferation of master’s degree is the evidence of credentialing gone amok.If this trend goes on, in 20 years, you’ll need a Ph.D. to be a janitor.
In such an academic inflation, it is imperative to put the food where the mouth is. With so many degrees coming up, it needs wisdom and research to select the right kind.If you’re looking for the most bang for your postgraduate educational buck, some master’s degrees yield bigger financial returns than others:
Biomedical Engineering
The aim of the post-graduate programs, M.E Bio Medical Engineering and M.Tech in Biomedical Engineering is to integrate technology with the medical sciences to evolve a better system for medical diagnosis, treatment, research and support systems.Post Graduation in Bio medical engineering requires B.E in Electrical Engineering, Mechanical Engineering, Electronics Engineering or Chemical Engineering You would get to know the fundamental biological and engineering processes involved as well as to develop creative ideas for the early detection and identification of various biological signals and hone the quantitative and analytical skills required to interpret the data and the processing of medical data including imaging and enhancement techniques.
According to a research by Payscale, the mid-career median salary for those with Biomedical Engineering degrees is $129,000, and strong job satisfaction and meaning ratings keep this degree at the top of the list,
Aerospace Engineering
As an academic discipline, aerospace engineering is a popular and sought after choice. Indian Institute of Technology, Madras, Jawaharlal Nehru Technological University, Hyderabadoffer M.Tech in Aerospace Engineering. The eligibility criterion is BE/ B.Tech or Master’s degree in the relevant discipline. Admission is based on the performance at Graduate Aptitude Test in Engineering (GATE). Defence Institute of Advanced Technology, Pune offers M.Tech in Aerospace Engineering with Guided Missiles as specialization.
If you go in for a post- graduation program, you would multiply your chances of scripting your career with Indian Space Research Organization,Hindustan Aeronautics Limited and National Aeronautics Laboratory.
Computer Engineering
Computer science master’s programs would prepare you for jobs in fields such as computer and information research, programming, and information security. Jobs in these fields are expected to increase over the next ten years, and offer high salaries to those with the proper skill sets. The projected average growth of employment between 2010 and 2020 is estimated to be around 24%.
Statistics
Statisticians use advanced mathematical formulas to turn figures and statistics into useful data that can be harnessed for a number of purposes. You can opt for M.Sc Applied Statistics/ M.Sc Statistics offered by Indian Statistical Institute Bangalore, Indian Statistical Institute New Delhi, Indian Statistical Institute Kolkata, Aligarh Muslim University to name a few.And as more businesses, governments, and individuals turn to statistical analysis for answers, the job prospects for these workers are only expected to increase.As per Payscale research, specifically, the job openings for statisticians will surge 27% nationally from 2012 to 2022.
General & Strategic Management
Another post graduate degree that has always ruled the roost is the Management program. There are large number of b-schools offering degrees in management but those coming from premier institutes such as IIMs, IITs, XLRI, FMS, IIFT and Symbiosis earn higher salaries, enjoy more significant jobs roles and fast-track career paths. Generally you would start your career as Management Trainee and undergo 6 months-1 year of extensive training. The pre-placement offers are made on the campus with pay packages as high as INR 20-24 Lakhs per Annum. Financial services and management consulting firms are the top recruiters for the talent.
Finance
One post graduate program that would give an edge would be a program in Finance.It would teach you critical financial topics such as risk management, insurance, investments, and mergers and acquisitions. With a master’s degree, you can work your way into high-paying upper-level management positions in which they manage the financial health of an organization You can get a job in different areas of tax management, auditing, cost accounting, banking and consultancy. E&Y, Deloitte, PWC and ICICI Bank are some of the good pay masters. With the increase in the number of years and depth of experience the salaries also increase to as high as INR 18-24 Lakhs per annum.
Healthcare Administration
For those planning to pursue an MBA, an MBA in Hospital administration would take you places as it is one career that is recession proof. You may work asMedical and health services manager, healthcare administrator, clinical analyst, nursing director. Healthcare administration degrees teach you to develop and oversee medical and health services. You might manage an entire hospital or health services organization, or a specific department or clinical area. These jobs are in high demand, and will continue to grow over the next decade. The average projected growth in the next decade would be 22%.
Industrial Psychology
The need for industrial organizational psychologists, for example, is expected to surge as corporations and businesses turn to these professionals for advice on decreasing their workforce without harming productivity. You can be a consultant where you would understand the client requirements, research clients’ industry; locate data points to support the business case, perform competitor and industry benchmark analysis, documentation, recommendations and preparing business presentations for the client. Salaries for those with less than 1 year of experience is INR 4.0 – 6.0 Lakhs per annum and as the experience in increases salaries figure also go to as high as INR 12-18 Lakhs per Annum for those with 5-7 years of experience. McKinsey, Accenture, BCG, KPMG are the employers of choice in management consulting field.
Law Degree
If you want to study law, your salary potential will vary wildly depending on where you attend law school. Law Schools as well as traditional universities like Delhi University offer Master’s program, LLM. It would enable you to specialize in your area of choice like Constitutional Law, Labor Law, Human Rights Law, International Law, Intellectual Property Law and Corporate Law. In most universities this is a 2-year full-time program divided into 4 semesters. NLS Bangalore offers LLM with specialization in Business Laws and Human Rights, while NALSAR University of Law Hyderabad is known for its LLM with specialization in Intellectual Property Law and also Corporate Law.Among Law firms, those like Amarchand Mangaldas, AZB, Luthra & Luthra, JSA, Trilegal and Khaitan & Co remain highly rated. On the corporate in-house legal department side, opportunities at organizations such as HUL, ICICI, ITC, Ernst & Young and PWC abound. Among more specialized organizations, Anand & Anand, Remfry & Sagar and Lall & Sethi are considered the top IP firms in the country.
To be or not to be
Although any master’s degree that allows you to enhance your skills is valuable when it comes to salary, it is also true that more education may not always result in higher income, especially when you factor in the cost of obtaining the degree. Education is like any other investment, in that one needs to do some cost-benefit analysis before taking the plunge. To avoid any surprises, compare your potential earnings with the cost of any program you’re considering to see if the investment is worth it. Any degree might seem like a good idea, but will it really pay off? Well, that’s one question always worth asking.
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