Are you at the point in your studies where you’re asking yourself – “should I study a master's degree?”
This question is often accompanied by others, like “Is it worth it?” and “Do I really need it?”.
Pursuing further study is a personal decision that largely depends on your academic and professional ambitions. It’s a huge investment in your future with significant time and cost implications. But it can open you up to incredible opportunities – to grow in your career, to learn from the best and to contribute to your field in meaningful ways.
To help you decide whether to study a master’s degree, we’ll run through key details like average costs and timeframes, as well as the impact a master’s degree can have on your career across different fields.
If you’re still scratching your head after reading this, reach out to ourFuture Student Advisers. We’re here to help!
What is a master's degree?
A master's degree is an advanced academic qualification, usually undertaken after completing undergraduate study, such as a bachelor’s degree. A master’s involves specialised study in a particular field and is designed to deepen your knowledge and refine the skills you learned in undergraduate study. These programs typically take one to two years of full-time study to complete and include a blend of coursework, research and practical elements.
What is the average cost of a master's degree?
Domestic students can expect to pay around between for their master’s degree. For international students, tuition fees are estimated between per year. However, the average cost of a master's degree in Australia varies widely based on the program, institution and duration of the course. We encourage all students to check their eligibility for scholarships to support their studies.
Why is a master's degree important?
A master's degree holds significance as it deepens the expertise you need to enhance career prospects. You’ll gain crucial critical thinking abilities and learn how to conduct important research in niche fields, preparing you for highly specialised roles, promotions, increased earning potential or doctoral studies. A master’s degree demonstrates a commitment to your professional growth, which can be extremely attractive to employers.
How does a master’s degree impact career prospects?
After completing a master's, many career opportunities will unfold across diverse industries. Certain professions require an advanced level of expertise or a specific skill set that a master's degree can provide. Fields such as healthcare, finance, education and research often need this kind of higher qualification. A master’s degree will help you access leadership roles and meet the increasing demands and complexities within those professions, resulting in career advancement and deeper industry insights.
Jobs that often require a master's degree
Requirements vary between industries, employers and locations, but a master's degree is often preferred or required for the following positions due to the specialised skills, knowledge and expertise demanded in these fields.
Clinical psychologist
Financial analyst
Epidemiologist
University professor/ Lecturer
Industrial-organisational psychologist
Speech-language pathologist
Nurse practitioner
Urban planner
School principal/Administrator
Genetic counsellor
Marriage and family therapist
Software developer/Engineer (specialised roles)
Data scientist
Economist
Higher education administrator
Occupational therapist
Environmental scientist
Human resources manager
Health services manager
Political scientist
Public policy analyst
Physician assistant
Geoscientist
FAQs
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A double master's degree offers you a competitive edge by providing expertise in two distinct fields. It enhances versatility, in-depth knowledge and unique skills preparing you for diverse and demanding leadership positions. These kinds of roles typically require multidisciplinary expertise, fostering a broader understanding and offering a professional advantage.
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A one-year master's degree offers a fast-track route to advanced qualifications by providing extensive knowledge efficiently. It saves time and expenses when compared to longer programs, while swiftly equipping individuals with expertise required for career advancement, allowing for quick entry into the job market or facilitating career transitions effectively.
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The duration of a master's degree varies based on the program. In Australia, it typically takes one to two years of full-time study to complete a master's degree. However, some accelerated or part-time programs might take less or more time to finish, catering to diverse student needs and program structures.
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