Cost of a Master’s Degree

Posted by

The cost of a master’s degree programme should be one of the first factors a prospective student should think about before deciding whether or not they would pursue the degree.

If you want to pursue a master’s degree, you must check if there are scholarships available for students who wish to obtain the degree. You must check if there are schools with special discounts for students from certain regions of the world, say students from regions that require economic aid.

The tuition of the school you want to apply at should be considered as well. The cost of a master’s degree would also factor in the cost of living in the country or city you want to school in. I am an advocate of preparing for the long term, if your preparation doesn’t cover the entire duration of your academic pursuits, do not begin the journey.

Meticulous planning is in order and will get you to the end of the degree programme without much fuss. You will help yourself a lot by going through the content in this article you you are planning on counting the cost of a master’s degree.

There are certain factors that the cost of the degree will depend on, these factors are stated below.

  • The Course of study.
  • The University or institution offering the course.
  • The country the master’s degree is offered in.
  • The identity of the student that wants to offer the master’s degree programme.*

* The identity doesn’t refer to a racially motivated decision. Rather, it simply entails whether the student who wants to offer the master’s degree programme is an international student or a local student.

This is because some countries subsidize education fees for local students.

We will look at point one, getting 8 courses. We will be focusing on a range of average costs as there is no way to get an accurate cost for any of the above points.

Before we dig in, you may want to check out this article from us on the cheapest universities in the US. It would even go a long way in helping you determine the cost of a master’s degree you may want to offer in the Free World.

The Cost of a Master’s Degree

Alright, we will get into the first factor that influences the cost of a master’s degree. The costs will lie within a range, the average will be a figure that satisfactorily lies around the middle of the range. Satisfactorily in the sense that not only will the pricing matter, but the number of institutions ready to offer at a particular price.

For example, a course may have 1000 institutions offering the master’s degree programme at around $10,000 while it may also have 35 institutions offering it at $78,000. The average will fall in the region of $12,300, a figure closer to $10,000 than $78,000.

The data about to be introduced was properly researched, and the source material(s) will be quoted.

A. The cost of a Master’s Degree according to the Course of Study

We will look at eight courses in this section. Engineering, medicine, business, humanities, IT/ICT, law, education and social sciences. These are very popular courses with so many subcategories under each one. These eight were picked solely based on research and findings, there is no bias towards these or other academic courses.

1. Engineering

The cost of a Master's Degree

The bedrock of scientific application with the aims of reducing cost and improving man’s standard of living. Engineering had been around for ages, putting to work the theories and principles of scientists from the fields of mathematics, physics, chemistry and biology. These scientific theories and principles have shaped the nature of engineering, with the creation of different branches which cater for different areas of life and science. Some of these branches are chemical engineering, mechanical engineering, electrical engineering, acoustic engineering, bioengineering, etc. Engineering is really a broad family.

The cost of a master’s degree in engineering definitely varies with respect to the branch to be studied and the offering institution. From research, the range of the cost of a master’s degree in engineering is from around $5,000 to a figure closely upwards of $47,000, with the average cost lying around the region of $25,000 a year.

Well, in the pursuit of knowledge, it all depends on how much you are willing to spend.

For more on he costs if different courses, degrees and institutions, visit mastersportal.com, it’ll serve you richly.

2. Business

The cost of a master's degree

The nitty gritty of money and it’s operations examined in this course. Different branches with different theses and knowledge, but all for the same goals,

  • Maximise the profitability of a business.
  • Organisation and management of business resources.

Finance, banking, accounting, economics, business administration and management are just a few from the wide range of courses you can study under business. The master’s degree award is called an MBA, Master’s in Business.

The cost of a master’s degree in business falls within the range of $0 to around $70,000. The reason for the $0 stems from institutions that offer domestic nationals free education.

All other courses will start with a range from $0 to reflect this free education.

The average cost of the master’s degree sits in the region of $40,000 yearly. A higher average than engineering, but one many who pursue it won’t care.

3. Medicine

The cost of a master's degree

The medical profession has been the bedrock defender for the world this past year. With the covid virus threatening life, medical practitioners stood up strong and faced the disease, charting into unknown water. I wish to express my gratitude to you all for your sacrifices, dedication, empathy and compassion. You have fought bravely for mankind. Thank you all♥️.

Medicine, just like other courses, has many sub courses like anthropology, anatomy, biology, physiology, optometry, dentistry, etc. Human life and it’s maintenance, and sustainance are some of the primary goals of medicine as a profession.

The average cost for a master’s in medicine is in the region of $36,000 per annum, with the range of costs from $0 to a high of $64,000.

4. Law

The cost of a master's degree

Justice must always prevail in society. Lawyers have the great responsibility of always yearning for the truth. Though some have tainted the true and real essence of the profession, many lawyers have still kept to their virtues and everything law stands for.

Tuition costs for a master’s degree in law range within the region of $0 to $50,000. On yearly average, the cost of a master’s degree in law sits in the $25,000 area.

5. IT/ICT

The cost of a master's degree

Ignorance they say, is bliss but knowledge, is power. The vast field of IT has created numerous means by which we as human beings now communicate our thoughts, ideas and innovations, and through a vast or large distance. Last year saw the rise in the use of teleconferencing tools like Skype, zoom, Microsoft teams, etc.

On average, an ICT student may likely spend $28,000 per annum, with the varying prices bound within the range of $0 to $55,000.

6. Humanities

The cost of a master's degree

A broad course with lots of categories which vary significantly. Humanities focuses more on the arts of life and less on the sciences. Theology, arts, social science, psychology, history, linguistics and many others form this vast career path.

The cost of a master’s degree in Humanities falls within the limits of $0 to $50,000. The average cost per year sits in the region of $20,000. A fair value for a course that has different branches which speak to the senses of an individual.

7. Education

The cost of a master's degree

The cost of a master’s degree in education per annum is at round $18,00. It falls within the range of $0 to $40, 000.

8. Social science

The cost of a master's degree

So similar to humanities that sometimes the subcategories under the two are interchanged. Social science has to do with the study of human behaviour.

The cost of a master’s degree in social science is on average, $13,000 a year, while it lies within the region of $0 to $35,000.

In Conclusion:

There are so many other courses that I have called to mention and for that, I express my regrets and apologies. Sincerely, I have no bias against them. You can however make deep research on courses I may not have covered. We’d keep updating though.

The cost of a master’s degree will ultimately depend on your pocket and willingness to draw from your pocket. As adults, we should not let any societal, familial or peer pressure push us into offering a master’s degree programme. Let one of the sole driving forces behind your choice be an effective cost analysis.

With an effective cost analysis, you will be able to plan toward you accommodation, feeding, transportation, health, utility bills and other miscellaneous expenses that may pop up along the way. You will also be equipped with a little history about the place you will study in, the geographical layout of the environment and also you might even learn about the behaviour of humans living within that area.

As you plan for your future, always pay attention to this very crucial factor, the cost of a master’s degree, it will seriously help your path.

I hope you found this article very informative about a subject which may be scarcely discussed very useful. Thank you very much for you time and feel free to use the comment section. Goodluck in all your future endeavours.

Share and Help us Reach out to Other Students

Leave a Reply

Your email address will not be published.