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Highest Paying Master’s Degrees | Top 20 MS degrees abroad (2021 list)

By August 21, 2021September 1st, 2021No Comments
Chapter 1

Overview

They say money can’t buy happiness. Can a statement be true and false at the same time? After all, perception is subjective. However, studies have found that earning money up to a certain point (and not beyond that), is a definite factor to happiness. And it makes sense logically. You get to afford things you’ve always wanted, have experiences previously closed off to you, and live comfortably with security. It is beyond that point, an ill-defined line, that greed starts to step in. But we’re not here to discuss philosophy, are we? : P 

One of the best and oldest ways to earn more money, has been to study further and build an excellent profile. The point is to make you a valuable person in an organization. Degrees and knowledge do not necessarily go hand in hand, but they certainly provide you with a lot more opportunities and learning experiences. Let us quickly look at why you should pursue your master’s abroad, and what factors to consider while choosing a master’s degree, before looking at the top 10 master’s degrees in the world. 

Why pursue your Masters abroad?

Career Prospects and The Best Universities :

Let us take Computer Science, for example. If you research the top programs in MS in Computer Science across the world, you will find that the majority of the Top 20 universities for CS are in the USA. A little further research will let you know that the environment for a lucrative and interesting career in Computer Science is certainly set in place in the USA. 

If you wish to pursue CS, choosing the USA would surely make sense to you. After all, there’s plenty of financial aid, scholarships for international students and merit; highly-ranked programs which shine out in your resume, with access to world-class faculty and facilities; internships, career opportunities and networks for securing excellent jobs in corporations; and finally, unique overseas study experiences that set you apart. 

While the example above deals only with CS, the case is the same for most top Master’s programs. Depending on what your area of interest is, conduct your research and select the top countries and universities for that program. Your career prospects will increase substantially by pursuing your master’s in these universities. 

The Pursuit of Something New:

 Yes, yes, we get it. The point above is the main reason why students wish to pursue their master’s abroad. Does the country’s economy support their dream job? However, you need to ask yourself some questions. Are you shaping and influencing your areas of interest because it pays well? After all, it isn’t a wrong thing to do, but will you retain interest in the field most of the time? All of this is for the student to figure out. What some students truly want, is the vast growth and change that accompanies pursuing their degree abroad. They want to experience something new and see the world whilst pursuing their education. 

The pursuit of something new contributes to personal growth and changes your world-view significantly. You are exposed to new cultures, practices, people, languages, politics, and environments. You become more independent and self-sufficient as well. 

If all goes well, you will end up pursuing your desired degree, have an excellent and well-paying job, and might fall in love with this new country. Should you choose to come back home, your resume will still be worth its weight in gold, with new opportunities being unlocked wherever you go. 

Dos and Don’ts while choosing a Master’s Degree

Yes, we aren’t blind to the irony of this section! This article is definitely about the highest paying master’s degrees in the world. However, we simply do not want to provide you with the information and then disappear. We want to guide you and make sure that you are also led away from paths of greed. Monetary success is undeniably important in this world, but the pursuit of higher education should also involve interest in the subject, a drive to learn and thrive, and the pursuit of knowledge and new experiences.

Dos : 

  • Ponder upon the future and take a decision wisely – Choose the degree because it leads somewhere beneficial for you. Study the subject you are interested in after extensive research and a rough plan for the timeline. Are you choosing something you are interested in? What is the scope of this program? Are there well-paying jobs available? Set your goals clearly. 
  • Read the brochure of the university properly and make sure you meet the entry requirements. Fill gaps in your CV and apply for everything in time. 
  • Discuss with students from your chosen program, discuss with people who are employed in this sector and enquire about their responsibilities and experiences. You can learn a lot this way. 
  • Keep in mind the costs involved and arrange for funding accordingly. Look for scholarships. 

Don’ts :

  • Don’t choose a degree purely for the sake of money. It should be a factor, not the sole purpose of higher education. 
  • Don’t choose a university purely because it ranks well. The program that is uniquely crafted for your career is more important that a brand name. 
  • Don’t slack off and take the opportunity of studying abroad for granted. The programs will be intense and you can learn a lot if you apply yourself. 

Choose a degree in a field you are interested in. If you’re unsure of what you’re interested in, set up a call with our admissions counsellors today! Talk to people in your lives, talk to someone you trust. Find out what you want to do, and then set out to achieve greatness! 

Top 10 Master’s Degrees in the World

This list is highly subjective for different people and varies according to country, field, and perception. In general, there can be a list of subjects with high prospects and opportunities throughout the world. Can we really have enough Doctors? Think about it! 

  • IT
  • Computer Science
  • Marketing 
  • Finance 
  • Medicine
  • Economics 
  • Data Science 
  • Business Administration and Management 
  • Nursing 
  • Architects and Civil Engineers 

Let us now look at the top 20 highest paying degrees in the world, and all the relevant information regarding the same.

Chapter 2

Top 20 Highest Paying Degrees in the World

The relevance of these 20 degrees has been at an all-time high for the past decade. Many of these fields are striving towards ideals and rapid advancement. Some of these fields are irreplaceable by AI or machinery. Do keep in mind that as the years go by, some of these might be updated to other fields due to technological advancements, climate change and the intricate dynamics of human civilization. 

Certain degrees or job roles may not be on this list. This is because they depend on the person’s career, talent and individual experience. Athletes, actors, singers, CEOs, etc., are definitely paid higher but seeing as there is no set path (or degree) to these careers, and the fact that passion drives these more than anything, we haven’t listed them. 

Note: These 20 degrees are not ranked from highest to lowest. They are in a random order, so that you might learn about other degrees instead of jumping to the highest paying ones immediately! 

  • Business Administration 
  • Human Resource Management 
  • Marketing Management 
  • Strategy and Consultation 
  • Business Operations 
  • Computer Science 
  • Information Technology 
  • Data Science 
  • Applied Mathematics 
  • Economics 
  • Finance 
  • Taxation 
  • Law 
  • Engineering Management 
  • Civil Engineering
  • Solar Engineering
  • Medicine and Dentistry 
  • Healthcare Administration
  • Nursing Anaesthesia 
  • Psychology 

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Business Administration

A Master of Business Administration has, and always will have a lot of scope. It branches out into many specializations, including: Finance, Marketing, Operations, Consulting, and HR. An MBA is a viable option for those looking to climb up the ranks, and it is one of the most sought-after and useful master’s degrees in the world. Their skill sets have wide applications, and their leadership, analytical capabilities, problem-solving, management, and networking are highly valued by corporations world-wide. They are typically involved in management and administrative roles. 

Average Salary: $115,000/year. 

Some of the top jobs that this degree can lead to are General Business Managers, Operations Managers, Marketing Managers, Sales Managers, and Financial Managers.

Note for all MBA-related degrees listed (Degrees 1 – 5, 11)

An MBA in General Management/Operations/Marketing/HR/Strategy/Finance is about as useful as it gets. Corporations from around the world will be looking to hire the best from the pool of MBAs with specializations in their areas of interest. It isn’t just the brand of an MBA, but the intensity and rigour of the course of knowledge that MBA graduates go through (which is true for most Master’s degrees in top universities).

In terms of the best countries to pursue an MBA from these specializations, the USA, UK, Canada, Australia, France, Spain, and Switzerland are some of the best options to choose from. They have some of the best MBA programs overall, and the prospects after an MBA is excellent as well. The same goes for Singapore and the Netherlands as well.

An MBA is one of the most well-paying Master’s degrees out there. Choose your specialization carefully, and aim for the stars! Make sure you like what you’re doing.

2. Human Resource Management

Human Resource Managers and Executives are widely scorned at for not being very good at their job, but the deeper we dive into what they do, the more we realise just how much they are involved in. They manage incoming talent, staff training, company morale, intra-personal work relations, complaints, salary negotiations, and ensure that productivity and happiness is high. They ensure that everything is going well, and closely work with the management. HR Managers go through the MBA route and specialize in Human Resource Management

Average Salary: $100,000

Quite often, HR Managers at huge corporations will earn more than those who are part of smaller companies due to the vast number of employees that need to be managed. 

3. Marketing Management

Marketing Management is frequently pursued through an MBA in Marketing or a direct Masters in Marketing. Marketing Managers promote the products and services of the company, and frequently liaison with Sales Managers, Market Analysts, Advertising Departments, PR Departments. They’re in charge of marketing research, marketing campaigns and management of the marketing department as a whole. It has been a growing field for a long time, and has entered exciting waters with digital marketing as well. They are also experts in new media platforms, brand management, and work with the product development team as well.  

Average Salary: $125,000

Top Jobs include Market Analysts, Sales Managers, Marketing Managers, and Creative Directors. 

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4. Strategy and Consultation

Business Management Consultants identify business troubles and problems, and come up with solutions in order to resolve said problem, improve the organisational output, aid in growth, and overall serve as consultants to streamline any process they are required to provide solutions to. This can range from Marketing and Sales Strategies, to managing the internal management process for better efficiency.

They are also well-versed in strategic management, analysis of the market and industry, and global practices. They seek to optimise the business process, rise above their competition, and maximise profits. Look up consultants from McKinsey to get a general idea of the same. 

Consultants are often MBAs, and hone their skills depending on the industry they wish to be a part of. They may also not have a specific area of expertise, and are masters of many types of businesses. Strategy and Consultation is something that is never going to be obsolete, because consultants make use of not just theory, but real-time data collection and analysis. 

Average Salary: $115,000

5. Business Operations

They’re typically responsible for ensuring and managing the production of goods and services in a company. This involves designing, optimising, and execution of the operations process keeping in mind resources, labour and costs. They seek to do the best they can with the available capital and resources.

They work with various departments, kickstart and fuel projects, improve processes, monitor metrics, and strategically look for opportunities for the growth of the business. Once again, they specialize in Operations through a Master’s in Business Administration.

Average Salary: $110,000

Some of the top jobs in Business Operations include Operations Analysts, and Operations and Supply Chain Managers. 

6. Computer Science

Computer Science, as the name suggests, is the study of computers and computational systems, dealing with software, algorithms, programming, security, networks, analysis and much more. The applications of Computer Science range far and wide, with webs in fintech, software engineering, biotech, design, social media, hardware, networks etc. They are practically applicable to most spheres of life, and have taken humankind to heights and depths previously unfathomable. 

Courses in CS provide conceptual understanding from the top minds in the field, experience, exposure to industry practices, knowledge, developing sprees, and invaluable connections to companies and individuals through internships, placements and networking. 

The USA is hands down the best country to study CS in. Read more here. In terms of CS jobs, the USA, UK, Switzerland, Canada, Germany, Sweden, and Australia are some of the best countries to work in. The prospects for CS are global and increasing every year. This is true for Information Technology as well, with the demand for IT Managers increasing year by year.

Average Salary: $119,500

Computer Science graduates have always been in-demand, and are always going to be in demand. With multiple, complex specializations such as Networking, Ethical Hacking, Data Science, Full-stack Development, Software Development, IT Administration, Machine Learning, AI, Robotics, Coding Languages and Cloud Computing (and much more!), the prospects after an MS in CS are endless. To read more about an MS in CS in USA, click here!  

7. Information Technology

One of the most relevant degrees in today’s world, IT is crucial to the functioning and success of every organization. It involves the transmission, storage and subsequent analysis of information that is required. IT also involves information systems programming, coding languages, network architecture, security, and software development. 

IT Managers stay up-to-date with the latest trends of tech, fulfil and determine their client’s computer needs, and oversee software development projects. 

Average Salary: $145,000

IT Managers typically go through an MS in Computer Science, with a specialization in Information Systems and Technology. Top Jobs usually includes IT Managers, Project Managers (Software/Networking), Systems Analysts, and Software Developers.

Kindly check Degree 6 – Computer Science, for the best countries and prospects for IT.  

8. Data Sciences

Data-driven decision making has been all the rage since 2016. The demand for Data Scientists is showing no signs of slowing down, even in 2021. Data Science software and processes aid companies in strategy, crunch and generate algorithms that optimise business processes, improve consumer experience, and maximise yield. Tools like Python, R, Tableau, and Google Analytics are changing the game all over the world. The need to pick data apart, crunch it and generate results that aren’t skewed is crucial to an organization’s future. 

With the rise of computers that work at lightning-fast speeds and computational power, data sciences have emerged as a top field to specialize in. Companies such as Facebook, Google, IBM, and Amazon make use of Data Scientists extensively as well. 

Average Salary: $95,000 

Data Scientists are well-versed in Statistics and Research. They typically complete their Bachelor’s in Computer Science, IT or Mathematics. Then, they proceed to complete their Master’s in Data Science

As a Data Scientist, the best places to study and work in are Germany, France, Italy, the UK, Netherlands, Spain, and Switzerland. They contain within some of the top cities to study, live and work for data scientists, with excellent prospects for the same.

9. Applied Mathematics

Mathematics is everywhere we look. The same goes for its applications. Ranging from the Sciences to Engineering, to Business and Management, Mathematics is vital in our lives. A Master’s in Applied Mathematics involves the application and conduction of research and mathematical concepts to industries such as software, financial, economic, and engineering industries. At first glance, it may seem very similar to Data Sciences, but the nuances are there for those who know what to look for.  

Average Salary: $90,000 (varies widely)

Top Jobs include Operations Research Analysts, Statistical Analysts, Financial Analysts, and Data Analysts. 

Some of the best countries to study Applied Mathematics are Switzerland, the UK, Germany, the USA, Singapore, and Canada. 

10. Economics

In this age of capitalism, who better than an economist can analyse and predict market trends? A Master’s in Economics gives them a vast knowledge of global economies, market policies, and investments. This allows them to be the perfect people to go to for an organization’s business and financial decisions. 

An Economist has a wide range of opportunities, in both the private and the public sector. They can ensure sustainable growth, make predictions based on applied mathematics, data, and research, and even specialize in certain sectors such as finance, tech or healthcare. They’re adept at identifying key economic policies that can better an organization or even a country, and can serve as consultants at varying levels of the government or a corporation. 

Average Salary: $105,000

Top Jobs include Financial Analysts, Economists, Scientists, and Market Analysts. 

The UK, USA, Netherlands, Switzerland, and Australia and some of the top countries to pursue Economics. The prospects for Economics in these countries are excellent. Work opportunities with corporations and universities are also quite high, and some of the best in the world.

11. Finance

Similar to the above degrees, the applications of a Master’s in Finance degree are vast. At its core, the study of finance involves the study, oversight, management, and creation of banking, money, investments, capital, assets, liabilities, and financial systems. Plenty of financial concepts have their roots in economic theories. 

Financial Managers of an organization are responsible for the financial health of the company. They select the best investments for growth, create reports and projections for the company’s financials, and create strategies to ensure that the organization achieves its long-term goals. This is more in line with corporate finance. Investment Bankers also fall under the same, and bring in a lot of funds for the company through equity and other investments through strategy and research.

Financial Advisors deal more with personal finance, such as managing accounts, choosing the best retirement plans and investments for the long-term, managing taxes and insurance etc. 

There are also Financial Analysts, who are analyse Market trends and suggest investments based on their client’s needs. You could also go into the equity market, and become a trader. 

The applications of this field are vast. 

Average Salary: $106,000

Top Jobs include Financial Analysts, Investment Bankers, Financial Managers, Traders, and Financial Advisors.

The UK, USA, France, Switzerland, and Spain are some of the best places to complete your Master’s in Finance. Canada is another country where the prospects for Finance are excellent. Working in a particular country means learning and adhering to the laws and practices in that country, so do keep that in mind. Large MNCs are always on-board with hiring Finance Graduates.

12. Taxation

A Master’s degree in Taxation isn’t always a straight-forward path in all countries. You might pursue a Master’s in Accounting, a Master’s in Finance, A Chartered Accountancy, or even a Master’s in Financial Law and still become a Tax Specialist or Advisor. A Master’s in Taxation program also exists, and it covers tax compliance, financial planning, tax research, taxation of corporations and employees, accounting, and consultation. A master’s degree provides access to upper-management job roles such as senior tax accountants, tax managers, financial analysts, Tax Auditors and advisors (these are also the top job roles for Taxation). 

Average Salary: $91,000

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Switzerland, Netherlands, Austria, Spain, and the USA are some of the best countries to study Taxation. However, whatever country you choose to work in, you will need to get certified in that country, and be well-versed with their tax and financial laws. For international tax law, courses and certifications are required as well.

13. Law

When we think of law, we often think of judges, advocates and criminals. We often forget that the reach of the law is prevalent in multiple fields. Corporate law for instance, is a vast field, with lucrative career options. There’s Media Law, Financial Law, Real Estate Law, and even working in Law firms. After your BA LLB, comes LLM which is your Master of Laws degree. It will involve deep understanding and knowledge of your country’s judicial system and laws, after which you can specialize in various fields of your choice. 

Lawyers can work both in the private and the public sector, with tons of opportunities available depending on the talent and interest of the student in question. 

Average Salary: $97,000

Top Jobs include Advocates, Judges, Legal Consultants, and Corporate Lawyers. 

Corporate Lawyers have some of the highest salaries in this category, with an average salary of $140,000. 

The USA and the UK are the best places to study law. When it comes to traditional law and the judicial system, you will need to decide the best course of option for you. Do you want to immigrate into another country or stay in your own to practice law? Do you want to forgo the judicial system and serve as a corporate lawyer instead? Corporate law can give you a lot of lucrative career options globally. The choice between public and private is clear.

14. Engineering Management

After their Bachelor’s, a Master’s in Engineering Management allows for engineers to develop crucial business and management skills for management level roles. They focus on the optimization, management and maximation of engineering processes, outputs and teams using the principles of management and their engineering backgrounds. They can work in a variety of fields, depending on the type of engineering they specialized in, in their bachelor’s. This can be software engineering, civil engineering, biomedical engineering, electrical engineering, architectural engineering, construction, mechanical, and so on.

There is also a difference between product engineering managers and process engineering managers. 

Average Salary varies widely: $111,000 

There are many factors involved in such programs, which is true for all 20 of the listed programs. The USA, Australia, Canada, and the EU are excellent places to do your Engineering Management. The UK is also another option to consider.

15. Civil Engineering

A Master’s in Civil Engineering can involve specializations such as construction, architectural, hydraulic, structural, highway, geotechnical, and transportation engineering. They conduct environmental assessments, obtain permits, create blueprints, select materials and ensure the smooth completion of the project. 

Essentially, they make the use of scientific concepts to build, improve and maintain infrastructure and utilities that are vital for basic human needs. Think water, electricity, roads, airports, towers, and bridges. This is always going to be crucial for humans, which is why Civil Engineers are in demand. 

Average Salary: $88,000

Some of the best places to do your MS in Civil Engineering is Australia, New Zealand, Canada and the UK. India also has a lot of scope for Civil Engineers after an MS abroad. There are lots of developments and projects to be completed. Just make sure you work for companies that do not destroy the earth and are mindful of climate change (this is going to be a task, but all that money will be worthless if the world is destroyed, don’t you think?)

16. Electrical Engineering

While this may seem out of place at first, just hear us out. Electrosciences involve the implementation, creation and supervision of the process of setting up electrical systems. They are frequently required by R&D firms, utility companies, electronic equipment manufacturers, researchers, business firms, and telecom companies. 

At least 7 of the world’s top 20 MS in Computer Science programs, are taught alongside Electrical Engineering. Think of the hardware and software synergistically creating something new every year, and the minds behind it. Electrical Engineering involves a strong understanding of mathematics, engineering and scientific applications of electroscience.

The applications for an MS in Electrical Engineering can also be extended to (apart from the above) city grids, nanotechnology, electromagnetic studies, photonics, optical communications, antenna networks, and physics. Furthermore, with the advent of climate change and a desperate call for action, the need to use alternate energy sources that are renewable has never been more vital. Solar and wind energy engineers, pioneers and researchers have a strong base in electrical engineering. Solar cells are a lot more efficient and cost-effective now than they were 5 years ago even. 

Average Salary: $120,000

Job roles vary vastly. 

For Electrical Engineering, the best places to go for are Canada, then Germany, then South Korea, then the USA. The UK, Australia and New Zealand are also places to consider. It depends on your sub-specialization. For more research-oriented masters, look for Germany and Sweden.

17. Medicine and Dentistry

Remember, we did tell you that this list wasn’t ranked from the highest to the lowest or vice versa in terms of salaries. It is arbitrary, which is why Medicine and Dentistry is ranked so far below on the list. 

An MBBS is one of the most valuable degrees in the world. Imagine where we would be without healthcare! An MD after your MBBS is particularly well-suited for an excellent career in medicine. You could specialise in neurology, gynaecology, surgery, nephrology, orthopaedics, medical research, or any other field of medicine. There are never going to be enough doctors and nurses in this world, and both fields are undeniably crucial to humankind. While an MD can lead to a lucrative life, do keep in mind the toll that medicine takes on your mental health. It isn’t all glamorous behind the scenes, for obvious reasons. 

Dentistry (BDS), is also a well-paying field. You can either be part of a conglomerate, or set up your own practice. Orthodontists, in particular, are paid quite well. 

Forget about salaries for a second. As a professional in the medical field, you will be of immense value to society, serving tirelessly and striving towards the betterment of human life. What better reward do you need? (Yes, yes we know monetary security is important! : P ) 

Average Salaries vary quite a lot. ~$150,000

The United Kingdom, USA, Canada, Netherlands, Sweden, Germany, Singapore, and Australia are some of the best countries to pursue medicine in due to their highly ranked medical programs and highly-developed medical industry in the same. There are other countries where you can thrive depending on your chosen medical field and passion.

18. Healthcare Administration

Healthcare Managers almost always have a background in medicine, and seek to bring forth the principles of business management to the healthcare industry. They handle the administrative side of things and ensure that the clinical side of things run smoothly, with oversight over budgets, employees, medical regulations, the latest developments in medicine, and industry practices. 

They are responsible for the well-being of the entire hospital, and for making sure that the hospital practices the best medicine, both ethically and fiduciarily. A Master’s in Healthcare Administration is highly sought-after in the world, and continues to rise in demand as well. 

Average Salary: $110,000

The United Kingdom, USA, Canada, and Germany are the top countries to study and pursue healthcare administration in. The answer for Medicine applies to Healthcare Administration as well. Countries with well-developed healthcare facilities are the best ones to aim for (countries mentioned above).

19. Nursing Anaesthesia

These Anaesthesia specialists are vital to most surgical, diagnostic, and obstetrical procedures. They are in-charge of making sure the patient feels safe, of learning patient history, their allergies, medications, and other information that is medically relevant. Following this, they administer anaesthesia and observe the patient carefully during the procedure. If the patient regains consciousness or feeling, they step in to adjust the amount of anaesthetic medication. In procedures where the patient can be awake, they talk to the patient and make them feel comfortable.  

A Master’s degree in Nursing Anaesthesia is required to practice, along with a nurse’s license of course. They are some of the highest-paid nurses, and are in demand throughout the world. 

Average Salary: $160,000

Some of the best countries for nursing and nursing anesthesia include Denmark, New Zealand, Australia, and the USA. The United Kingdom is also one of the best places to study nursing in. Look for countries where healthcare is a universal right, like Canada, UK, etc.

20. Psychology

The last degree that we will cover is Psychology. The study of the human mind, its functions, behaviours, and health. Research increasingly points out to the fact that mental health is absolutely vital to the functioning of humans. It has also been shown to impact physical health. 

After all that we have achieved as a species, many of us still struggle to cope with the horrors and wonders of life, constantly questioning our place, our abilities, our bodies, and our lives. To many, unexplained feelings and thoughts stem from brain chemistry or genes, wherein they require medication and psychotherapy. That would be psychiatry. 

Psychologists seek to understand the social, cognitive and emotional processes of people through observation, interpretation and tests. They help us understand our vices, unlock and heal trauma, overcome addictions and help us better our mental health. 

There’s clinical psychology, social psychology, and even industrial-organizational psychology. They conduct research and determine factors of satisfaction, happiness, sadness, levels of stress and more. 

Like medicine, a Master’s in Psychology is also highly rewarding in terms of helping people. It comes with its risks, and it can be draining, which is why they undergo a lot of training. They are also paid quite well. 

Average Salary: $86,000

You are better off studying Psychology in Europe, particularly in places such as Austria, Denmark, Netherlands, France, Italy, and the UK. Canada and the USA are also options to definitely consider. Psychologists are very much in-demand throughout the world, so try to aim for the best countries to study the concepts in.

Chapter 3

Conclusion

So, there we have it. We hope you found this information useful. Do try and remember, that chasing monetary gain does not equal happiness in life. If you truly wish to pursue some of these degrees, then reach for the stars and achieve your dreams. Wealth can lead to a comfortable life, no doubt about that. At the risk of sounding too preachy, try not to shape your goals in search of wealth all the time. At the end, it is your call. No matter what you choose to do in life, we at Galvanize wish you all the very best! 

If you wish to set up a free consultation call with one of our counsellors, click here!

Hope this blog helped you! Written by Saahil R Bhatt.

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