No matter what your field, if you go back to school to get an advanced degree, you’ll qualify for jobs with higher starting salaries. Getting your master’s degree in human resources may seem like a large time and money investment at first, but in just a few years, you’ll have that degree and be able to apply for jobs making six figures – or even more! So yes, it does make financial sense to go back to school to get your masters in human resources.
But just what kind of salary can you expect with this advanced degree?
That depends on a number of factors, first of which is your job title. Most workers in human resources start off in a general position, working in a human resources office, but there are many types of careers in human resources and related fields that you can consider. If you have your master’s degree, you can expect a salary higher than those employees who only have a bachelor’s degree. According to PayScale, the average salary for a human resource generalist with a master’s degree is just over $53,000.
You salary will spike if you’re hired in a management position, however. Human resource managers have many more responsibilities on their plate, but at the same time, they are often offered much higher pay rates, along with better benefits packages. According to PayScare, the average salary for a human resource manager with a master’s degree is over $83,500 per year. That’s quite the increase from a general worker in the same office, and getting your master’s degree helps to qualify you for this advanced position.
In most cases, the top position you can hold with a master’s degree in human resources is as a vice president of human resources. These positions within a company are extremely competitive, and you may need to work in human resources for over ten years before you’re even considered for the job. However, the salary expectations for vice presidents is $101,000 to $205,000 annually, and in multi-national corporations dealing with million-dollar accounts, those figures are even higher. Even in smaller businesses, the top human resources office can expect to make more than $70,000 per year.
If you’re still worried about the high cost of education, make sure you check out the scholarship and grant opportunities available to students who are getting their master’s degrees in human resources. A number of professional organizations and colleges have funds for those in financial need. In addition, if you’re currently working in the human resources field, but just have a bachelor’s degree, your employer may be able to offer assistance. Many companies have tuition reimbursement programs to reward employees for getting advanced degrees. So, not only will you be eligible for better positions within your company, but they may also pay for your schooling.