5 differences between a master’s vs bachelor’s degree you probably didn’t know

If you’re in a quarter-life crisis or on a career break, and are asking whether going back to uni will solve your problem or if a master’s degree is worth it to your career, here’s a news flash you need to know.

The salary gap between a master’s vs bachelor’s degree has declined.

According to the National Association of Colleges and Employers (NACE), there was a 22.5% difference in salary between master’s vs bachelor’s degree holders from the Class of 2021.

While that is still high, that’s the lowest difference in recent years. For example, the Class of 2017 had a 31.8% difference in salary gap between the degree holders.

From this stat, it seems like a master’s degree isn’t worth it anymore — at least, not as much as before.

But before you say no to going back to uni, you should know that there are many more factors you must consider.

So to get you started, we’ve put together a quick — but updated and comprehensive — guide on the basic features of a master’s vs bachelor’s degree.

We’ll explain what they are, their unique advantages, and their key differences to help you decide on whether a master’s degree will still be worth it to you today.

The average of a bachelor’s degree holder, according to a study on Wonder.com, is 23.7 years-old. Source: AFP

What is a bachelor’s degree?

To start: a bachelor’s degree always comes before a master’s.

This is the first, typical step a student takes though postsecondary education; an undergraduate degree that takes anywhere from three to five years to complete.

Here’s where you choose a specific major in a field of study, be it science, performing arts, liberal arts, and so forth. Most insitutions allow you to pursue more than one major, if you’re a little indecisive, though the UK is a little less flexible in this aspect compared to American unis.

There are several classifications to a bachelor’s, but there are two which are most common — the Bachelor of Arts (BA) for your humanities and social science programmes, and the Bachelor of Science (BSc) for the quantitative and science fields.

Whether it’s a BA or BSC, both serve the same function — giving you a foundation for you to start a career.

Typically, there are major requirements which are programme-specific and an in-depth dive into the field. Electives are optional, additional courses that you can take depending on what interests you.

Many students can also take on a minor, which is a secondary specialisation that’s not under a bachelor’s classification, and it doesn’t require as many credit hours.

Doing a bachelor’s degree opens up pathways that you can’t attain with just a high school diploma or an associate’s degree, like getting a full-time job in a specialised industry or a postgraduate degree.

According to a study on Wonder.com, the aveage age of master’s degree students is 28.92. Source: AFP

What is a master’s degree

For some graduates, a bachelor’s degree is more than enough.

For others, a master’s degree is either beneficial or necessary.

While you may choose a major for your bachelor’s simply because it was your favourite or subject in high school, your reasoning for a particular master’s degree should be more strategic.

Maybe you want to:

• Get a doctorate degree, in which you’ll need a master’s.
• Change your career path to a new specialisation or industry.
• Advance from your current position into higher executive roles.
• To make yourself more employable, and or gain a higher salary.
• Conduct in-depth research and become a subject expert.

Then there are those who need a master’s degree. For example, most engineering roles require a master’s degree for qualification, as does nursing.

Whatever the case is, there are plenty of universities across the globe offering a wide range of advanced courses for you to reach your career goals.

The difference between Master of Science (MSc), and a Master of Arts (MA) is akin to a bachelor’s degree.

But unlike a bachelor’s, a master’s courses are usually in only one field of study, and the curriculum’s more detailed and intensive.

For instance, the most popular master’s degree is the MBA, or Master of Business Administration which is an in-depth study of business and management principles.

And if one, focused area of study isn’t enough, plenty of universities offer specialisations within a master’s degree. This deepens your knowledge in a particular subject within your chosen field. For example, an MBA student could choose to specialise in entrepreneurship or business analytics.

Many master’s degree students pursue part-time degrees, as they need to tend to their own families, or professional careers. Source: AFP

Key differences between master’s vs bachelor’s degree

Age of students

Since students entering bachelor’s programmes come straight out of high school, many graduate between the ages of 22 to 24 years old.

With that said, many universities offer undergraduate degree programmes for adults. There’s no true age limit to a bachelor’s degree, so you may find students in their 30s, 40s, and 50s taking classes.

In a master’s degree, the student-range is more diverse.

You’ll have students in their early, and mid 20s, fresh out of college and diving straight in for a master’s. Some may be at the start of their careers, or halfway through.

The average range of student’s in master’s programmes is between late 20s to early 30s, and you’re also more likely to see a large portion of students in their 40s and 50s —  many of which are working full-time or have their own families, so they may be taking part-time programmes, night or weekend classes.

And true to its name, executive programmes often have students more than 10 or more years into their professional lives as well.

Master’s degrees are usually shorter in-length of study than a bachelor’s, but they’re more intensive. Source: AFP

Length of study

A bachelor’s degree takes about three to five years to complete, depending on the country. It takes longer than a master’s degree because the curriculum’s a lot broader, allowing students to explore different Gen Ed, required, and elective courses.

The UK system takes three years, the US takes four, and certain students may take up to five if they defer semesters, add a major, or switch their trajectories.

The time it takes to earn a master’s degree depends on the institution, and the field of study. Most programmes, like the MBA or a Master’s in Engineering, take between 10-months to two-years of study. A Master of Architecture (M.Arch), or the Master by Research (MPhil) could go up to three years. Some programmes are structured for one to two years of academics, and a final year in practical applications.

Master’s programmes are often shorter because the curriculum is tighter. Your classes are focused on one field of study and are designed to accommodate working professionals and their quick return to their working world.

If you seeks a career as a professor, you must have doctoral degree. Source: AFP

Difficulty

A master’s degree is known to be more difficult than a bachelor’s degree, but the better descriptor here is it ups the stakes on concepts that you would’ve learned during your time as an undergraduate student.

It’s important to remember that their curricula are going to differ significantly because you’re at completely different levels of your career, and enrolled for different purposes and outcomes.

A master’s degree expects more grit and discipline out of you, because instead of getting an introduction of theoretical knowledge, you’ll focus on independent study or research, often engaging with challenging case studies, and exercising your problem-solving skills.

Formal learning — whether it’s in a master’s vs bachelor’s degree — turns more valuble when students get to experience a holistic, multicultural education that takes them in-and-out of the classroom. Source: AFP

Cost of programmes

Despite the shorter period of study, the costs are higher to a master’s vs bachelor’s degree. The curriculum is more rigorous and the courses and equipments are more advanced.

Nota that the cost of tuition fees does vary drastically from country to country too.

In Singapore, the average tuition fees for a bachelor’s degree costs US$28,942, while it’s US$34,273 for a master’s degree. Over in Japan, a bachelor’s degree cost averages at US$6,219, while it’s US$7,600 for a master’s programme.

Another factor to a master’s degree cost that may affect your decision: students aren’t open to as many opportunities for financial aid, fellowships, and scholarships.

A master’s degree may increase your employability, depending on your field of study. Source: AFP

Starting salary

The gist is that the higher your degree level, the more you get paid. While the salary gap between a master’s vs bachelor’s degree has narrowed, the difference is very much still wide.

With a master’s qualification, the advanced skill set and training that you gain for a profession still increases your credibility. Hence, better chances of getting hired and getting higher pay.

The NACE Summer 2023 Salary Survey looked at the average starting salaries of 2022 US graduates with a master’s vs bachelor’s degree in different fields.

Bachelor’s degree holders in computer & information sciences had an average starting salary of US$86,964, while the master’s degree holders had a higher US$105,894.

The bachelor’s starting salary for business programmes were at US$61,970, and at US$87,976 for the master’s.