While over three million Americans are now pursuing master's degrees, turning advanced study into a major force in today's workforce, the landscape of who earns these degrees and why is rapidly evolving and full of revealing trends.
Key Takeaways
- In 2021-22, a total of 3.1 million students were enrolled in master's degree programs at Title IV degree-granting postsecondary institutions in the US
- Of the 3.1 million master's enrollees in 2021-22, 58% were women and 42% were men
- In 2021-22, 1.8 million master's students were full-time enrollees, representing 58% of total master's enrollment
- Women aged 25 and older earned 60% of master's degrees conferred in 2021-22, totaling 413,400 degrees
- In 2021-22, Black students earned 13% of master's degrees, or 104,900 degrees
- Hispanic/Latino students received 9% of master's degrees in 2021-22, amounting to 72,300
- The median time-to-degree for master's programs was 2.0 years in 2021
- 72% of full-time master's students completed within 2 years in 2020 cohort
- Completion rate for part-time master's students was 45% within 4 years for 2016 cohort
- Master's degree holders earned median $1,661 weekly in 2022, 20% more than bachelor's
- Unemployment rate for master's holders was 2.0% in 2022, vs 3.7% for bachelor's
- Lifetime earnings premium for master's over bachelor's: $400,000 additional
- From 2010-2020, master's degrees conferred increased 22% to 678k in 2021-22
- Online master's programs grew 300% from 2008-2022
- STEM master's degrees rose 50% since 2010, to 290k in 2021-22
Master's degree enrollment is high, particularly among women, with business and education most popular.
Completion and Time-to-Degree
- The median time-to-degree for master's programs was 2.0 years in 2021
- 72% of full-time master's students completed within 2 years in 2020 cohort
- Completion rate for part-time master's students was 45% within 4 years for 2016 cohort
- In 2021-22, 678,400 master's degrees were conferred in the US
- Attrition rate for master's programs averaged 30% nationally in 2020
- 85% completion rate in professional master's like MBA within 3 years, 2021 data
- STEM master's programs had 78% 2-year completion rate for full-time students in 2020
- Education master's saw 65% completion within 3 years for part-timers in 2019 cohort
- Average time-to-master's increased to 2.5 years for humanities in 2021
- 60% of online master's students completed in 3 years, per 2022 study
- Public university master's completion rate was 70% within 3 years in 2020
- Private nonprofit master's programs had 75% completion rate in 2 years, full-time
- 28% of master's starters from 2015 cohort did not complete by 2021
- Nursing master's programs achieved 90% completion within 2 years in 2022
- Business master's attrition was 20% in top programs, 2021 AACSB data
- For 2018 cohort, 68% of master's students in social sciences completed in 3 years
- Pandemic caused 5% drop in master's completion rates in 2020-21
- 82% completion for engineering master's full-time in 2 years, 2021
- Humanities master's time-to-degree averaged 2.8 years for 2020 graduates
- 55% of low-income master's starters completed within 4 years, 2016 cohort
- Master's degrees conferred grew 4% from 2020-21 to 2021-22, to 678,400
- Online master's completion improved to 62% in 3 years by 2022
- 40% attrition in for-profit master's programs, 2019 data
- Public 2-year to master's completion pathway was 12% for transfers
- 76% of international master's students completed in 2 years, 2021
- Arts master's programs had 58% 3-year completion rate, 2020 cohort
- First-gen master's completion rate was 52% within 4 years
- Master's degrees in health professions conferred: 198,400 in 2021-22
- Time-to-degree for part-time education master's averaged 3.2 years
- 71% overall master's completion rate for 2017 cohort by 2021
Completion and Time-to-Degree Interpretation
These figures reveal a master's degree landscape where your odds of finishing on time depend heavily on choosing the right program, staying enrolled full-time, and perhaps avoiding the humanities if you're in a hurry.
Demographic Breakdowns
- Women aged 25 and older earned 60% of master's degrees conferred in 2021-22, totaling 413,400 degrees
- In 2021-22, Black students earned 13% of master's degrees, or 104,900 degrees
- Hispanic/Latino students received 9% of master's degrees in 2021-22, amounting to 72,300
- Asian students earned 11% of master's degrees in 2021-22, totaling 88,200 degrees
- In 2021, 14.4% of US adults aged 25+ with master's degrees were men aged 25-34
- First-generation students earned 25% of master's degrees in 2020
- In 2022, 22% of master's degree holders aged 25-64 were foreign-born
- Women represented 61% of master's graduates in STEM fields in 2021-22
- In 2021-22, 7% of master's degrees went to students over age 40
- Native American/Alaska Native students earned 0.6% of master's degrees in 2021-22, or 4,800
- In 2020, 18% of master's holders aged 25+ were married with children under 18
- LGBTQ+ individuals were 12% of master's enrollees in 2022 surveys
- In 2021-22, 55% of master's degrees in education went to white women
- Rural residents earned 15% of master's degrees in 2021, despite 19% population share
- In 2022, 28% of master's holders aged 25-34 were parents
- Veterans comprised 4% of master's students in 2021-22
- In 2021, 32% of master's degrees were earned by students from low-income backgrounds
- Pacific Islander students earned 0.2% of master's degrees in 2021-22
- In 2022, 45% of master's graduates aged 22-25 lived with parents
- Disabled students were 11% of master's degree recipients in 2021
- In 2021-22, two or more races students earned 4% of master's degrees, 32,000 total
- Urban areas produced 72% of master's degrees in 2021
- In 2020, 65% of master's holders were full-time employees pre-graduation
- Women over 35 earned 22% of master's degrees in 2021-22
- In 2022, 19% of master's students identified as first-gen immigrants
- Men earned 39% of master's degrees in business in 2021-22
Demographic Breakdowns Interpretation
Women aren't just dominating the master's degree landscape in 2021-22; they've formed a commanding, multi-faceted majority across fields, demographics, and life stages, painting a picture of higher education driven by determined, diverse women while highlighting critical gaps in representation for other groups.
Economic Outcomes
- Master's degree holders earned median $1,661 weekly in 2022, 20% more than bachelor's
- Unemployment rate for master's holders was 2.0% in 2022, vs 3.7% for bachelor's
- Lifetime earnings premium for master's over bachelor's: $400,000 additional
- 85% of master's graduates employed full-time one year post-graduation, 2022
- STEM master's holders median salary $95,000 starting in 2022
- ROI for master's degree averaged 15% annual return in 2021 studies
- Education master's teachers saw 12% salary boost post-degree
- 92% employment rate for MBA graduates 3 months post-grad, 2022
- Master's holders debt-to-income ratio 8% lower than bachelor's
- In 2022, 75% of master's grads had jobs before graduation
- Engineering master's median earnings $110,000 mid-career
- Master's premium in healthcare: $20,000 annual salary increase
- 65% of master's holders in executive/management roles by age 40
- Net present value of master's degree: $1.2 million over lifetime
- Unemployment for recent master's grads: 2.8% in 2022
- Business master's ROI highest at 22% for top schools, 2021
- 40% wage premium for master's in public administration
- Master's holders 30% less likely to be underemployed, 2022
- Average student debt for master's: $66,000 in 2022
- Law master's/JD holders median $135,000 salary 2022
- 88% of master's in IT employed in field, salary $105,000 avg
- Master's increases promotion speed by 25% in corporate jobs
- Regional variation: Northeast master's median $1,800 weekly 2022
- 55% of master's grads reported salary increase >20% post-degree
- Social work master's median $55,000 starting, $75,000 mid-career
- Master's holders poverty rate 2.1% vs 4.5% bachelor's, 2022
- Entrepreneurship rate 12% higher for master's holders
- Public sector master's salary premium 18%
- 70% of master's in nonprofit leadership roles earn >$80k
- Gender pay gap narrower for master's: women earn 92% of men
- Master's ROI negative for some arts programs at -5%
- Computer science master's median $120,000 starting 2022
- 25% of master's holders freelance/contract work, higher earnings
- Master's in public health median $70,000, 15% growth projected
Economic Outcomes Interpretation
While the data clearly shows a master's degree is generally a lucrative financial and strategic investment—boosting earnings, cutting unemployment, and accelerating careers—the astute observer notes that the return is wildly variable and ultimately depends on choosing a path where the math isn't doing devilish work against you.
Enrollment Statistics
- In 2021-22, a total of 3.1 million students were enrolled in master's degree programs at Title IV degree-granting postsecondary institutions in the US
- Of the 3.1 million master's enrollees in 2021-22, 58% were women and 42% were men
- In 2021-22, 1.8 million master's students were full-time enrollees, representing 58% of total master's enrollment
- Business programs accounted for 19% of master's degrees conferred in 2021-22, with 240,200 degrees awarded
- Education programs had 1.2 million master's enrollees in 2021-22, the largest field by enrollment
- Health professions enrolled 0.4 million master's students in 2021-22, second to education
- From 2011-12 to 2021-22, master's enrollment grew by 12%, from 2.8 million to 3.1 million
- Public universities hosted 55% of master's enrollees in 2021-22, totaling 1.7 million students
- Private nonprofit institutions had 0.9 million master's students in 2021-22, 29% of total
- In fall 2022, 1.0 million master's students were enrolled in online programs exclusively
- White students comprised 52% of master's enrollees in 2021-22, totaling 1.6 million
- In 2021, 14% of US adults aged 25-34 held a master's degree or higher
- International students made up 12% of master's enrollees in US graduate programs in 2021-22
- STEM fields accounted for 43% of master's enrollment in 2021-22
- From 2000 to 2020, master's enrollment in public institutions increased by 45%
- In 2022, 0.8 million master's students were aged 25-29, the largest age group
- Part-time master's enrollment reached 1.3 million in 2021-22, 42% of total
- For-profit institutions enrolled 0.2 million master's students in 2021-22, 6% share
- Master's enrollment in psychology programs was 0.3 million in 2021-22
- In 2021-22, 25% of master's enrollees were first-generation college students
- Enrollment in master's programs peaked at 3.2 million in fall 2019 pre-pandemic
- Hispanic/Latino master's enrollment grew 25% from 2010 to 2020
- In 2022, 15% of master's students received federal Pell Grants
- Online master's enrollment doubled from 0.5 million in 2012 to 1.0 million in 2022
- Engineering master's enrollment was 0.2 million in 2021-22
- Black/African American students were 13% of master's enrollees in 2021-22
- Asian students comprised 10% of master's enrollment in 2021-22
- Master's enrollment in social sciences was 0.25 million in 2021-22
- From 2012 to 2022, master's enrollment in public 4-year institutions rose 8%
- In 2021-22, 35% of master's students attended institutions granting over 1,000 master's degrees annually
Enrollment Statistics Interpretation
While women now dominate the master's cohort numerically, the landscape is one of sprawling, pragmatic ambition, with nearly half the nation's 3.1 million advanced scholars opting for the flexibility of part-time or online study as they pragmatically target business, health, and education credentials, signaling a collective upgrade in the American workforce's operating system, one thesis and tuition payment at a time.
Institutional and Program Trends
- From 2010-2020, master's degrees conferred increased 22% to 678k in 2021-22
- Online master's programs grew 300% from 2008-2022
- STEM master's degrees rose 50% since 2010, to 290k in 2021-22
- Micro-credential integration in master's up 40% by 2023
- Hybrid master's enrollment share reached 25% in 2022
- Business master's programs: 25% now 1-year accelerated formats
- International master's enrollment dropped 15% post-2020 pandemic
- Top 20 unis award 30% of all US master's degrees
- AI/ML master's programs tripled since 2018
- Sustainability-focused master's grew 200% 2010-2022
- Public institutions conferred 65% of master's degrees in 2021-22
- EdTech master's programs surged 150% since 2015
- 40% of master's now include internships mandatory, 2022 survey
- Cybersecurity master's degrees up 250% 2015-2022
- Dual master's/JD programs increased 20% enrollment
- Rural institutions master's offerings doubled since 2010
- 15% of master's programs tuition-free for in-state post-2020
- Data science master's: 500+ programs by 2022, up from 50 in 2012
- Employer-funded master's enrollment 35% of total, 2022
- HBCUs master's graduation up 18% 2010-2022
- Personalized learning master's pilots in 200 unis by 2023
- Master's in DEI programs emerged, 100+ by 2022
- Global master's mobility: US share down to 20% from 30% in 2010
- Stackable credentials to master's pathways up 50%
- Biotech master's programs grew 80% 2010-2022
- 28% decline in humanities master's conferred 2010-2022
- Corporate-university master's partnerships tripled
- Master's tuition inflation slowed to 2% annually post-2020
- Fintech master's new programs: 50 launched 2021-2023
- Women-led master's programs administration up to 45% in 2022
Institutional and Program Trends Interpretation
It seems we've collectively decided that mastering the future is a group project, with everyone frantically downloading new skills, from AI to sustainability, while trying to figure out how to pay for it and whether to show up in person.
Sources & References
- Reference 1NCESnces.ed.govVisit source
- Reference 2OPENDOORSDATAopendoorsdata.orgVisit source
- Reference 3CENSUScensus.govVisit source
- Reference 4NCSESncses.nsf.govVisit source
- Reference 5PEWRESEARCHpewresearch.orgVisit source
- Reference 6MIGRATIONPOLICYmigrationpolicy.orgVisit source
- Reference 7AACSBaacsb.eduVisit source
- Reference 8AACNNURSINGaacnnursing.orgVisit source
- Reference 9BLSbls.govVisit source
- Reference 10GEORGETOWNgeorgetown.eduVisit source
- Reference 11FEDERALRESERVEfederalreserve.govVisit source
- Reference 12FTft.comVisit source
- Reference 13NEWAMERICAnewamerica.orgVisit source
- Reference 14EDUCATIONDATAeducationdata.orgVisit source
- Reference 15SHRMshrm.orgVisit source
- Reference 16KAUFFMANkauffman.orgVisit source
- Reference 17URBANurban.orgVisit source
- Reference 18UPWORKupwork.comVisit source
- Reference 19INSIDEHIGHEREDinsidehighered.comVisit source
- Reference 20TIMESHIGHEREDUCATIONtimeshighereducation.comVisit source
- Reference 21HOLONIQholoniq.comVisit source
- Reference 22NACEWEBnaceweb.orgVisit source
- Reference 23ABANETabanet.orgVisit source
- Reference 24DATANAMIdatanami.comVisit source
- Reference 25EDUCAUSEeducause.eduVisit source