Is a masters degree worth the investment?

If you’re working out what’s next after finishing your undergraduate degree or are mid-career and aiming to upskill for a promotion, you may be considering further study. But there’s one big question – is a masters degree worth it?

The short answer: Yes, a masters or graduate degree (also known as postgraduate) can help you earn a higher salary, specialise in your field of interest, build meaningful professional connections or even pivot for a career change.

Dive into how graduate study can help you achieve your goals below.

Does a masters degree boost employment opportunities?

Yes, a masters degree can help you build on what you’ve learnt in your undergraduate degree and gain specialised knowledge to become an expert in your field. This means you’ll be equipped to take on specialist roles (this could lead to a promotion and salary increase). If a career change is in your future plan, further study can also help you broaden your skillset for exciting new career pathways.

Employment rates for a masters degree graduate

Starting with the stats, if you want to be in-demand in the job market, a graduate degree can help make you more employable.

90.3%

of those with a graduate coursework degree gained full time employment four to six months after graduating

2023 Graduate Outcomes Survey

#1 for graduate employability

The University of Melbourne ranks #1 in Australia for graduate employability

Times Higher Education World University Rankings 2026

98%

of University of Melbourne graduates in work after three to five years

Source: Career Outcomes Survey 2017

Many jobs that require a graduate qualification are also currently in demand across Australia. Find out more in our nine in-demand industries to turn your passion into a career article.

Advance your career with a masters degree

If you’re working towards a big career move, graduate study can give you specialised skills and opportunities to advance your career. For Nirmalsinh Bihola, a Master of Food and Packaging Innovation was the gateway to taking the next step in his career while working as a packaging engineer.

I had completed a Bachelor of Plastics Engineering at home in India and was working in the industry, but I realised there was so much more to learn. Embarking on this journey has been an incredible experience.

Think a masters is just another box to check on your resume? Think again. Nirmalsinh said his masters at the University of Melbourne provided him with a unique mix of research and practical learning. This hands-on experience has complemented his existing knowledge in engineering and packaging, ultimately bringing him closer to a rewarding career.

“Looking ahead, I aspire to combine my technical expertise with a strong foundation in food science and technology. This unique combination aligns perfectly with my future goals, allowing me to explore innovative solutions and make a meaningful impact in the food and packaging industry.”

Pursue a career change with a masters degree

If you’re craving a change of career, a graduate degree can help you pivot, just like Master of Teaching student, Oliver.

"I studied civil engineering for my undergraduate degree but after working in the industry, I felt like that career didn’t quite fit with where I saw myself going. I’d done some work as a maths tutor and guitar teacher, which I always enjoyed, so primary school teaching felt like something that would line up with the narrative of where I could see myself.”

On top of finding a personally fulfilling career path, undertaking a regional placement through his masters also gave Oliver the opportunity to apply his study in the classroom and get a taste for what the country could offer his career and lifestyle.

"Rural and regional communities are often close-knit, so it’s opened up this idea that I could move to a community like this one day and work as a teacher."

Yes, recent data shows a masters or graduate coursework qualification generally leads to a higher earning potential compared to an undergraduate qualification. In 2023, the Graduate Outcomes Survey report found those with a graduate qualification earned a median annual salary of $96,600.

While money isn’t the only factor to consider in pursuing your dream career, further study can set you up with the skills and expertise for higher paying roles in the competitive job market.

Additional benefits of graduate study

Strengthen your professional network

Have you ever head the saying it’s not what you know, but who you know? Studying a graduate degree will open the door to exciting industry connections and partnerships where you’ll have the chance to get real world experience alongside industry professionals.

From clinical placement in health care settings to corporate internships and access to the University’s extensive global partnerships, you'll have opportunities to get your foot in the door no matter what you study.

One example is our Melbourne Conservatorium of Music and Australian Chamber Orchestra partnership.

Through this partnership, students are invited to participate in two intensive ensemble training and side-by-side experiences with the elite Australian Chamber Orchestra musicians each year, as well as masterclasses and professional development workshops.

Current Master of Music (Orchestral Performance) student Phoebe Fan attended an intensive at the ACO’s venue, ACO On The Pier, and said the time with these professional musicians always offers a variety of experiences.

“When playing side-by-side with the ACO musicians, we had the chance to not only see how they rehearse from the outside, as listeners, but to experience it all personally. We could challenge ourselves to match their playing and blend into their sound as closely as possible, to move when and how they did, and to keep trying to find the right balance between following and leading.”

“It was also just really exciting, albeit a little intimidating, to play amongst them, and feel how they moved and reacted with each other and with us, and to be a part of that."

Gain professional accreditation

For some careers such as law, engineering, teaching or medicine, you'll need professional accreditation to enter the field. Melbourne's graduate degrees not only include accreditation, but prepare you to be job ready with a globally recognised qualification.

To wrap it up - whether you’re nearing the end of your undergraduate degree or already have an established career, a graduate degree can bring you closer to your career goals while boosting your employability, expertise and earning potential in a competitive job market.

Your guide to graduate study

Feel prepared to make your move and pursue further study.

How much does it cost to study a masters in Australia?

Find out the cost of studying a masters degree in Australia, how graduate study fees work, and the expenses of studying in Melbourne.

Tips for applying for masters degree scholarships

Learn about our scholarships and how to apply, and read tips shared by our students on how to navigate the process.

Nine in demand industries to turn your passion into a career

Explore what jobs are in demand in Australia and the graduate courses that can help you build your employability to make your move.