Few managers like to discuss salaries and raises outside of annual appraisal season or one on one meetings with employees. Why? Because many employers know that team members doing similar work could have salary gaps as significant as 50%. Yet, as veteran managers can attest, they rarely yield to employees who ask for more money, "just because." If you're the employee caught in this salary crunch, completing an advanced degree in your specialty can provide the justification your manager needs to increase your paycheck.
If you don't get salary satisfaction from your current employer, your degree can help you gain a foothold with a new employer. According to many industry experts, an advanced degree can make you more attractive to a professional headhunter than other job applicants. A combination of recent career training with job experience can warrant a premium salary from your current employer's competitors. Government analysts have identified five careers that can become even more rewarding with the help of a specialized college degree.
1. Nurses: Make an Extra $7,000 or More
Many Americans already understand the shortage of nursing professionals faced by many of our fastest growing communities. Although nurse training programs can educate new professionals in under two years, these additional college courses enable all veteran nurses with experience to earn even higher salaries. With industry statistics showing that many entry-level nurses earn $40,000 or more per year, Registered Nurses with Bachelor of Science in Nursing degrees often earn between $47,000 and $69,000 annually. While salaries can vary between cities, hospitals and assisted living facilities throughout the country hope to counter their need for skilled nurses with more attractive compensation packages.
2. Management Analysts: Add $11,000 or More to Your Bottom Line
In a field that requires professionals to quantify the effects of decisions, an MBA can boost your profile as well as your paycheck. While entry-level analysts tend to earn about $39,000 per year, some hands-on experience and an MBA can boost an analyst's annual salary into a range from $50,000 to $92,000. The skills students build while pursuing an MBA aren't the only reasons employers tend to offer graduates higher salaries. Participants in MBA programs tend to build and maintain strong networks during their training. Hiring officers in many businesses tend to let classmates or other alumni of the same business school know about high paying job opportunities, especially unadvertised positions.
3. Systems Analysts: Grow Your Salary by $12,000 or More
As demand grows for IT professionals who understand how to solve computing problems for large organizations, an advanced business degree can open up negotiations for significantly larger salaries. Many systems analysts can earn annual salaries of $42,000 or more with just a bachelor's degree in information technology. Adding an MBA or a Master's of Information Systems (MIS) to your transcript can raise your salary to over $54,000 per year. Especially at non-technical companies, the ability to show hiring officers that you can bridge the divide between the server farm and the boardroom can pay huge dividends.
4. Teachers: Raise Your Hands for $16,000 More Each Year
Few professionals experience such dramatic differences in compensation as teachers. While teachers in some school districts earn as little as $22,000 per year, other school districts use higher salaries to lure experienced, well-educated teaching professionals. The American Federation of Teachers found that beginning teachers typically earn about $31,000 per year. However, the same study revealed that teachers with more training and experience could often command $47,000 or more each year from wealthier school districts or from private schools.
5. Physician's Assistants: Specialty Fields Can Earn $19,000 More Annually
Hospitals and health care practices help doctors stay productive by hiring physician's assistants to handle routine tasks. By completing a two-year degree program and gaining local licensure, a physician assistant can often earn over $43,000 per year. However, completing a a four-year degree program that focuses on an in-demand specialty, such as emergency medicine, surgery, or neonatology, can help a professional earn over $62,000 per year. Best of all, many health care providers now offer tuition reimbursement for physician's assistants who make a commitment for long-term employment.
Asking for Training Instead of a Raise
Many business experts recommend asking for access to professional development resources, including paid tuition or other educational assistance, instead of asking for a raise. Managers often have more say over how they spend a training budget than they do over payroll. Making your educational intentions known to your current employer can help you develop stronger relationships with mentors. Conversely, an employer's poor attitude toward training can inspire you to cultivate relationships with hiring officers at other companies who would be happy to pay more for the quality of your work.
This article is sponsored by Lincoln College of Technology
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