With a master’s in education, you’ll be eligible for more advanced teaching or administrative positions. The main benefit of these jobs is the higher salary you’ll receive, since you’ll have advanced training in fields such a curriculum, leadership, developmental psychology, technology, and educational theories. But just how much money can you make with a master’s in education? Let’s take a look at the salary you can expect to receive.
Master’s in Education Base Salary
The salary you can expect to earn after graduation with a master’s degree in education will depend on a variety of factors including, position, facility, and location. The Bureau of Labor Statistics reported a median salary for kindergarten and elementary school teachers at $51,380 in 2010 for teachers holding only a bachelor’s degree. Teachers holding similar positions with a graduate degree can expect to earn higher salaries. With a more advanced degree, you also have the option to go on to work in more administrative roles. For principals with a master’s degree at the elementary, middle, and high schools levels, earned a median salary of $86,970 per year in 2010.
There are more career opportunities in education other than working as a teacher or principal. If you hold a master’s degree in education, other career paths may include:
- School administrator
- Head teacher
Depending on your specialty and background, these roles can allow you to pull in higher salaries and earn significantly more than working as a teacher. Some school administrators, especially those in higher education, earn annual salaries in the six figures range.
Factors that Affect Salary
The position you take after graduating with a master’s in education is just one of the pieces to the salary puzzle. Another main factor that can significantly increase your salary is location – teachers in high-demand areas make more money, as is the case in most industries. In the world of education, type of employer also makes a huge difference. Educators working at private schools make more money, and many of these positions are only open to those with master’s degrees. Other factors that can affect your salary as someone with a master’s in education include:
- Grade level
- Subject taught
- Years of experience
Making More Money as an Educator
Getting your master’s in education isn’t the only way you can make more money as an educator. You can also serve on the school board, coach a sport, lead an after-school program, become a tutor, supervise detention, or teach summer school, as a way to bring in extra money. As you gain experience, you’ll also be offered raises, as well as additional paid vacation days, and many schools have tuition reimbursement packages so you can go back to school for another master’s degree or doctorate for free. This allows you to continue to work as an educator while you also further your own education.