Master’s Degrees With Low Return on Investment, According to U.S. Data
Not all master’s degrees deliver the financial payoff students expect. According to data from the U.S. Department of Education, some graduate programs leave students with debt that outweighs their future earnings.
In this gallery, you’ll see which master’s degrees have little, or even negative, return on investment.
👉 Click or scroll through the slides to see which programs cost more than they’re worth.
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How Most Master’s Degrees Actually Perform
Forty percent of master’s degrees lose money over time, based on a comprehensive analysis using U.S. Department of Education College Scorecard data.
Another 29% deliver less than $250,000 in lifetime return, and just 8% break the million-dollar mark.
The median master’s degree has a net ROI of only $83,000.
All data in this gallery comes straight from that analysis, and the results speak for themselves. Note that ROI depends on school and program.
👉 Click through to see which degrees fall short and how often that happens.
Master’s Degrees With Low ROI: Arts, Humanities, and Theology
There’s passion here, sure, but there’s also financial pain. 85% of master’s degrees in this field lose money, and another 7% return less than $250,000 over a lifetime.
The jobs tied to these degrees rarely pay enough to justify the price tag. Unless you’re independently wealthy, this is one of the fastest ways to go broke slowly.
Master’s Degrees With the Highest Return on Investment in Today’s Job Market
Degrees That Often Don’t Pay Off: MBA and Business
The MBA isn’t the guaranteed win it used to be. 62% of business-related master’s degrees have negative ROI, and 11% more barely cross $250K in returns.
Unless you’re in the top 10% of programs, you’re likely paying big money for minimal lift. For many students, the letters on the diploma don’t match the paycheck.
Master’s Degrees With Poor ROI: Health (Excluding Nursing)
Not all health degrees are high earners. 44% of these programs lose money, and 21% return under $250,000, even over a full career. Public health and healthcare admin roles often require the degree, but the pay rarely justifies the cost.
If you’re not going into nursing or a specialized medical field, the math gets rough fast.
18 (Relatively) High-Paying Jobs That Only Require 2-Year Degrees. Some Pay $100k+
Master’s Degrees With Weak ROI: Psychology and Social Sciences
These degrees sound solid in theory but don’t always convert to real income. 42% of programs have negative ROI, and 41% more fall below the $250K mark. That means over 80% of grads end up with limited financial return.
Counseling, academia, and research all tend to underpay while still demanding the extra schooling.
Degrees That Rarely Deliver Strong Returns: Education
You need the degree to move up, but that doesn’t mean it pays off. 32% of education master’s programs lose money, and 49% return under $250K. The salary bump is usually small, and in many cases, wiped out by student loan interest.
Most educators don’t regret the career, but many do regret the debt.
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Master’s Degrees With Limited Payoff: Social Work
This field runs on heart, not high pay. 12% of MSW programs lose money outright, and 74% return less than $250K. Most roles require a master’s just to get started, but salaries often stay in the $50K–$60K range.
You’ll help a lot of people, but financially, it’s a long climb for little reward.
Degrees That Fall Short Financially: Biology and Life Sciences
Not all STEM degrees are created equal. 22% of bio and life science master’s programs lose money, while 15% more top out below $250K ROI. Research-heavy jobs often require the degree, but rarely pay enough to justify it.
If your goal is income, this isn’t the fastest lane to get there.
Related Video: 20 Jobs That Pay $100K Without a Degree (And They’re Hiring Now)
Master’s Degrees With Low or Negative ROI: Communications
This one’s sold as a flexible, “you can do anything with it” degree. That’s the problem. 42% of communications master’s programs lose money, and 34% more barely return $250K.
You end up in the same roles as people with just a bachelor’s, only with more debt and fewer years to catch up.
Master’s Degrees That Don’t Usually Pay Off
A master’s degree used to mean better pay and better options, but that story’s changed. For too many grads, the payoff just doesn’t match the price. You get the debt, the stress, and a job that pays about the same as before.
The data’s clear: the name of the degree means nothing if the numbers don’t work. Do the math before you enroll, or you might be paying for it long after graduation.
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