Highest paying jobs in Chicago that require a graduate degree
Education pays.
At least, that's what Bureau of Labor Statistics data shows. Higher degree holders earn more and experience lower unemployment rates than those without degrees or with lesser degrees. On a weekly basis, master's degree holders earn over $500 more than the median for all U.S. workers over age 25, and doctoral degree holders earn about $850 more than that median. Professional degree holders like doctors, lawyers, and veterinarians earn even more, at nearly $870 more than the median.
However, advanced degrees often cost significant funds to obtain. A year of graduate tuition and fees cost about $19,750 for the 2020-21 academic year, according to the National Center for Education Statistics. The average at private institutions was even more, at $26,620 per year. Some programs offer assistantships or fellowships that offset those costs, but many students will be on the hook for paying or borrowing tens or hundreds of thousands of dollars.
Other data from the center, released in July 2023, shows that nearly 3 in 4 graduate students received financial aid in the 2019-20 academic year, in amounts averaging about $25,300.
The catch? Much of the aid doled out to graduate students is in loans. Graduate students who took out loans averaged $26,000, compared to an average of $11,300 in grant funds among recipients. A Center for American Progress analysis found that graduate debt rose from 2010-11 to 2017-18 while undergraduate debt fell, and the share of student debt accumulated by graduate students rose to 40%.
Is the higher pay worth the cost? That's up to prospective graduate students to decide. Using Bureau of Labor Statistics data, Stacker compiled a list of the highest-paying jobs that require a graduate degree in Chicago, painting a clearer picture of the earnings potential. Jobs listed here require a master's, doctorate, or other professional degree and are ranked by their median annual pay as of May 2022. Any jobs without annual compensation figures available were excluded from this analysis.
Read on to see what a graduate degree could earn you in Chicago.
This story features data reporting and writing by Paxtyn Merten and is part of a series utilizing data automation across 366 metros.
#50. Audiologists
- Median annual wage: $83,260
- Median hourly wage: $40.03
- Education required: Doctoral or professional degree
- Total employment: 680 people (0.15 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
#49. Urban and regional planners
- Median annual wage: $83,940
- Median hourly wage: $40.36
- Education required: Master's degree
- Total employment: 620 people (0.14 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
#48. Epidemiologists
- Median annual wage: $84,830
- Median hourly wage: $40.79
- Education required: Master's degree
- Total employment: 110 people (0.02 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
#47. Orthotists and prosthetists
- Median annual wage: $84,920
- Median hourly wage: $40.83
- Education required: Master's degree
- Total employment: 180 people (0.04 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
#46. Healthcare diagnosing or treating practitioners, all other
- Median annual wage: $85,540
- Median hourly wage: $41.13
- Education required: Master's degree
- Total employment: 630 people (0.14 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
#45. Anthropology and archeology teachers, postsecondary
- Median annual wage: $85,600
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 100 people (0.02 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
#44. Genetic counselors
- Median annual wage: $86,450
- Median hourly wage: $41.56
- Education required: Master's degree
- Total employment: 50 people (0.01 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
#43. Political scientists
- Median annual wage: $88,340
- Median hourly wage: $42.47
- Education required: Master's degree
- Total employment: 50 people (0.01 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
#42. Medical scientists, except epidemiologists
- Median annual wage: $88,440
- Median hourly wage: $42.52
- Education required: Doctoral or professional degree
- Total employment: 1,580 people (0.36 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
#41. Biochemists and biophysicists
- Median annual wage: $90,730
- Median hourly wage: $43.62
- Education required: Doctoral or professional degree
- Total employment: 160 people (0.04 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
#40. Area, ethnic, and cultural studies teachers, postsecondary
- Median annual wage: $93,530
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 80 people (0.02 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
#39. Law teachers, postsecondary
- Median annual wage: $98,120
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 320 people (0.07 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
#38. Mathematicians
- Median annual wage: $98,350
- Median hourly wage: $47.29
- Education required: Master's degree
- Total employment: 40 people (0.01 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
#37. Occupational therapists
- Median annual wage: $98,880
- Median hourly wage: $47.54
- Education required: Master's degree
- Total employment: 5,210 people (1.18 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
#36. Statisticians
- Median annual wage: $99,670
- Median hourly wage: $47.92
- Education required: Master's degree
- Total employment: 310 people (0.07 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
#35. Physical therapists
- Median annual wage: $101,840
- Median hourly wage: $48.96
- Education required: Doctoral or professional degree
- Total employment: 7,640 people (1.73 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
#34. Computer science teachers, postsecondary
- Median annual wage: $102,780
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 1,030 people (0.23 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
#33. Veterinarians
- Median annual wage: $103,310
- Median hourly wage: $49.67
- Education required: Doctoral or professional degree
- Total employment: 2,100 people (0.48 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
#32. Education administrators, kindergarten through secondary
- Median annual wage: $103,490
- Median hourly wage: Not available
- Education required: Master's degree
- Total employment: 9,740 people (2.21 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
#31. Administrative law judges, adjudicators, and hearing officers
- Median annual wage: $104,890
- Median hourly wage: $50.43
- Education required: Doctoral or professional degree
- Total employment: 270 people (0.06 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Short-term on-the-job training
#30. Economics teachers, postsecondary
- Median annual wage: $106,230
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 250 people (0.06 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
#29. Psychologists, all other
- Median annual wage: $106,420
- Median hourly wage: $51.16
- Education required: Master's degree
- Total employment: 430 people (0.1 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
#28. Sociologists
- Median annual wage: $106,480
- Median hourly wage: $51.19
- Education required: Master's degree
- Total employment: Not available
- Required on-the-job training to attain competency: None
#27. Engineering teachers, postsecondary
- Median annual wage: $107,340
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 370 people (0.08 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
#26. Computer and information research scientists
- Median annual wage: $119,690
- Median hourly wage: $57.54
- Education required: Master's degree
- Total employment: 200 people (0.04 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
#25. Optometrists
- Median annual wage: $121,610
- Median hourly wage: $58.47
- Education required: Doctoral or professional degree
- Total employment: 950 people (0.22 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
#24. Nurse practitioners
- Median annual wage: $127,230
- Median hourly wage: $61.17
- Education required: Master's degree
- Total employment: 5,720 people (1.3 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
#23. Physician assistants
- Median annual wage: $127,970
- Median hourly wage: $61.52
- Education required: Master's degree
- Total employment: 1,810 people (0.41 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
#22. Nurse midwives
- Median annual wage: $129,040
- Median hourly wage: $62.04
- Education required: Master's degree
- Total employment: 170 people (0.04 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
#21. Dentists, general
- Median annual wage: $130,600
- Median hourly wage: $62.79
- Education required: Doctoral or professional degree
- Total employment: Not available
- Required on-the-job training to attain competency: None
#20. Pharmacists
- Median annual wage: $132,650
- Median hourly wage: $63.78
- Education required: Doctoral or professional degree
- Total employment: 9,690 people (2.19 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
#19. Economists
- Median annual wage: $134,940
- Median hourly wage: $64.87
- Education required: Master's degree
- Total employment: 530 people (0.12 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
#18. Podiatrists
- Median annual wage: $135,370
- Median hourly wage: $65.08
- Education required: Doctoral or professional degree
- Total employment: 290 people (0.06 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
#17. Lawyers
- Median annual wage: $136,290
- Median hourly wage: $65.52
- Education required: Doctoral or professional degree
- Total employment: 27,200 people (6.16 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
#16. Physicists
- Median annual wage: $138,620
- Median hourly wage: $66.65
- Education required: Doctoral or professional degree
- Total employment: 1,470 people (0.33 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
#15. Physicians, all other
- Median annual wage: $155,210
- Median hourly wage: $74.62
- Education required: Doctoral or professional degree
- Total employment: 15,040 people (3.41 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
#14. Radiologists
- Median annual wage: $159,530
- Median hourly wage: $76.70
- Education required: Doctoral or professional degree
- Total employment: 1,530 people (0.35 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
#13. Pediatricians, general
- Median annual wage: $166,360
- Median hourly wage: $79.98
- Education required: Doctoral or professional degree
- Total employment: 910 people (0.21 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
#12. Physicians, pathologists
- Median annual wage: $186,930
- Median hourly wage: $89.87
- Education required: Doctoral or professional degree
- Total employment: 270 people (0.06 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
#11. Dentists, all other specialists
- Median annual wage: $201,120
- Median hourly wage: $96.69
- Education required: Doctoral or professional degree
- Total employment: 70 people (0.02 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
#10. Surgeons, all other
- Median annual wage: $212,210
- Median hourly wage: $102.02
- Education required: Doctoral or professional degree
- Total employment: 720 people (0.16 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
#9. Judges, magistrate judges, and magistrates
- Median annual wage: $215,780
- Median hourly wage: $103.74
- Education required: Doctoral or professional degree
- Total employment: 600 people (0.14 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Short-term on-the-job training
#8. Psychiatrists
- Median annual wage: $215,920
- Median hourly wage: $103.81
- Education required: Doctoral or professional degree
- Total employment: 510 people (0.12 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
#7. Nurse anesthetists
- Median annual wage: $219,430
- Median hourly wage: $105.50
- Education required: Master's degree
- Total employment: 1,390 people (0.32 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
#6. Neurologists
- Median annual wage: $222,220
- Median hourly wage: $106.84
- Education required: Doctoral or professional degree
- Total employment: 320 people (0.07 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
#1. Cardiologists (tie)
- Median annual wage: Exact median salary unknown; at least $239,200 per year or $115 per hour
- Education required: Doctoral or professional degree
- Total employment: 290 people (0.06 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
#1. Dermatologists (tie)
- Median annual wage: Exact median salary unknown; at least $239,200 per year or $115 per hour
- Education required: Doctoral or professional degree
- Total employment: 150 people (0.04 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
#1. Emergency medicine physicians (tie)
- Median annual wage: Exact median salary unknown; at least $239,200 per year or $115 per hour
- Education required: Doctoral or professional degree
- Total employment: 700 people (0.16 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
#1. Obstetricians and gynecologists (tie)
- Median annual wage: Exact median salary unknown; at least $239,200 per year or $115 per hour
- Education required: Doctoral or professional degree
- Total employment: 630 people (0.14 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
#1. Ophthalmologists, except pediatric (tie)
- Median annual wage: Exact median salary unknown; at least $239,200 per year or $115 per hour
- Education required: Doctoral or professional degree
- Total employment: 390 people (0.09 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
