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 Grand Rapids, 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 Grand Rapids.
This story features data reporting and writing by Paxtyn Merten and is part of a series utilizing data automation across 366 metros.
You may also like: People from these metros are looking to buy homes in Grand Rapids
Photoroyalty // Shutterstock
1 / 50- Median annual wage: $66,660
- Median hourly wage: $32.05
- Education required: Doctoral or professional degree
- Total employment: 140 people (0.26 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
KSai23 // Shutterstock
2 / 50- Median annual wage: $69,560
- Median hourly wage: $33.44
- Education required: Doctoral or professional degree
- Total employment: 230 people (0.42 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Monkey Business Images // Shutterstock
3 / 50- Median annual wage: $69,590
- Median hourly wage: $33.46
- Education required: Master's degree
- Total employment: 350 people (0.64 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
fizkes // Shutterstock
4 / 50- Median annual wage: $69,680
- Median hourly wage: $33.50
- Education required: Doctoral or professional degree
- Total employment: 270 people (0.49 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
voronaman // Shutterstock
5 / 50- Median annual wage: $75,330
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 70 people (0.13 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
You may also like: How much house does $500,000 buy you in Grand Rapids?
Chad McDermott // Shutterstock
6 / 50- Median annual wage: $75,850
- Median hourly wage: $36.47
- Education required: Master's degree
- Total employment: 100 people (0.17 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Lucky Business // Shutterstock
7 / 50- Median annual wage: $77,950
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 130 people (0.23 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Jacob Lund // Shutterstock
8 / 50- Median annual wage: $78,460
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 140 people (0.26 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
9 / 50- Median annual wage: $79,410
- Median hourly wage: $38.18
- Education required: Master's degree
- Total employment: 30 people (0.06 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
Gorodenkoff // Shutterstock
10 / 50- Median annual wage: $79,580
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 180 people (0.34 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
You may also like: Highest-paying jobs in Grand Rapids
Jacob Lund // Shutterstock
11 / 50- Median annual wage: $79,720
- Median hourly wage: $38.33
- Education required: Master's degree
- Total employment: 630 people (1.14 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Jacob Lund // Shutterstock
12 / 50- Median annual wage: $80,020
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 40 people (0.07 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Daniel Besic // Shutterstock
13 / 50- Median annual wage: $80,200
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 290 people (0.52 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
ABO PHOTOGRAPHY // Shutterstock
14 / 50- Median annual wage: $80,300
- Median hourly wage: $38.61
- Education required: Master's degree
- Total employment: 540 people (0.98 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
VH-studio // Shutterstock
15 / 50- Median annual wage: $80,770
- Median hourly wage: $38.83
- Education required: Master's degree
- Total employment: 140 people (0.25 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
You may also like: Highest-rated Italian restaurants in Grand Rapids by diners
Canva
16 / 50- Median annual wage: $81,420
- Median hourly wage: $39.15
- Education required: Master's degree
- Total employment: 560 people (1.02 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
Matej Kastelic // Shutterstock
17 / 50- Median annual wage: $81,780
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 230 people (0.42 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
18 / 50- Median annual wage: $82,370
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 120 people (0.22 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
19 / 50- Median annual wage: $82,860
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 60 people (0.1 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
20 / 50- Median annual wage: $83,500
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 260 people (0.47 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
You may also like: How much house $1 million buys you in Grand Rapids
Canva
21 / 50- Median annual wage: $84,670
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 60 people (0.11 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
22 / 50- Median annual wage: $85,020
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 40 people (0.07 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Gorodenkoff // Shutterstock
23 / 50- Median annual wage: $85,560
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 90 people (0.17 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Aykut Erdogdu // Shutterstock
24 / 50- Median annual wage: $87,100
- Median hourly wage: $41.88
- Education required: Doctoral or professional degree
- Total employment: 750 people (1.37 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
luchschenF // Shutterstock
25 / 50- Median annual wage: $92,080
- Median hourly wage: $44.27
- Education required: Doctoral or professional degree
- Total employment: 30 people (0.06 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
You may also like: Highest-rated Tex-Mex restaurants in Grand Rapids by diners
Canva
26 / 50- Median annual wage: $94,960
- Median hourly wage: $45.65
- Education required: Master's degree
- Total employment: 50 people (0.08 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Monkey Business Images // Shutterstock
27 / 50- Median annual wage: $96,240
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 40 people (0.06 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
GaudiLab // Shutterstock
28 / 50- Median annual wage: $96,830
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 110 people (0.2 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
29 / 50- Median annual wage: $96,950
- Median hourly wage: Not available
- Education required: Master's degree
- Total employment: 970 people (1.76 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Syda Productions // Shutterstock
30 / 50- Median annual wage: $98,740
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 40 people (0.08 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
You may also like: The highest-value homes in Grand Rapids
Canva
31 / 50- Median annual wage: $103,230
- Median hourly wage: $49.63
- Education required: Doctoral or professional degree
- Total employment: 210 people (0.38 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Monkey Business Images // Shutterstock
32 / 50- Median annual wage: $105,750
- Median hourly wage: $50.84
- Education required: Master's degree
- Total employment: 840 people (1.53 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Stokkete // Shutterstock
33 / 50- Median annual wage: $111,630
- Median hourly wage: $53.67
- Education required: Master's degree
- Total employment: 730 people (1.32 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
34 / 50- Median annual wage: $122,680
- Median hourly wage: $58.98
- Education required: Doctoral or professional degree
- Total employment: 1,420 people (2.58 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Kzenon // Shutterstock
35 / 50- Median annual wage: $127,630
- Median hourly wage: $61.36
- Education required: Doctoral or professional degree
- Total employment: 110 people (0.2 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
You may also like: Highest-rated Middle Eastern restaurants in Grand Rapids by diners
Canva
36 / 50- Median annual wage: $130,920
- Median hourly wage: $62.94
- Education required: Doctoral or professional degree
- Total employment: 1,070 people (1.94 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
antoniodiaz // Shutterstock
37 / 50- Median annual wage: $131,950
- Median hourly wage: $63.44
- Education required: Master's degree
- Total employment: 50 people (0.08 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
38 / 50- Median annual wage: $147,280
- Median hourly wage: $70.81
- Education required: Doctoral or professional degree
- Total employment: 100 people (0.18 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
Canva
39 / 50- Median annual wage: $157,610
- Median hourly wage: $75.77
- Education required: Doctoral or professional degree
- Total employment: 390 people (0.71 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
40 / 50- Median annual wage: $167,190
- Median hourly wage: $80.38
- Education required: Doctoral or professional degree
- Total employment: 220 people (0.4 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
You may also like: Highest-rated steak restaurants in the Grand Rapids area by diners
Canva
41 / 50- Median annual wage: $172,080
- Median hourly wage: $82.73
- Education required: Doctoral or professional degree
- Total employment: 140 people (0.26 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
Roman Zaiets // Shutterstock
42 / 50- Median annual wage: $180,500
- Median hourly wage: $86.78
- Education required: Doctoral or professional degree
- Total employment: 70 people (0.14 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
Canva
43 / 50- Median annual wage: $186,790
- Median hourly wage: $89.80
- Education required: Master's degree
- Total employment: 510 people (0.92 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
wutzkohphoto // Shutterstock
44 / 50- Median annual wage: $212,170
- Median hourly wage: $102.01
- Education required: Doctoral or professional degree
- Total employment: 1,170 people (2.12 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
Canva
45 / 50- Median annual wage: $213,000
- Median hourly wage: $102.40
- Education required: Doctoral or professional degree
- Total employment: 310 people (0.56 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
You may also like: Best restaurants for 11 cuisines in Grand Rapids
Roman Zaiets // Shutterstock
46 / 50- Median annual wage: $221,920
- Median hourly wage: $106.69
- Education required: Doctoral or professional degree
- Total employment: Not available
- Required on-the-job training to attain competency: Internship/residency
Canva
47 / 50- 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: 300 people (0.55 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
Dmytro Zinkevych // Shutterstock
48 / 50- 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: 40 people (0.07 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
create jobs 51 // Shutterstock
49 / 50- 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: 40 people (0.07 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
LightField Studios // Shutterstock
50 / 50- 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: 110 people (0.2 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
You may also like: Highest-paying jobs in Grand Rapids for high school graduates
