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 Memphis, 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 Memphis.
This story features data reporting and writing by Paxtyn Merten and is part of a series utilizing data automation across 366 metros.
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Jacob Lund // Shutterstock
1 / 50- Median annual wage: $61,020
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 120 people (0.2 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
GaudiLab // Shutterstock
2 / 50- Median annual wage: $61,110
- Median hourly wage: $29.38
- Education required: Master's degree
- Total employment: 440 people (0.72 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Pressmaster // Shutterstock
3 / 50- Median annual wage: $61,640
- Median hourly wage: Not available
- Education required: Master's degree
- Total employment: 180 people (0.3 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Gorodenkoff // Shutterstock
4 / 50- Median annual wage: $61,750
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 120 people (0.19 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
5 / 50- Median annual wage: $63,870
- Median hourly wage: $30.71
- Education required: Master's degree
- Total employment: 230 people (0.37 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
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VH-studio // Shutterstock
6 / 50- Median annual wage: $65,300
- Median hourly wage: $31.39
- Education required: Master's degree
- Total employment: 1,170 people (1.88 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
7 / 50- Median annual wage: $65,320
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 410 people (0.67 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Prostock-studio // Shutterstock
8 / 50- Median annual wage: $65,930
- Median hourly wage: Not available
- Education required: Doctoral or professional 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
9 / 50- Median annual wage: $65,980
- Median hourly wage: $31.72
- Education required: Master's degree
- Total employment: 1,070 people (1.73 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
KSai23 // Shutterstock
10 / 50- Median annual wage: $68,470
- Median hourly wage: $32.92
- Education required: Doctoral or professional degree
- Total employment: 100 people (0.17 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
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BlurryMe // Shutterstock
11 / 50- Median annual wage: $71,680
- Median hourly wage: $34.46
- 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
voronaman // Shutterstock
12 / 50- Median annual wage: $72,040
- 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
13 / 50- Median annual wage: $75,070
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 30 people (0.05 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
14 / 50- Median annual wage: $75,300
- 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
15 / 50- Median annual wage: $75,970
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 310 people (0.49 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
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Matej Kastelic // Shutterstock
16 / 50- Median annual wage: $76,380
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 140 people (0.22 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Lucky Business // Shutterstock
17 / 50- Median annual wage: $76,600
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 50 people (0.07 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
18 / 50- Median annual wage: $76,840
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 90 people (0.15 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
19 / 50- Median annual wage: $77,440
- Median hourly wage: $37.23
- Education required: Doctoral or professional degree
- Total employment: 50 people (0.08 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Drazen Zigic // Shutterstock
20 / 50- Median annual wage: $77,610
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 80 people (0.13 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
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Canva
21 / 50- Median annual wage: $82,430
- Median hourly wage: $39.63
- Education required: Master's degree
- Total employment: 500 people (0.81 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
Gorodenkoff // Shutterstock
22 / 50- Median annual wage: $83,050
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 80 people (0.14 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
VH-studio // Shutterstock
23 / 50- Median annual wage: $84,230
- Median hourly wage: $40.50
- Education required: Master's degree
- Total employment: 150 people (0.24 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
Worawee Meepian // Shutterstock
24 / 50- Median annual wage: $86,070
- Median hourly wage: $41.38
- Education required: Doctoral or professional degree
- Total employment: 80 people (0.12 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Short-term on-the-job training
Canva
25 / 50- Median annual wage: $86,990
- Median hourly wage: Not available
- Education required: Master's degree
- Total employment: 1,230 people (1.97 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
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ABO PHOTOGRAPHY // Shutterstock
26 / 50- Median annual wage: $95,670
- Median hourly wage: $45.99
- Education required: Master's degree
- Total employment: 530 people (0.86 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Ground Picture // Shutterstock
27 / 50- Median annual wage: $96,390
- 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
GaudiLab // Shutterstock
28 / 50- Median annual wage: $97,140
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 80 people (0.12 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Kzenon // Shutterstock
29 / 50- Median annual wage: $98,660
- Median hourly wage: $47.43
- Education required: Doctoral or professional degree
- Total employment: 110 people (0.18 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Sebastian Duda // Shutterstock
30 / 50- Median annual wage: $99,560
- Median hourly wage: $47.87
- Education required: Doctoral or professional degree
- Total employment: 140 people (0.22 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Short-term on-the-job training
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Aykut Erdogdu // Shutterstock
31 / 50- Median annual wage: $99,580
- Median hourly wage: $47.87
- Education required: Doctoral or professional degree
- Total employment: 840 people (1.36 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Jacob Lund // Shutterstock
32 / 50- Median annual wage: $100,410
- Median hourly wage: $48.27
- Education required: Master's degree
- Total employment: 440 people (0.7 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
33 / 50- Median annual wage: $100,760
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 1,330 people (2.13 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Stokkete // Shutterstock
34 / 50- Median annual wage: $104,690
- Median hourly wage: $50.33
- Education required: Master's degree
- Total employment: 250 people (0.41 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Monkey Business Images // Shutterstock
35 / 50- Median annual wage: $105,210
- Median hourly wage: $50.58
- Education required: Master's degree
- Total employment: 1,820 people (2.94 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
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Canva
36 / 50- Median annual wage: $105,300
- Median hourly wage: $50.62
- Education required: Doctoral or professional degree
- Total employment: 260 people (0.42 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
37 / 50- Median annual wage: $107,140
- Median hourly wage: $51.51
- Education required: Master's degree
- Total employment: 60 people (0.09 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
Canva
38 / 50- Median annual wage: $112,230
- Median hourly wage: $53.96
- Education required: Doctoral or professional degree
- Total employment: 1,870 people (3.01 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
fizkes // Shutterstock
39 / 50- Median annual wage: $112,710
- Median hourly wage: $54.19
- Education required: Doctoral or professional degree
- Total employment: 140 people (0.22 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
Canva
40 / 50- Median annual wage: $131,890
- Median hourly wage: $63.41
- Education required: Doctoral or professional degree
- Total employment: 1,720 people (2.76 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
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indukas // Shutterstock
41 / 50- Median annual wage: $170,330
- Median hourly wage: $81.89
- 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
Canva
42 / 50- Median annual wage: $172,940
- Median hourly wage: $83.15
- Education required: Master's degree
- Total employment: 350 people (0.57 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
4 PM production // Shutterstock
43 / 50- Median annual wage: $186,990
- Median hourly wage: $89.90
- 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: Internship/residency
Canva
44 / 50- Median annual wage: $189,700
- Median hourly wage: $91.20
- Education required: Doctoral or professional degree
- Total employment: 240 people (0.38 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
45 / 50- Median annual wage: $209,120
- Median hourly wage: $100.54
- Education required: Doctoral or professional degree
- Total employment: Not available
- Required on-the-job training to attain competency: Internship/residency
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Canva
46 / 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: 100 people (0.17 of every 1,000 jobs in the area)
- 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: 270 people (0.43 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
create jobs 51 // 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: 100 people (0.15 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
Canva
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: 50 people (0.07 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
wutzkohphoto // 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: 700 people (1.13 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
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