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1 / 50#50. Art, drama, and music teachers, postsecondary
- Median annual wage: $65,430
- Median hourly wage: Not available
- Total employment: 250 people (0.4 of every 1,000 jobs in the area)
Highest-paying jobs in Memphis that require a graduate degree
Earning top dollar often requires more education than an undergraduate degree. Of course, doctors, lawyers, and professors all need extra years of focused study in their respective fields, but they're not alone. Graduate degrees in industries like business, engineering, and mathematics build specialized knowledge that can fast-track one's career—and salary.
In 2024, master's degree holders earned a weekly median of $1,840, a 19% premium over undergraduate degree holders. Meanwhile, doctorates earned $2,278, and professional degree holders earned $2,363.
However, wages can vary widely by occupation. Stacker used Bureau of Labor Statistics data to find the highest-paying jobs in Memphis that require a graduate degree in Memphis. This includes doctorates, master's degrees, and professional degrees. Jobs are ranked by their median annual pay as of May 2024, so any jobs without annual compensation figures available were excluded from this analysis.
Beyond offering higher pay, a master's degree may also provide greater job security. The unemployment rate for a master's degree holder was 2.2% in 2024, compared to 2.5% for undergraduate degree holders. Unemployment is close to 1% among those with doctorates and professional degrees.
According to a May 2025 report from ResumeGenius, many employers believe a graduate degree showcases an employee's drive and commitment, leading to better job prospects. But that comes at a price. Between 2000 and 2020, median annual tuition and fees for graduate degree programs increased by 233%. Unsurprisingly, median cumulative grad school debt also increased, rising 47% to $50,000.
Depending on the career field, the expense may be difficult to justify. Georgetown University's Center on Education and the Workforce found that full-time workers with graduate degrees in STEM fields earned $128,000 annually, almost twice as much as their counterparts in humanities and the arts. Meanwhile, a humanities graduate degree brought only 10% more earnings than a bachelor's degree.
Keep reading to find out how much graduate degree holders can earn in different roles.
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2 / 50#49. Sociology teachers, postsecondary
- Median annual wage: $65,530
- Median hourly wage: Not available
- Total employment: 30 people (0.05 of every 1,000 jobs in the area)
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3 / 50#48. Healthcare social workers
- Median annual wage: $67,290
- Median hourly wage: $32.35
- Total employment: 1,040 people (1.68 of every 1,000 jobs in the area)
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4 / 50#47. Educational, guidance, and career counselors and advisors
- Median annual wage: $67,310
- Median hourly wage: $32.36
- Total employment: 1,200 people (1.93 of every 1,000 jobs in the area)
Drazen Zigic // Shutterstock
5 / 50#46. Education teachers, postsecondary
- Median annual wage: $67,370
- Median hourly wage: Not available
- Total employment: 90 people (0.14 of every 1,000 jobs in the area)
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6 / 50#45. English language and literature teachers, postsecondary
- Median annual wage: $67,980
- Median hourly wage: Not available
- Total employment: 160 people (0.26 of every 1,000 jobs in the area)
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7 / 50#44. Statisticians
- Median annual wage: $68,870
- Median hourly wage: $33.11
- Total employment: 200 people (0.32 of every 1,000 jobs in the area)
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8 / 50#43. Philosophy and religion teachers, postsecondary
- Median annual wage: $71,710
- Median hourly wage: Not available
- Total employment: 80 people (0.14 of every 1,000 jobs in the area)
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9 / 50#42. Mathematical science teachers, postsecondary
- Median annual wage: $74,380
- Median hourly wage: Not available
- Total employment: 120 people (0.19 of every 1,000 jobs in the area)
Jacob Lund // Shutterstock
10 / 50#41. Biological science teachers, postsecondary
- Median annual wage: $74,740
- Median hourly wage: Not available
- Total employment: 110 people (0.18 of every 1,000 jobs in the area)
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11 / 50#40. Chiropractors
- Median annual wage: $75,730
- Median hourly wage: $36.41
- Total employment: 70 people (0.11 of every 1,000 jobs in the area)
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12 / 50#39. History teachers, postsecondary
- Median annual wage: $76,660
- Median hourly wage: Not available
- Total employment: 90 people (0.14 of every 1,000 jobs in the area)
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13 / 50#38. Nursing instructors and teachers, postsecondary
- Median annual wage: $77,060
- Median hourly wage: Not available
- Total employment: 380 people (0.61 of every 1,000 jobs in the area)
Jacob Lund // Shutterstock
14 / 50#37. Physics teachers, postsecondary
- Median annual wage: $78,370
- Median hourly wage: Not available
- Total employment: 30 people (0.05 of every 1,000 jobs in the area)
Jacob Lund // Shutterstock
15 / 50#36. Psychology teachers, postsecondary
- Median annual wage: $78,520
- Median hourly wage: Not available
- Total employment: 90 people (0.14 of every 1,000 jobs in the area)
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16 / 50#35. Criminal justice and law enforcement teachers, postsecondary
- Median annual wage: $78,630
- Median hourly wage: Not available
- Total employment: 30 people (0.05 of every 1,000 jobs in the area)
VH-studio // Shutterstock
17 / 50#34. School psychologists
- Median annual wage: $79,830
- Median hourly wage: $38.38
- Total employment: 130 people (0.21 of every 1,000 jobs in the area)
Gorodenkoff // Shutterstock
18 / 50#33. Medical scientists, except epidemiologists
- Median annual wage: $80,370
- Median hourly wage: $38.64
- Total employment: Not available
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19 / 50#32. Chemistry teachers, postsecondary
- Median annual wage: $81,320
- Median hourly wage: Not available
- Total employment: 50 people (0.08 of every 1,000 jobs in the area)
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20 / 50#31. Orthotists and prosthetists
- Median annual wage: $82,600
- Median hourly wage: $39.71
- Total employment: 40 people (0.06 of every 1,000 jobs in the area)
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21 / 50#30. Audiologists
- Median annual wage: $85,640
- Median hourly wage: $41.17
- Total employment: 50 people (0.08 of every 1,000 jobs in the area)
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22 / 50#29. Clinical and counseling psychologists
- Median annual wage: $88,660
- Median hourly wage: $42.63
- Total employment: 110 people (0.18 of every 1,000 jobs in the area)
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23 / 50#28. Speech-language pathologists
- Median annual wage: $89,860
- Median hourly wage: $43.20
- Total employment: 470 people (0.77 of every 1,000 jobs in the area)
Gorodenkoff // Shutterstock
24 / 50#27. Computer science teachers, postsecondary
- Median annual wage: $92,180
- Median hourly wage: Not available
- Total employment: 100 people (0.16 of every 1,000 jobs in the area)
Matej Kastelic // Shutterstock
25 / 50#26. Business teachers, postsecondary
- Median annual wage: $93,650
- Median hourly wage: Not available
- Total employment: 150 people (0.24 of every 1,000 jobs in the area)
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26 / 50#25. Occupational therapists
- Median annual wage: $98,500
- Median hourly wage: $47.36
- Total employment: 500 people (0.81 of every 1,000 jobs in the area)
Jacob Lund // Shutterstock
27 / 50#24. Education administrators, postsecondary
- Median annual wage: $101,110
- Median hourly wage: $48.61
- Total employment: 370 people (0.59 of every 1,000 jobs in the area)
Aykut Erdogdu // Shutterstock
28 / 50#23. Physical therapists
- Median annual wage: $101,360
- Median hourly wage: $48.73
- Total employment: 750 people (1.21 of every 1,000 jobs in the area)
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29 / 50#22. Law teachers, postsecondary
- Median annual wage: $102,320
- Median hourly wage: Not available
- Total employment: 40 people (0.06 of every 1,000 jobs in the area)
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30 / 50#21. Engineering teachers, postsecondary
- Median annual wage: $103,110
- Median hourly wage: Not available
- Total employment: 70 people (0.11 of every 1,000 jobs in the area)
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31 / 50#20. Education administrators, kindergarten through secondary
- Median annual wage: $103,680
- Median hourly wage: Not available
- Total employment: 1,290 people (2.08 of every 1,000 jobs in the area)
Worawee Meepian // Shutterstock
32 / 50#19. Administrative law judges, adjudicators, and hearing officers
- Median annual wage: $104,330
- Median hourly wage: $50.16
- Total employment: 80 people (0.14 of every 1,000 jobs in the area)
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33 / 50#18. Judges, magistrate judges, and magistrates
- Median annual wage: $106,070
- Median hourly wage: $51.00
- Total employment: 130 people (0.22 of every 1,000 jobs in the area)
Jacob Lund // Shutterstock
34 / 50#17. Health specialties teachers, postsecondary
- Median annual wage: $106,440
- Median hourly wage: Not available
- Total employment: 1,370 people (2.21 of every 1,000 jobs in the area)
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35 / 50#16. Optometrists
- Median annual wage: $113,030
- Median hourly wage: $54.34
- Total employment: 100 people (0.17 of every 1,000 jobs in the area)
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36 / 50#15. Nurse practitioners
- Median annual wage: $116,860
- Median hourly wage: $56.18
- Total employment: 2,190 people (3.53 of every 1,000 jobs in the area)
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37 / 50#14. Lawyers
- Median annual wage: $121,510
- Median hourly wage: $58.42
- Total employment: 1,740 people (2.81 of every 1,000 jobs in the area)
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38 / 50#13. Veterinarians
- Median annual wage: $123,780
- Median hourly wage: $59.51
- Total employment: 310 people (0.5 of every 1,000 jobs in the area)
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39 / 50#12. Physician assistants
- Median annual wage: $124,260
- Median hourly wage: $59.74
- Total employment: 330 people (0.54 of every 1,000 jobs in the area)
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40 / 50#11. Economics teachers, postsecondary
- Median annual wage: $125,790
- Median hourly wage: Not available
- Total employment: 30 people (0.05 of every 1,000 jobs in the area)
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41 / 50#10. Physicists
- Median annual wage: $132,250
- Median hourly wage: $63.58
- Total employment: 40 people (0.06 of every 1,000 jobs in the area)
Drazen Zigic // Shutterstock
42 / 50#9. Pharmacists
- Median annual wage: $134,230
- Median hourly wage: $64.54
- Total employment: 1,490 people (2.4 of every 1,000 jobs in the area)
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43 / 50#8. Dentists, general
- Median annual wage: $175,810
- Median hourly wage: $84.53
- Total employment: 230 people (0.38 of every 1,000 jobs in the area)
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44 / 50#7. Nurse anesthetists
- Median annual wage: $192,670
- Median hourly wage: $92.63
- Total employment: 200 people (0.33 of every 1,000 jobs in the area)
Jacob Lund // Shutterstock
45 / 50#6. Pediatricians, general
- Median annual wage: $208,050
- Median hourly wage: $100.03
- Total employment: 250 people (0.41 of every 1,000 jobs in the area)
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46 / 50#5. Orthopedic surgeons, except pediatric
- Median annual wage: $216,380
- Median hourly wage: $104.03
- Total employment: Not available
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47 / 50#1. Neurologists (tie)
- Median annual wage: At least $239,200
- Median hourly wage: At least $115.00
- Total employment: 70 people (0.12 of every 1,000 jobs in the area)
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48 / 50#1. Family medicine physicians (tie)
- Median annual wage: At least $239,200
- Median hourly wage: At least $115.00
- Total employment: 240 people (0.39 of every 1,000 jobs in the area)
Jacob Lund // Shutterstock
49 / 50#1. Obstetricians and gynecologists (tie)
- Median annual wage: At least $239,200
- Median hourly wage: At least $115.00
- Total employment: 30 people (0.05 of every 1,000 jobs in the area)
wutzkohphoto // Shutterstock
50 / 50#1. Physicians, all other (tie)
- Median annual wage: At least $239,200
- Median hourly wage: At least $115.00
- Total employment: 780 people (1.25 of every 1,000 jobs in the area)
This story features data reporting by Wade Zhou, writing by Jill Jaracz, and is part of a series utilizing data automation across 364 metros.
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