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 Richmond, 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 Richmond.
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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wutzkohphoto // Shutterstock
1 / 50- Median annual wage: $64,890
- Median hourly wage: $31.20
- Education required: Doctoral or professional degree
- Total employment: 1,990 people (3.16 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
Canva
2 / 50- Median annual wage: $65,360
- Median hourly wage: Not available
- 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: None
Canva
3 / 50- Median annual wage: $65,800
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 230 people (0.36 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Drazen Zigic // Shutterstock
4 / 50- Median annual wage: $66,030
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 290 people (0.46 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
VH-studio // Shutterstock
5 / 50- Median annual wage: $67,020
- Median hourly wage: $32.22
- Education required: Master's degree
- Total employment: 190 people (0.29 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
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Canva
6 / 50- Median annual wage: $68,140
- Median hourly wage: $32.76
- Education required: Master's degree
- Total employment: 190 people (0.3 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Monkey Business Images // Shutterstock
7 / 50- Median annual wage: $68,350
- Median hourly wage: $32.86
- Education required: Master's degree
- Total employment: 1,080 people (1.71 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
8 / 50- Median annual wage: $71,770
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 130 people (0.21 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Gorodenkoff // Shutterstock
9 / 50- Median annual wage: $72,450
- Median hourly wage: $34.83
- Education required: Master's degree
- Total employment: 80 people (0.12 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Worawee Meepian // Shutterstock
10 / 50- Median annual wage: $73,960
- Median hourly wage: $35.56
- Education required: Doctoral or professional degree
- Total employment: 180 people (0.28 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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Canva
11 / 50- Median annual wage: $74,110
- Median hourly wage: $35.63
- 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
Canva
12 / 50- Median annual wage: $75,860
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: Not available
- Required on-the-job training to attain competency: None
Gorodenkoff // Shutterstock
13 / 50- Median annual wage: $77,060
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 210 people (0.33 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
BlurryMe // Shutterstock
14 / 50- Median annual wage: $77,900
- Median hourly wage: $37.45
- Education required: Master's degree
- Total employment: 80 people (0.13 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
15 / 50- Median annual wage: $80,740
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 200 people (0.31 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
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Canva
16 / 50- Median annual wage: $81,060
- 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
17 / 50- Median annual wage: $81,980
- Median hourly wage: $39.41
- Education required: Master's degree
- Total employment: 560 people (0.88 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
Monkey Business Images // Shutterstock
18 / 50- Median annual wage: $83,030
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: Not available
- Required on-the-job training to attain competency: None
Monkey Business Images // Shutterstock
19 / 50- Median annual wage: $83,080
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 130 people (0.21 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Matej Kastelic // Shutterstock
20 / 50- Median annual wage: $83,090
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 520 people (0.82 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
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Jacob Lund // Shutterstock
21 / 50- Median annual wage: $83,140
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 440 people (0.69 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
fizkes // Shutterstock
22 / 50- Median annual wage: $84,080
- Median hourly wage: $40.42
- Education required: Doctoral or professional degree
- Total employment: 170 people (0.27 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
voronaman // Shutterstock
23 / 50- Median annual wage: $84,850
- 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
Lucky Business // Shutterstock
24 / 50- Median annual wage: $86,170
- Median hourly wage: Not available
- 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
Jacob Lund // Shutterstock
25 / 50- Median annual wage: $93,350
- 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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ABO PHOTOGRAPHY // Shutterstock
26 / 50- Median annual wage: $96,500
- Median hourly wage: $46.39
- Education required: Master's degree
- Total employment: 610 people (0.97 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
27 / 50- Median annual wage: $96,870
- Median hourly wage: Not available
- Education required: Master's degree
- Total employment: 1,120 people (1.78 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Aykut Erdogdu // Shutterstock
28 / 50- Median annual wage: $98,850
- Median hourly wage: $47.52
- Education required: Doctoral or professional degree
- Total employment: 1,060 people (1.68 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Petekub // Shutterstock
29 / 50- Median annual wage: $101,230
- Median hourly wage: $48.67
- Education required: Master's degree
- Total employment: 90 people (0.14 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
30 / 50- Median annual wage: $101,370
- Median hourly wage: $48.74
- Education required: Doctoral or professional degree
- Total employment: 440 people (0.7 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
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Canva
31 / 50- Median annual wage: $101,500
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 1,330 people (2.11 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
32 / 50- Median annual wage: $104,500
- Median hourly wage: $50.24
- Education required: Master's degree
- Total employment: 130 people (0.2 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
Stokkete // Shutterstock
33 / 50- Median annual wage: $104,980
- Median hourly wage: $50.47
- Education required: Master's degree
- Total employment: 630 people (0.99 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Syda Productions // Shutterstock
34 / 50- Median annual wage: $106,840
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 60 people (0.09 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: $110,750
- Median hourly wage: $53.25
- Education required: Master's degree
- Total employment: 1,400 people (2.23 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: $114,570
- Median hourly wage: $55.08
- 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
Gorodenkoff // Shutterstock
37 / 50- Median annual wage: $133,070
- Median hourly wage: $63.97
- 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: $133,410
- Median hourly wage: $64.14
- Education required: Doctoral or professional degree
- Total employment: 3,450 people (5.47 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
39 / 50- Median annual wage: $136,210
- Median hourly wage: $65.48
- Education required: Doctoral or professional degree
- Total employment: 1,450 people (2.31 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
40 / 50- Median annual wage: $166,310
- Median hourly wage: $79.96
- Education required: Doctoral or professional degree
- Total employment: 590 people (0.93 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
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Canva
41 / 50- Median annual wage: $181,690
- Median hourly wage: $87.35
- Education required: Master's degree
- Total employment: 150 people (0.23 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
42 / 50- Median annual wage: $203,350
- Median hourly wage: $97.76
- Education required: Doctoral or professional degree
- Total employment: 740 people (1.18 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
LightField Studios // Shutterstock
43 / 50- Median annual wage: $228,710
- Median hourly wage: $109.96
- Education required: Doctoral or professional degree
- Total employment: 100 people (0.16 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
Canva
44 / 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: 60 people (0.09 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
Komsan Loonprom // Shutterstock
45 / 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: Not available
- Required on-the-job training to attain competency: Internship/residency
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Djols // Shutterstock
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: 260 people (0.41 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: 100 people (0.16 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
Canva
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: 70 people (0.11 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
Roman Zaiets // 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: 120 people (0.19 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
Roman Zaiets // 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: 80 people (0.13 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
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