Lucky Business // Shutterstock
1 / 50#50. Sociology teachers, postsecondary
- Median annual wage: $78,250
- Median hourly wage: Not available
- Total employment: 50 people (0.07 of every 1,000 jobs in the area)
Highest-paying jobs in Richmond that require a graduate degree
Earning top dollar typically requires more education than an undergraduate degree can provide. Doctors, lawyers, and professors need extra years of focused study for their chosen fields, but they're not alone. Graduate degrees in fields like business, teaching, and public health build specialized knowledge that can fast-track a career—and one's salary.
Many hiring managers view a master's degree as the equivalent of two years of work experience, giving graduate degree holders a leg up. In 2024, master's degree holders earned a weekly median of $1,840, a 19% premium over undergraduate degree holders. Doctorates earned $2,278, and professional degree holders earned $2,363.
Stacker used Bureau of Labor Statistics data to find the highest-paying jobs in Richmond that require a graduate degree in Richmond. 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.
Job security is another benefit. The unemployment rate for a master's degree holder is 2.2%, compared to 2.5% for undergraduate degree holders. Doctorates and professional degree holders' unemployment rate is close to 1%.
Employers believe a graduate degree showcases an employee's drive and commitment, but that comes at a price. Between 2000 and 2020, median annual tuition and fees for graduate degree programs increased by 233%. Unsurprisingly, median student debt has also increased, rising 47% to $50,000.
Depending on the career field, some prospective students may find it difficult to justify the expense. Georgetown University's Center on Education and the Workforce found that full-time workers in STEM fields earned $128,000 annually, almost twice as much as their degreed counterparts in humanities and the arts. A graduate degree in humanities also only brought a 10% earnings premium over someone with a bachelor's degree.
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Monkey Business Images // Shutterstock
2 / 50#49. Instructional coordinators
- Median annual wage: $78,820
- Median hourly wage: $37.89
- Total employment: 1,080 people (1.66 of every 1,000 jobs in the area)
Monkey Business Images // Shutterstock
3 / 50#48. Area, ethnic, and cultural studies teachers, postsecondary
- Median annual wage: $79,040
- Median hourly wage: Not available
- Total employment: 90 people (0.14 of every 1,000 jobs in the area)
Drazen Zigic // Shutterstock
4 / 50#47. Postsecondary teachers, all other
- Median annual wage: $79,070
- Median hourly wage: Not available
- Total employment: 190 people (0.29 of every 1,000 jobs in the area)
Gorodenkoff // Shutterstock
5 / 50#46. Nursing instructors and teachers, postsecondary
- Median annual wage: $80,190
- Median hourly wage: Not available
- Total employment: 350 people (0.53 of every 1,000 jobs in the area)
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Gorodenkoff // Shutterstock
6 / 50#45. Epidemiologists
- Median annual wage: $80,320
- Median hourly wage: $38.61
- Total employment: 80 people (0.12 of every 1,000 jobs in the area)
Gorodenkoff // Shutterstock
7 / 50#44. Mathematical science teachers, postsecondary
- Median annual wage: $80,710
- Median hourly wage: Not available
- Total employment: 210 people (0.33 of every 1,000 jobs in the area)
Jacob Lund // Shutterstock
8 / 50#43. Psychology teachers, postsecondary
- Median annual wage: $81,020
- Median hourly wage: Not available
- Total employment: 150 people (0.23 of every 1,000 jobs in the area)
Pheelings media // Shutterstock
9 / 50#42. Statisticians
- Median annual wage: $81,120
- Median hourly wage: $39.00
- Total employment: 170 people (0.27 of every 1,000 jobs in the area)
voronaman // Shutterstock
10 / 50#41. Philosophy and religion teachers, postsecondary
- Median annual wage: $81,830
- Median hourly wage: Not available
- Total employment: 60 people (0.09 of every 1,000 jobs in the area)
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Lucky Business // Shutterstock
11 / 50#40. Chemistry teachers, postsecondary
- Median annual wage: $82,500
- Median hourly wage: Not available
- Total employment: 120 people (0.19 of every 1,000 jobs in the area)
Daxiao Productions // Shutterstock
12 / 50#39. Marriage and family therapists
- Median annual wage: $82,540
- Median hourly wage: $39.69
- Total employment: 180 people (0.27 of every 1,000 jobs in the area)
SeventyFour // Shutterstock
13 / 50#38. History teachers, postsecondary
- Median annual wage: $83,220
- Median hourly wage: Not available
- Total employment: 90 people (0.13 of every 1,000 jobs in the area)
Worawee Meepian // Shutterstock
14 / 50#37. Administrative law judges, adjudicators, and hearing officers
- Median annual wage: $86,780
- Median hourly wage: $41.72
- Total employment: 210 people (0.32 of every 1,000 jobs in the area)
KSai23 // Shutterstock
15 / 50#36. Chiropractors
- Median annual wage: $91,040
- Median hourly wage: $43.77
- Total employment: 90 people (0.14 of every 1,000 jobs in the area)
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16 / 50#35. Healthcare diagnosing or treating practitioners, all other
- Median annual wage: $93,370
- Median hourly wage: $44.89
- Total employment: 80 people (0.12 of every 1,000 jobs in the area)
ABO PHOTOGRAPHY / Shutterstock
17 / 50#34. Speech-language pathologists
- Median annual wage: $95,770
- Median hourly wage: $46.04
- Total employment: 720 people (1.1 of every 1,000 jobs in the area)
Jacob Lund // Shutterstock
18 / 50#33. Architecture teachers, postsecondary
- Median annual wage: $95,920
- Median hourly wage: Not available
- Total employment: 30 people (0.05 of every 1,000 jobs in the area)
Jacob Lund // Shutterstock
19 / 50#32. Physics teachers, postsecondary
- Median annual wage: $100,200
- Median hourly wage: Not available
- Total employment: 50 people (0.08 of every 1,000 jobs in the area)
Gorodenkoff // Shutterstock
20 / 50#31. Computer science teachers, postsecondary
- Median annual wage: $100,280
- Median hourly wage: Not available
- Total employment: 220 people (0.34 of every 1,000 jobs in the area)
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Aykut Erdogdu // Shutterstock
21 / 50#30. Physical therapists
- Median annual wage: $100,990
- Median hourly wage: $48.55
- Total employment: 1,160 people (1.77 of every 1,000 jobs in the area)
Matej Kastelic // Shutterstock
22 / 50#29. Business teachers, postsecondary
- Median annual wage: $101,040
- Median hourly wage: Not available
- Total employment: 420 people (0.65 of every 1,000 jobs in the area)
Monkey Business Images // Shutterstock
23 / 50#28. Political science teachers, postsecondary
- Median annual wage: $101,140
- Median hourly wage: Not available
- Total employment: 140 people (0.21 of every 1,000 jobs in the area)
Jacob Lund // Shutterstock
24 / 50#27. Health specialties teachers, postsecondary
- Median annual wage: $102,600
- Median hourly wage: Not available
- Total employment: 1,460 people (2.24 of every 1,000 jobs in the area)
Krakenimages.com // Shutterstock
25 / 50#26. Education administrators, kindergarten through secondary
- Median annual wage: $102,920
- Median hourly wage: Not available
- Total employment: 1,160 people (1.78 of every 1,000 jobs in the area)
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Sebastian Duda // Shutterstock
26 / 50#24. Judges, magistrate judges, and magistrates (tie)
- Median annual wage: $104,000
- Median hourly wage: $50.00
- Total employment: Not available
ABO PHOTOGRAPHY // Shutterstock
27 / 50#24. Occupational therapists (tie)
- Median annual wage: $104,000
- Median hourly wage: $50.00
- Total employment: 720 people (1.1 of every 1,000 jobs in the area)
GaudiLab // Shutterstock
28 / 50#23. Engineering teachers, postsecondary
- Median annual wage: $105,750
- Median hourly wage: Not available
- Total employment: 120 people (0.18 of every 1,000 jobs in the area)
Dusan Petkovic // Shutterstock
29 / 50#22. Counselors, all other
- Median annual wage: $108,530
- Median hourly wage: $52.18
- Total employment: Not available
Zivica Kerkez // Shutterstock
30 / 50#21. Veterinarians
- Median annual wage: $117,640
- Median hourly wage: $56.56
- Total employment: 410 people (0.63 of every 1,000 jobs in the area)
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Petekub // Shutterstock
31 / 50#20. Economists
- Median annual wage: $118,610
- Median hourly wage: $57.02
- Total employment: 160 people (0.25 of every 1,000 jobs in the area)
Jacob Lund // Shutterstock
32 / 50#19. Education administrators, postsecondary
- Median annual wage: $122,910
- Median hourly wage: $59.09
- Total employment: 500 people (0.77 of every 1,000 jobs in the area)
LightField Studios // Shutterstock
33 / 50#18. Nurse anesthetists
- Median annual wage: $124,450
- Median hourly wage: $59.83
- Total employment: 310 people (0.48 of every 1,000 jobs in the area)
Monkey Business Images // Shutterstock
34 / 50#17. Nurse practitioners
- Median annual wage: $124,990
- Median hourly wage: $60.09
- Total employment: 1,100 people (1.69 of every 1,000 jobs in the area)
Ground Picture // Shutterstock
35 / 50#16. Law teachers, postsecondary
- Median annual wage: $125,670
- Median hourly wage: Not available
- Total employment: Not available
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Syda Productions // Shutterstock
36 / 50#15. Economics teachers, postsecondary
- Median annual wage: $129,470
- Median hourly wage: Not available
- Total employment: 60 people (0.09 of every 1,000 jobs in the area)
Stokkete // Shutterstock
37 / 50#14. Physician assistants
- Median annual wage: $130,050
- Median hourly wage: $62.53
- Total employment: 470 people (0.72 of every 1,000 jobs in the area)
Kzenon // Shutterstock
38 / 50#13. Optometrists
- Median annual wage: $132,120
- Median hourly wage: $63.52
- Total employment: 180 people (0.28 of every 1,000 jobs in the area)
Nicola Forenza // Shutterstock
39 / 50#12. Lawyers
- Median annual wage: $132,860
- Median hourly wage: $63.87
- Total employment: 3,710 people (5.68 of every 1,000 jobs in the area)
Drazen Zigic // Shutterstock
40 / 50#11. Pharmacists
- Median annual wage: $138,310
- Median hourly wage: $66.50
- Total employment: 1,360 people (2.09 of every 1,000 jobs in the area)
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wavebreakmedia // Shutterstock
41 / 50#10. Psychologists, all other
- Median annual wage: $140,440
- Median hourly wage: $67.52
- Total employment: 100 people (0.15 of every 1,000 jobs in the area)
Elnur // Shutterstock
42 / 50#9. Podiatrists
- Median annual wage: $156,680
- Median hourly wage: $75.33
- Total employment: 60 people (0.09 of every 1,000 jobs in the area)
Jacob Lund // Shutterstock
43 / 50#8. Pediatricians, general
- Median annual wage: $158,590
- Median hourly wage: $76.25
- Total employment: 260 people (0.4 of every 1,000 jobs in the area)
PeopleImages.com - Yuri A // Shutterstock
44 / 50#7. Family medicine physicians
- Median annual wage: $201,570
- Median hourly wage: $96.91
- Total employment: 500 people (0.76 of every 1,000 jobs in the area)
Prostock-studio // Shutterstock
45 / 50#6. Dentists, general
- Median annual wage: $211,430
- Median hourly wage: $101.65
- Total employment: 460 people (0.7 of every 1,000 jobs in the area)
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luchschenF // Shutterstock
46 / 50#5. Physicists
- Median annual wage: $212,950
- Median hourly wage: $102.38
- Total employment: 50 people (0.07 of every 1,000 jobs in the area)
Gorodenkoff // Shutterstock
47 / 50#4. Computer and information research scientists
- Median annual wage: $231,930
- Median hourly wage: $111.50
- Total employment: 80 people (0.12 of every 1,000 jobs in the area)
wutzkohphoto // Shutterstock
48 / 50#1. Physicians, all other (tie)
- Median annual wage: At least $239,200
- Median hourly wage: At least $115.00
- Total employment: 1,530 people (2.35 of every 1,000 jobs in the area)
Natee K Jindakum // Shutterstock
49 / 50#1. Physicians, pathologists (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)
LightField Studios // Shutterstock
50 / 50#1. Psychiatrists (tie)
- Median annual wage: At least $239,200
- Median hourly wage: At least $115.00
- Total employment: 60 people (0.1 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 363 metros.
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