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 Madison, 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 Madison.
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: Highest-paying jobs in Madison that require a bachelor's degree
Daniel Besic // Shutterstock
1 / 50- Median annual wage: $82,380
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 100 people (0.26 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Chad McDermott // Shutterstock
2 / 50- Median annual wage: $83,250
- Median hourly wage: $40.02
- Education required: Master's degree
- Total employment: 90 people (0.24 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Prostock-studio // Shutterstock
3 / 50- Median annual wage: $83,260
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 120 people (0.31 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
4 / 50- Median annual wage: $83,720
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 230 people (0.58 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
5 / 50- Median annual wage: $84,520
- Median hourly wage: $40.64
- Education required: Master's degree
- Total employment: 40 people (0.09 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
You may also like: Highest-rated chicken wings in Madison by diners
Canva
6 / 50- Median annual wage: $84,540
- Median hourly wage: $40.65
- Education required: Master's degree
- Total employment: 60 people (0.15 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
7 / 50- Median annual wage: $84,660
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 150 people (0.39 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
8 / 50- Median annual wage: $84,910
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 120 people (0.3 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Thanakorn.P // Shutterstock
9 / 50- Median annual wage: $85,030
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 300 people (0.77 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Jacob Lund // Shutterstock
10 / 50- Median annual wage: $85,950
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 410 people (1.07 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
You may also like: Highest-paying computer and engineering jobs in Madison
Robert Kneschke // Shutterstock
11 / 50- Median annual wage: $87,650
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 80 people (0.2 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Aykut Erdogdu // Shutterstock
12 / 50- Median annual wage: $95,530
- Median hourly wage: $45.93
- Education required: Doctoral or professional degree
- Total employment: 730 people (1.89 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
13 / 50- Median annual wage: $95,950
- Median hourly wage: $46.13
- Education required: Doctoral or professional degree
- Total employment: 40 people (0.1 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
voronaman // Shutterstock
14 / 50- Median annual wage: $100,310
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 40 people (0.09 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
15 / 50- Median annual wage: $101,150
- Median hourly wage: $48.63
- Education required: Doctoral or professional degree
- Total employment: 380 people (0.97 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 Madison that require a bachelor's degree
BlurryMe // Shutterstock
16 / 50- Median annual wage: $101,900
- Median hourly wage: $48.99
- Education required: Master's degree
- Total employment: 100 people (0.26 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
17 / 50- Median annual wage: $103,190
- Median hourly wage: $49.61
- Education required: Doctoral or professional degree
- Total employment: 1,750 people (4.52 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
18 / 50- Median annual wage: $103,930
- Median hourly wage: Not available
- Education required: Master's degree
- Total employment: 400 people (1.03 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
fizkes // Shutterstock
19 / 50- Median annual wage: $104,430
- Median hourly wage: $50.21
- Education required: Doctoral or professional degree
- Total employment: 380 people (0.99 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
Pressmaster // Shutterstock
20 / 50- Median annual wage: $105,490
- Median hourly wage: Not available
- Education required: Master's degree
- Total employment: Not available
- Required on-the-job training to attain competency: None
You may also like: Highest-rated ice cream shops in Madison by diners
Canva
21 / 50- Median annual wage: $106,690
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 70 people (0.18 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Matej Kastelic // Shutterstock
22 / 50- Median annual wage: $107,090
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 250 people (0.64 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Gorodenkoff // Shutterstock
23 / 50- Median annual wage: $107,730
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 190 people (0.48 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: $108,420
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 140 people (0.37 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
ESB Professional // Shutterstock
25 / 50- Median annual wage: $109,540
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 70 people (0.17 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
You may also like: Highest-rated campgrounds in the Madison area by visitors
Canva
26 / 50- Median annual wage: $119,490
- Median hourly wage: $57.45
- Education required: Doctoral or professional degree
- Total employment: 90 people (0.22 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
Diego Cervo // Shutterstock
27 / 50- Median annual wage: $125,470
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 130 people (0.32 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Monkey Business Images // Shutterstock
28 / 50- Median annual wage: $126,100
- Median hourly wage: $60.62
- Education required: Master's degree
- Total employment: 640 people (1.65 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Jacob Lund // Shutterstock
29 / 50- Median annual wage: $127,020
- Median hourly wage: $61.07
- Education required: Master's degree
- Total employment: 520 people (1.35 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Stokkete // Shutterstock
30 / 50- Median annual wage: $127,330
- Median hourly wage: $61.22
- Education required: Master's degree
- Total employment: 390 people (1.0 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
You may also like: Highest-paying science jobs for people in Madison
Kzenon // Shutterstock
31 / 50- Median annual wage: $127,950
- Median hourly wage: $61.52
- Education required: Doctoral or professional degree
- Total employment: 130 people (0.33 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
32 / 50- Median annual wage: $131,230
- Median hourly wage: $63.09
- Education required: Doctoral or professional degree
- Total employment: 880 people (2.28 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Gorodenkoff // Shutterstock
33 / 50- Median annual wage: $137,900
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 150 people (0.38 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: $139,760
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 70 people (0.17 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Gorodenkoff // Shutterstock
35 / 50- Median annual wage: $139,970
- Median hourly wage: $67.30
- Education required: Master's degree
- Total employment: 50 people (0.12 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
You may also like: The most expensive neighborhoods in Madison
Canva
36 / 50- Median annual wage: $163,840
- Median hourly wage: $78.77
- Education required: Doctoral or professional degree
- Total employment: 280 people (0.73 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
37 / 50- Median annual wage: $226,180
- Median hourly wage: $108.74
- Education required: Master's degree
- Total employment: 150 people (0.39 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
38 / 50- Median annual wage: $227,560
- Median hourly wage: $109.41
- Education required: Doctoral or professional degree
- Total employment: 150 people (0.4 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
Canva
39 / 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: 240 people (0.61 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
Komsan Loonprom // Shutterstock
40 / 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
You may also like: People from these metros are looking to buy homes in Madison
Dmytro Zinkevych // Shutterstock
41 / 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: 30 people (0.08 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
Djols // Shutterstock
42 / 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: 180 people (0.46 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
Canva
43 / 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: 180 people (0.47 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: 310 people (0.81 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
create jobs 51 // 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
You may also like: Car insurance rates in Madison
Natee K Jindakum // 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: 150 people (0.4 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
LightField Studios // Shutterstock
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 (0.26 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
Roman Zaiets // 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: 220 people (0.56 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
wutzkohphoto // 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: 960 people (2.47 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
Photoroyalty // 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: 270 people (0.7 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
You may also like: The most expensive homes sold in Madison this year
