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 Austin, 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 Austin.
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: Best high schools in the Austin metro area
Canva
1 / 50- Median annual wage: $79,470
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 480 people (0.41 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Drazen Zigic // Shutterstock
2 / 50- Median annual wage: $80,380
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 390 people (0.33 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Pressmaster // Shutterstock
3 / 50- Median annual wage: $80,530
- Median hourly wage: Not available
- Education required: Master's degree
- Total employment: 790 people (0.67 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
4 / 50- Median annual wage: $81,210
- Median hourly wage: $39.04
- Education required: Doctoral or professional degree
- Total employment: 100 people (0.08 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
5 / 50- Median annual wage: $81,550
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 510 people (0.43 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 Austin by diners
Prostock-studio // Shutterstock
6 / 50- Median annual wage: $82,160
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 190 people (0.16 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
7 / 50- Median annual wage: $83,320
- Median hourly wage: $40.06
- Education required: Master's degree
- Total employment: 110 people (0.1 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
KSai23 // Shutterstock
8 / 50- Median annual wage: $84,810
- Median hourly wage: $40.77
- Education required: Doctoral or professional degree
- Total employment: 290 people (0.24 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
9 / 50- Median annual wage: $87,780
- Median hourly wage: $42.20
- Education required: Master's degree
- Total employment: 1,640 people (1.4 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
Petekub // Shutterstock
10 / 50- Median annual wage: $89,400
- Median hourly wage: $42.98
- Education required: Master's degree
- Total employment: 80 people (0.07 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
You may also like: Biggest sources of immigrants to Austin
Canva
11 / 50- Median annual wage: $92,920
- Median hourly wage: Not available
- Education required: Master's degree
- Total employment: 2,100 people (1.79 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
fizkes // Shutterstock
12 / 50- Median annual wage: $94,410
- Median hourly wage: $45.39
- Education required: Doctoral or professional degree
- Total employment: 680 people (0.57 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
ABO PHOTOGRAPHY // Shutterstock
13 / 50- Median annual wage: $96,370
- Median hourly wage: $46.33
- Education required: Master's degree
- Total employment: 950 people (0.8 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Aykut Erdogdu // Shutterstock
14 / 50- Median annual wage: $97,170
- Median hourly wage: $46.72
- Education required: Doctoral or professional degree
- Total employment: 1,680 people (1.43 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
voronaman // Shutterstock
15 / 50- Median annual wage: $98,930
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 200 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-paying jobs in Austin that require a graduate degree
Canva
16 / 50- Median annual wage: $99,050
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 350 people (0.3 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Daniel Besic // Shutterstock
17 / 50- Median annual wage: $99,260
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 450 people (0.38 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
18 / 50- Median annual wage: $99,640
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 200 people (0.17 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Jacob Lund // Shutterstock
19 / 50- Median annual wage: $100,000
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 100 people (0.08 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Worawee Meepian // Shutterstock
20 / 50- Median annual wage: $100,630
- Median hourly wage: $48.38
- Education required: Doctoral or professional degree
- Total employment: 110 people (0.1 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Short-term on-the-job training
You may also like: Highest-rated fine dining restaurants in the Austin area by diners
Gorodenkoff // Shutterstock
21 / 50- Median annual wage: $100,680
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 360 people (0.31 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Ground Picture // Shutterstock
22 / 50- Median annual wage: $100,900
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 240 people (0.2 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Jacob Lund // Shutterstock
23 / 50- Median annual wage: $100,950
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 240 people (0.21 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
24 / 50- Median annual wage: $101,810
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 160 people (0.13 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
GagliardiPhotography // Shutterstock
25 / 50- Median annual wage: $101,940
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 80 people (0.06 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
You may also like: Highest-rated Italian restaurants in Austin by diners
Canva
26 / 50- Median annual wage: $102,250
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 1,360 people (1.16 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Jacob Lund // Shutterstock
27 / 50- Median annual wage: $102,290
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 390 people (0.33 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Matej Kastelic // Shutterstock
28 / 50- Median annual wage: $104,230
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 490 people (0.42 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
29 / 50- Median annual wage: $104,640
- Median hourly wage: $50.31
- Education required: Doctoral or professional degree
- Total employment: 740 people (0.63 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Jacob Lund // Shutterstock
30 / 50- Median annual wage: $105,090
- Median hourly wage: $50.53
- Education required: Master's degree
- Total employment: 2,440 people (2.07 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
You may also like: How much it costs to park at Austin–Bergstrom International Airport
Canva
31 / 50- Median annual wage: $109,350
- Median hourly wage: $52.57
- Education required: Master's degree
- Total employment: 100 people (0.08 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
Monkey Business Images // Shutterstock
32 / 50- Median annual wage: $118,330
- Median hourly wage: $56.89
- Education required: Master's degree
- Total employment: 1,500 people (1.27 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Stokkete // Shutterstock
33 / 50- Median annual wage: $120,580
- Median hourly wage: $57.97
- Education required: Master's degree
- Total employment: 530 people (0.45 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
34 / 50- Median annual wage: $123,920
- Median hourly wage: $59.58
- Education required: Doctoral or professional degree
- Total employment: 6,740 people (5.73 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Kzenon // Shutterstock
35 / 50- Median annual wage: $125,060
- Median hourly wage: $60.12
- Education required: Doctoral or professional degree
- Total employment: 240 people (0.21 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
You may also like: Recently opened restaurants in the Austin area
Monkey Business Images // Shutterstock
36 / 50- Median annual wage: $126,330
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 260 people (0.22 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Gorodenkoff // Shutterstock
37 / 50- Median annual wage: $126,930
- Median hourly wage: $61.02
- Education required: Master's degree
- Total employment: 430 people (0.37 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
indukas // Shutterstock
38 / 50- Median annual wage: $130,360
- Median hourly wage: $62.68
- Education required: Doctoral or professional degree
- Total employment: 110 people (0.1 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
GaudiLab // Shutterstock
39 / 50- Median annual wage: $132,600
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 640 people (0.54 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Syda Productions // Shutterstock
40 / 50- Median annual wage: $134,100
- Median hourly wage: Not available
- Education required: Doctoral or professional degree
- Total employment: 100 people (0.08 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
You may also like: How much house $1 million buys you in Austin
Canva
41 / 50- Median annual wage: $135,580
- Median hourly wage: $65.18
- Education required: Doctoral or professional degree
- Total employment: 1,840 people (1.57 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Sebastian Duda // Shutterstock
42 / 50- Median annual wage: $153,980
- Median hourly wage: $74.03
- Education required: Doctoral or professional degree
- Total employment: 680 people (0.58 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Short-term on-the-job training
Canva
43 / 50- Median annual wage: $163,990
- Median hourly wage: $78.84
- Education required: Doctoral or professional degree
- Total employment: 660 people (0.56 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: None
Canva
44 / 50- Median annual wage: $193,240
- Median hourly wage: $92.91
- Education required: Doctoral or professional degree
- Total employment: 150 people (0.13 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
Canva
45 / 50- Median annual wage: $201,560
- Median hourly wage: $96.90
- Education required: Doctoral or professional degree
- Total employment: 40 people (0.03 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
You may also like: Mortgage rates fall to 10‑month low, offering relief for Austin buyers
Canva
46 / 50- Median annual wage: $219,750
- Median hourly wage: $105.65
- Education required: Doctoral or professional degree
- Total employment: 300 people (0.26 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: 630 people (0.53 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
LightField Studios // 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: 90 people (0.07 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: 1,580 people (1.34 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: 240 people (0.21 of every 1,000 jobs in the area)
- Required on-the-job training to attain competency: Internship/residency
You may also like: Best private high schools in the Austin metro area
