Why study a master's degree?

Are you at the point in your studies where you’re asking yourself – “should I study a master's degree?” 

This question is often accompanied by others, like “Is it worth it?” and “Do I really need it?”. 

Pursuing further study is a personal decision that largely depends on your academic and professional ambitions. It’s a huge investment in your future with significant time and cost implications. But it can open you up to incredible opportunities – to grow in your career, to learn from the best and to contribute to your field in meaningful ways.

To help you decide whether to study a master’s degree, we’ll run through key details like average costs and timeframes, as well as the impact a master’s degree can have on your career across different fields.

If you’re still scratching your head after reading this, reach out to our Future Student Advisers. We’re here to help!

 What is a master's degree?

A master's degree is an advanced academic qualification, usually undertaken after completing undergraduate study, such as a bachelor’s degree. A master’s involves specialised study in a particular field and is designed to deepen your knowledge and refine the skills you learned in undergraduate study. These programs typically take one to two years of full-time study to complete and include a blend of coursework, research and practical elements.

What is the average cost of a master's degree?

Domestic students can expect to pay around between $22,000 to $50,000 for their master’s degree. For international students, tuition fees are estimated between $20,000 and $37,000 per year. However, the average cost of a master's degree in Australia varies widely based on the program, institution and duration of the course. We encourage all students to check their eligibility for scholarships to support their studies.

Why is a master's degree important?

A master's degree holds significance as it deepens the expertise you need to enhance career prospects. You’ll gain crucial critical thinking abilities and learn how to conduct important research in niche fields, preparing you for highly specialised roles, promotions, increased earning potential or doctoral studies. A master’s degree demonstrates a commitment to your professional growth, which can be extremely attractive to employers.

How does a master’s degree impact career prospects?

After completing a master's, many career opportunities will unfold across diverse industries. Certain professions require an advanced level of expertise or a specific skill set that a master's degree can provide. Fields such as healthcare, finance, education and research often need this kind of higher qualification. A master’s degree will help you access leadership roles and meet the increasing demands and complexities within those professions, resulting in career advancement and deeper industry insights.