Online Master's Degree Programs

While bachelor's degrees offer a broad base of knowledge and training on a subject, master's degree programs allow students to dig deeper. While a bachelor's degree is the standard qualification for many entry-level positions, depending on the field, a master's degree may be required for advancement or higher pay.

A master's degree can be completed in anywhere from one to three years. Longer master's degree programs are usually filled with workshops, labs or independent research. In rare cases, such as in Master of Fine Art (MFA) programs, the degree can take four years, though the time is generally filled with creative work and studio workshops.

Master's degree students learn both theory and application in their chosen field and develop the ability to evaluate and critique course material at a high level. In academic fields such as history, English or psychology, students may be required to conduct original research for a final thesis project. Professional master's degrees such as business or education may require an internship or practicum instead of a thesis.

Some schools offer accelerated master's degree programs that combine bachelor's degree and master's degree requirements in five years of dedicated coursework. Engineering schools commonly offer this option, but it is available in a wide range of fields from journalism to mathematics. Accelerated programs allow motivated students to get an earlier start on the master's thesis and the opportunity to specialize further in the undergraduate years.

Master's degrees are available in a diverse range of fields, so a wide range of personalities and learning styles can succeed in master's degree programs. For students who opt to pursue a master's degree so they can advance in their current career, online master's degrees provide the flexibility needed to balance a career with graduate studies.

Whether on-campus or online, master's degrees require more in-depth work than bachelor's degrees and focus on preparing students to be original contributors to their discipline. While classes in a bachelor's degree program may be primarily lecture based, classes in a master's degree program incorporate more discussion. Students earning master's degrees online make use of discussion forums and online chat tools that allow them to maintain a high-level of classroom discussion.

While a master's degree may be the ticket to career advancement, many students earning a master's degree finance their graduate education through loans. According to the National Postsecondary Student Aid Study of 2008, the average amount of loans a graduate student accumulated in 2007-2008 was $34,910--not including loans from undergraduate training.

In many fields, that investment pays off. According to the Bureau of Labor Statistics, the median weekly wage of a master's degree holder was $1,272 in 2010 compared to $1,038 for a bachelor's degree holder. However, not all professions offer pay bumps for master's degree holders. Liz Pulliam Weston of MSN Money recommends students' total borrowing not exceed their expected first year salaries to make sure student loan payments don't become a burden after graduation.

Graduate study is a popular choice for both college seniors and working professionals, but data shows that these two groups tend to choose different master's degree programs. According to a 2000 study from the National Center for Education Statistics, 26 percent of students in MA (Master of Arts) and MS (Master of Science) programs other than education began graduate school immediately after completing a bachelor's degree.

By contrast, about two-thirds of MBA students waited at least three years after earning a bachelor's degree to begin the MBA program. A whopping 87 percent of MBA students worked while in school and three-quarters worked full time.

Likewise, students enrolled in master's degree programs in education were likely to have at least some work experience before enrolling. One-third of these students waited at least seven years after finishing their bachelor's degree to enroll in graduate school and 91 percent were working while in school.

For these working adults, online master's degree programs offer convenience and flexibility that allows them to balance the demands of graduate school with career and family commitments.

With popular master's degree programs in education, business, health care and engineering, common careers can be found in teaching, management health care and engineering firms across the country. Take a look at salary ranges for careers which often require a master's degree, as reported in 2009 by the U.S. Bureau of Labor Statistics (BLS):

• Physical therapists: $62,270 - $87,940
• Public relations managers: $64,820 - $125,220
• Librarians: $42,980 - $66,750
• Secondary school teachers: $42,070 - $66,110
• Petroleum engineers: $79,810 - $150,310

With a rising trend of master's degree holders in the workforce, earning a graduate degree may become even more crucial to career success.