It’s no surprise that earning a master’s degree requires both time and money. But if you’re ready to earn your graduate degree, one practical question is likely top of mind: Will my investment of time and money pay off?
Essentially, you’re considering one of the most important but often overlooked factors when making the decision to earn a master’s degree — return on investment, or ROI. For this guide, ROI refers to the average earnings you can expect to make when compared against the cost of your educational investment.
So where can you expect the highest ROI for your master’s degree? This guide examines ROI for master’s students on a state-by-state basis to help you decide where you may want to study, as well what you want to study. We’ve factored into our calculations data on student debt, graduate salaries, and top fields of study for master’s students.
Ready to get started? Learn some of the best places to earn a degree and begin your lucrative career by reviewing the data below.
Master’s Degree ROI by State: The Good, The Bad, and the Ugly
You’ll find data below on ROI for graduate students by state, starting with this interactive U.S. map. Simply hover over the state you’re interested in, and you’ll see key details on average master’s student debt, average salary after graduation, our calculated ROI, and top three fields of study in the state.
States with the Best Master’s Degree ROI
#1: Nevada — $27,662
- Average Master’s Student Debt: $33,389
- Average Salary After Graduation: $61,050
- ROI: $27,662
- Top 3 Fields of Study: Teaching, Educational Administration, Accounting
School Spotlight: University of Nevada, Reno
- Number of Online Master’s Degree Programs: 14
- Average Annual Cost: $14,953
- Acceptance Rate: 88%
#2: Pennsylvania — $24,818
- Average Master’s Student Debt: $39,350
- Average Salary After Graduation: $64,168
- ROI: $24,818
- Top 3 Fields of Study: Business Administration, Education and Teaching, Educational Administration
School Spotlight: Pennsylvania State University
- Number of Online Master’s Degree Programs: 56
- Average Annual Cost: $27,521
- Acceptance Rate: 92%
#3: Utah — $22,919
- Average Master’s Student Debt: $30,726
- Average Salary After Graduation: $53,645
- ROI: $22,919
- Top 3 Fields of Study: Business Administration, Accounting, Nursing
School Spotlight: University of Utah
- Number of Online Master’s Degree Programs: 10
- Average Annual Cost: $12,867
- Acceptance Rate: 95%
#4: Connecticut — $22,272
- Average Master’s Student Debt: $40,182
- Average Salary After Graduation: $62,455
- ROI: $22,272
- Top 3 Fields of Study: Business Administration, Teacher Education, Nursing
School Spotlight: University of Connecticut
- Number of Online Master’s Degree Programs: 20
- Average Annual Cost: $21,724
- Acceptance Rate: 56%
#5: Kansas — $20,840
- Average Master’s Student Debt: $30,595
- Average Salary After Graduation: $51,435
- ROI: $20,840
- Top 3 Fields of Study: Business Administration, Special Education, Nursing
School Spotlight: University of Kansas
- Number of Online Master’s Degree Programs: 34
- Average Annual Cost: $18,709
- Acceptance Rate: 93%
#6: New Jersey — $20,826
- Average Master’s Student Debt: $40,429
- Average Salary After Graduation: $61,255
- ROI: $20,826
- Top 3 Fields of Study: Business Administration, Educational Administration, Special Education
School Spotlight: Rutgers University
- Number of Online Master’s Degree Programs: 35
- Average Annual Cost: $15,365
- Acceptance Rate: 68%
#7: Texas — $20,068
- Average Master’s Student Debt: $34,693
- Average Salary After Graduation: $54,760
- ROI: $20,068
- Top 3 Fields of Study: Business Administration, Educational Administration, Accounting
School Spotlight: Texas State University
- Number of Online Master’s Degree Programs: 31
- Average Annual Cost: $17,033
- Acceptance Rate: 70%
#8: Massachusetts — $18,295
- Average Master’s Student Debt: $41,352
- Average Salary After Graduation: $59,647
- ROI: $18,295
- Top 3 Fields of Study: Business Administration, Teacher Education, Psychology
School Spotlight: University of Massachusetts Boston
- Number of Online Master’s Degree Programs: 11
- Average Annual Cost: $17,817
- Acceptance Rate: 79%
#9: Michigan — $17,531
- Average Master’s Student Debt: $41,134
- Average Salary After Graduation: $58,665
- ROI: $17,531
- Top 3 Fields of Study: Business Administration, Education, Accounting
School Spotlight: Michigan State University
- Number of Online Master’s Degree Programs: 49
- Average Annual Cost: $10,925
- Acceptance Rate: 83%
#10: Wisconsin — $17,443
- Average Master’s Student Debt: $38,433
- Average Salary After Graduation: $55,875
- ROI: $17,443
- Top 3 Fields of Study: Business Administration, Education, Nursing
School Spotlight: University of Wisconsin-Madison
- Number of Online Master’s Degree Programs: 31
- Average Annual Cost: $16,708
- Acceptance Rate: 60%
#11: New Hampshire — $16,803
- Average Master’s Student Debt: $39,735
- Average Salary After Graduation: $56,538
- ROI: $16,803
- Top 3 Fields of Study: Educational Administration, Business Administration, Healthcare Administration
School Spotlight: Southern New Hampshire University
- Number of Online Master’s Degree Programs: 87
- Average Annual Cost: $22,873
- Acceptance Rate: 92%
#12: Maryland — $16,511
- Average Master’s Student Debt: $43,929
- Average Salary After Graduation: $60,439
- ROI: $16,511
- Top 3 Fields of Study: Business Administration, Education, Nursing
School Spotlight: Towson University
- Number of Online Master’s Degree Programs: 11
- Average Annual Cost: $12,621
- Acceptance Rate: 88%
#13: Indiana — $15,906
- Average Master’s Student Debt: $40,052
- Average Salary After Graduation: $55,958
- ROI: $15,906
- Top 3 Fields of Study: Business Administration, Teacher Education, Nursing
School Spotlight: Indiana State University
- Number of Online Master’s Degree Programs: 21
- Average Annual Cost: $14,961
- Acceptance Rate: 94%
States with an Average Master’s Degree ROI
#1: Kentucky — $15,702
- Average Master’s Student Debt: $35,807
- Average Salary After Graduation: $51,509
- ROI: $15,702
- Top 3 Fields of Study:Education, Nursing, Psychology
School Spotlight: University of Kentucky
- Number of Online Master’s Degree Programs: 29
- Average Annual Cost: $18,268
- Acceptance Rate: 94%
#2: Minnesota — $15,407
- Average Master’s Student Debt: $41,464
- Average Salary After Graduation: $56,871
- ROI: $15,407
- Top 3 Fields of Study:Business Administration, Teacher Education, Nursing
School Spotlight: Minnesota State University Moorhead
- Number of Online Master’s Degree Programs: 34
- Average Annual Cost: $17,653
- Acceptance Rate: 72%
#3: New Mexico — $14,822
- Average Master’s Student Debt: $31,813
- Average Salary After Graduation: $46,634
- ROI: $14,822
- Top 3 Fields of Study:Special Education, Business Administration, Biology
School Spotlight: New Mexico State University
- Number of Online Master’s Degree Programs: 23
- Average Annual Cost: $9,979
- Acceptance Rate: 57%
#4: Arkansas — $13,630
- Average Master’s Student Debt: $39,816
- Average Salary After Graduation: $53,445
- ROI: $13,630
- Top 3 Fields of Study:Business Administration, Engineering, Education
School Spotlight: University of Arkansas
- Number of Online Master’s Degree Programs: 27
- Average Annual Cost: $14,998
- Acceptance Rate: 83%
#5: Washington — $13,500
- Average Master’s Student Debt: $39,335
- Average Salary After Graduation: $52,835
- ROI: $13,500
- Top 3 Fields of Study:Business Administration, Education, Psychology
School Spotlight: Washington State University
- Number of Online Master’s Degree Programs: 14
- Average Annual Cost: $8,947
- Acceptance Rate: 86%
#6: Arizona — $13,397
- Average Master’s Student Debt: $39,065
- Average Salary After Graduation: $52,462
- ROI: $13,397
- Top 3 Fields of Study:Education, Business Administration, Psychology
School Spotlight: University of Arizona
- Number of Online Master’s Degree Programs: 42
- Average Annual Cost: $15,601
- Acceptance Rate: 87%
#7: Nebraska — $13,064
- Average Master’s Student Debt: $39,948
- Average Salary After Graduation: $53,012
- ROI: $13,064
- Top 3 Fields of Study:Business Administration, Education, Nursing
School Spotlight: University of Nebraska Omaha
- Number of Online Master’s Degree Programs: 22
- Average Annual Cost: $13,452
- Acceptance Rate: 87%
#8: Missouri — $12,532
- Average Master’s Student Debt: $38,000
- Average Salary After Graduation: $50,532
- ROI: $12,532
- Top 3 Fields of Study:Business Administration, Educational Administration, Nursing
School Spotlight: Missouri University of Science & Technology
- Number of Online Master’s Degree Programs: 20
- Average Annual Cost: $12,682
- Acceptance Rate: 85%
#9: Ohio — $12,500
- Average Master’s Student Debt: $40,912
- Average Salary After Graduation: $53,412
- ROI: $12,500
- Top 3 Fields of Study:Business Administration, Education, Nursing
School Spotlight: Ohio State University
- Number of Online Master’s Degree Programs: 24
- Average Annual Cost: $18,623
- Acceptance Rate: 57%
#10: California — $11,987
- Average Master’s Student Debt: $48,593
- Average Salary After Graduation: $60,580
- ROI: $11,987
- Top 3 Fields of Study:Business Administration, Psychology, Education
School Spotlight: San Diego State University
- Number of Online Master’s Degree Programs: 16
- Average Annual Cost: $6,488
- Acceptance Rate: 38%
#11: Alabama — $11,850
- Average Master’s Student Debt: $41,971
- Average Salary After Graduation: $53,821
- ROI: $11,850
- Top 3 Fields of Study:Business Administration, Education, Nursing
School Spotlight: University of Alabama at Birmingham
- Number of Online Master’s Degree Programs: 61
- Average Annual Cost: $16,585
- Acceptance Rate: 89%
#12: New York — $11,183
- Average Master’s Student Debt: $48,607
- Average Salary After Graduation: $59,790
- ROI: $11,183
- Top 3 Fields of Study:Business Administration, Education, Accounting
School Spotlight: University at Buffalo
- Number of Online Master’s Degree Programs: 11
- Average Annual Cost: $19,344
- Acceptance Rate: 70%
#13: North Carolina — $10,784
- Average Master’s Student Debt: $43,925
- Average Salary After Graduation: $54,710
- ROI: $10,784
- Top 3 Fields of Study:Business Administration, Education, Nursing
School Spotlight: North Carolina A&T State University
- Number of Online Master’s Degree Programs: 11
- Average Annual Cost: $10,413
- Acceptance Rate: 57%
States with a Lower Master’s Degree ROI
#1: Virginia — $10,600
- Average Master’s Student Debt: $42,485
- Average Salary After Graduation: $53,086
- ROI: $10,600
- Top 3 Fields of Study:Business Administration, Nursing, Educational Administration
School Spotlight: Virginia Polytechnic Institute and State University (Virginia Tech)
- Number of Online Master’s Degree Programs: 14
- Average Annual Cost: $20,927
- Acceptance Rate: 56%
#2: Illinois — $10,416
- Average Master’s Student Debt: $46,702
- Average Salary After Graduation: $57,117
- ROI: $10,416
- Top 3 Fields of Study:Business Administration, Psychology, Education
School Spotlight: University of Illinois Urbana-Champaign
- Number of Online Master’s Degree Programs: 47
- Average Annual Cost: $15,483
- Acceptance Rate: 60%
#3: Tennessee — $10,214
- Average Master’s Student Debt: $38,361
- Average Salary After Graduation: $48,575
- ROI: $10,214
- Top 3 Fields of Study:Business Administration, Education, Nursing
School Spotlight: University of Tennessee Knoxville
- Number of Online Master’s Degree Programs: 35
- Average Annual Cost: $18,853
- Acceptance Rate: 75%
#4: Colorado — $9,477
- Average Master’s Student Debt: $41,787
- Average Salary After Graduation: $51,264
- ROI: $9,477
- Top 3 Fields of Study:Business Administration, Educational Administration, Accounting
School Spotlight: Colorado State University
- Number of Online Master’s Degree Programs: 38
- Average Annual Cost: $19,016
- Acceptance Rate: 90%
#5: Georgia — $8,930
- Average Master’s Student Debt: $43,867
- Average Salary After Graduation: $52,797
- ROI: $8,930
- Top 3 Fields of Study:Business Administration, Education, Nursing
School Spotlight: Georgia State University
- Number of Online Master’s Degree Programs: 22
- Average Annual Cost: $17,738
- Acceptance Rate: 100%
#6: Delaware — $8,072
- Average Master’s Student Debt: $45,072
- Average Salary After Graduation: $53,143
- ROI: $8,072
- Top 3 Fields of Study:Business Administration, Public Administration, Accounting
School Spotlight: Delaware State University
- Number of Online Master’s Degree Programs: 8
- Average Annual Cost: $11,626
- Acceptance Rate: 59%
#7: Iowa — $7,820
- Average Master’s Student Debt: $44,719
- Average Salary After Graduation: $52,539
- ROI: $7,820
- Top 3 Fields of Study:Business Administration, Education, Nursing
School Spotlight: Iowa State University
- Number of Online Master’s Degree Programs: 32
- Average Annual Cost: $15,351
- Acceptance Rate: 91%
#8: South Carolina — $7,818
- Average Master’s Student Debt: $42,027
- Average Salary After Graduation: $49,845
- ROI: $7,818
- Top 3 Fields of Study:Business Administration, Education, Psychology
School Spotlight: Clemson University
- Number of Online Master’s Degree Programs: 32
- Average Annual Cost: $22,116
- Acceptance Rate: 49%
#9: Mississippi — $6,550
- Average Master’s Student Debt: $41,897
- Average Salary After Graduation: $48,447
- ROI: $6,550
- Top 3 Fields of Study:Business Administration, Education, Accounting
School Spotlight: Mississippi State University
- Number of Online Master’s Degree Programs: 41
- Average Annual Cost: $15,891
- Acceptance Rate: 76%
#10: Louisiana — $6,276
- Average Master’s Student Debt: $48,771
- Average Salary After Graduation: $55,046
- ROI: $6,276
- Top 3 Fields of Study:Business Administration, Education, Nursing
School Spotlight: Louisiana State University Shreveport
- Number of Online Master’s Degree Programs: 23
- Average Annual Cost: $8,536
- Acceptance Rate: 91%
#11: Florida — $5,018
- Average Master’s Student Debt: $46,824
- Average Salary After Graduation: $51,841
- ROI: $5,018
- Top 3 Fields of Study:Business Administration, Educational Administration, Accounting
School Spotlight: Florida Atlantic University
- Number of Online Master’s Degree Programs: 20
- Average Annual Cost: $7,990
- Acceptance Rate: 78%
#12: Hawaii — $4,251
- Average Master’s Student Debt: $43,275
- Average Salary After Graduation: $47,526
- ROI: $4,251
- Top 3 Fields of Study:Education, Business Administration, Psychology
School Spotlight: University of Hawaiʻi at Mānoa
- Number of Online Master’s Degree Programs: 10
- Average Annual Cost: $13,430
- Acceptance Rate: 70%
#13: Maine — $3,323
- Average Master’s Student Debt: $51,613
- Average Salary After Graduation: $54,935
- ROI: $3,323
- Top 3 Fields of Study:Business Administration, Education, Accounting
School Spotlight: University of Maine
- Number of Online Master’s Degree Programs: 19
- Average Annual Cost: $17,067
- Acceptance Rate: 96%
Why Didn’t My State Make the List?
The following states were not included in this ranking, as there was not enough available data to accurately gauge the master’s degree ROI. We encourage you to research schools, tuition, salaries, and student loan debt on the U.S. Department of Education’s College Scorecard if you are interested in earning your master’s degree in one of these states.