2022 Best Colleges for a Master’s Degree by Salary Score

Why We Rank Schools by Salary Outcomes, Not Prestige

As the cost of a degree continues to rise, more and more people are beginning to question the value of a college education.

Master's graduates borrow an average of nearly $65,000 by the time they finish their education, believing that their investment will yield returns. However, many students don't see the financial payoff they expected and struggle to pay their student loans as a result.

Too often, prospective students don't incorporate employment and salary outcomes into the decision-making process when it comes to choosing a college. Some refer to popular online rankings which use factors like name recognition, prestige, and selectivity.

We use the latest data on starting salaries for recent graduates to help students study what they're passionate about while maximizing their earning potential.

Our rankings methodology gives each school a Salary Score, a proprietary data point that shows how much alumni earn compared to other graduates in the same field of study. We determine the Salary Score by comparing alumni starting salaries for each master's program to those of alumni with the same degrees from graduate schools across the country.

The Salary Score is an overall number that shows how well graduates fare overall after earning their degrees. This methodology means that schools popular with STEM majors or MBA graduates don't automatically rank well. For a school to earn a high Salary Score, both English and Computer Science majors from that school need to be earning competitive salaries in their respective fields. Each college and university on this list includes salary data for alumni of eight or more master’s-level programs.

Read our methodology to learn more about how we ranked schools.

The Best Schools for a Master's Degree in 2022

This list features the top 20% of schools with the highest starting salaries by major for master's graduates. Many of these schools are private universities, which tend to produce alumni who earn more, but also often have a higher sticker price. However, 26 of the top 50 universities for a master's degree are public schools.

MIT and Stanford held their spots at #1 and #2, while Cornell and the University of Chicago moved up to round out the top four. Notably, CUNY Hunter College ranks #5 and is the best public college for a master's degree in 2022.

What Changed from Last Year?

Overall, the top graduate schools by Salary Score didn't change significantly. Schools moved an average of about five spots in either direction, but significant changes in student outcomes were few and far between.

New Universities Added in 2022

Nine universities are new additions to this year's rankings. Most notably, Brigham Young University had a 10-point increase in Salary Score, ranking it at #27. Seattle University also saw a big jump in Salary Score, increasing by nearly 6 points and ranking #33.

Some other notable additions to the list that we didn't see in 2021:

• California State University
  • - San Bernardino, Fullerton, and Sacramento campuses
• University of Southern California
• University of Maryland - College Park campus
• Pace University
• Washington State University

Schools that Saw Big Gains

Four public schools and one private college moved up more than 10 spots from last year. CUNY City College jumped from 21st to 9th this year, taking its place in the top 10 graduate schools.

San Francisco State University, California State University - Los Angeles, and the University of San Francisco also saw big jumps from last year's rankings.

The Georgia Institute of Technology is the only school outside California and New York that made significant gains, moving from #24 last year to #13 this year.

What are the Best States for Master's Degree Salaries?

Cost of Living Data Source: Missouri Economic Reseach and Information Center

Master's graduates from California, Washington, Maryland, Massachusetts, and New York colleges tend to be the top earners for their field of study. Most of these states are areas where the cost of living is significantly higher than in other parts of the country, which typically drives up median salaries. Another factor that likely impacts alumni earnings is top employers in the state. California, Washington, and New York are known for their large tech hubs, which also may impact earnings data even for graduates who don't major in STEM.

Although Washington state is the 14th most expensive state, it ranks 2nd for average Salary Score, indicating Washington graduates likely tend to be highly paid even when cost is factored in. Maryland graduates also tend to be highly paid compared to graduates from more expensive states.

Are Public, Private, or For-Profit Schools Better for Master's Salaries?

Private schools tend to have the strongest salary outcomes for master's graduates by major, with an average Salary Score of 59. Public universities follow close behind with an average Salary Score of 51.

For-profit master's degrees have an average Salary Score of 30, which is a stark contrast to outcomes at the bachelor's level. While for-profit schools as a whole offer the lowest payoff for a master's degree, earnings data show bachelor's alumni who earned their degrees at for-profit schools tend to have higher salaries than public and private non-profit graduates.

What are the Best Public Schools by Salary Score?

Master's students have a much harder time securing funding for graduate school because most federal grants that don't need to be repaid are reserved for bachelor's students. As a result, public universities may appeal to those who live in-state and qualify for lower tuition rates.

The best public colleges for master's salaries by major are largely based in New York and California. Alumni of CUNY Hunter College, CUNY City College, and CUNY Lehman College are all top earners in their field of study compared to other master's graduates.

California State University's East Bay and Dominguez Hills campuses also climbed quite a few spots in this year's rankings. Georgia Tech fills out the top 6 public schools for a master's degree with a Salary Score of 93.