Study Examines Whether Advanced Degrees Are Worth Costs

The Left believes there is a contrived war on higher education. However, recent analysis counters that claim by showing that there is an economic disadvantage for many Americans taking on the cost of an advanced degree. The analysis has now landed firmly on the conclusion that much advanced education is a rigged game.

This is not news to my family. In 2008, our son attended the University of Kansas. He wanted to pursue a career in sports administration and had obtained a position at the university working for legendary athletic director Lew Perkins.

As Sam considered his next step, we researched master’s degrees in sports administration. There were about 150 programs in the discipline across the country with about half offering master’s degrees. Because of the multitude of programs, I had already concluded that getting any degree in the specialty would at best guarantee the degree holder to a job at a Foot Locker store.

We asked Lew about the degree’s value. He said, “If you want to work for me, get an MBA.” Here was a top-level person in the business telling us those degrees were worthless.

That analysis is not just true of sports administration but applies across the spectrum of degrees.

The number of master’s degrees has exploded over the past fifteen years. This proliferation may be attributed to the fact there are more degrees offered online, making it more convenient for students to enroll for the degrees, many of whom work full-time. Profiteering colleges see money flow in from these programs, particularly due to college loan access.

The problem is that few of these degrees provide entrée to a profession that requires the related degrees. A medical or law degree is needed to get through the door professionally. While those degrees continue to offer a strong correlation to employment, every other department’s degree offers only the hope of creating an advantage. When the supply of degrees explodes, the chances of making it into your chosen career plummets.

The Postsecondary Education & Economics Research Center (PEER) recently published a study, “Do Graduate Degrees Pay Off? ” Researchers analyzed 121 different advanced degrees. Not only did they look at the increased earnings from obtaining a degree, but they also analyzed the net financial benefit after the effects of the cost for obtaining the degrees and potential earnings the candidate forgoes.

The study determined overall effects for a broad array of disciplines. It found that the economic benefits are better for women and people attending more highly rated programs for JD and MBA degrees.

Interestingly, economic benefits were relatively low for part-time students. That means the people taking part in more convenient, flexible schedules and online classes are not receiving the same benefits as those who attend full time programs.

The degrees that produced the most cost-adjusted returns for the cost were M.D., J.D., and pharmacy degrees. Surprisingly, the next best is not an MBA, but an MPA (Master of Public Administration). The authors say the value of an MPA is greater than an engineering degree because engineers get less of an income bump out a master’s due to their base earnings being higher before the degree.

Four areas of study that have a net negative benefit from the cost of a master’s degree are psychology, social work, clinical psychology, and education. That means they are not just a waste of money, but economically harmful.

The study I reviewed did not address the cost of degrees in women’s studies, African studies, or similar such degrees. These advanced degrees provide the most benefit when someone goes deeper into debt and obtains a Ph.D. so he or she can obtain a position at a university. These degrees may have creditability for some nonprofit organizations, but they have little value in private industry.

Over 400 colleges in 2025 were ranked best for obtaining a master’s in psychology. It is estimated that 38,000 people graduate annually with that degree. That is more than the number of medical doctors—at about 30,000. Tuition costs for a two-year degree can exceed $100,000, and that is before considering additional fees and foregone income to obtain the degree.

The Trump administration has restricted borrowing for these the college loan programs. It understands that the greater the availability of loans, the more colleges will charge and the more they will try to rope in additional degree candidates.

It might be worth considering requiring a briefing for every student on the realcosts and benefits of these degrees.

Colleges bamboozle naïve students into beginning their careers burdened with outrageous levels of student debt. Many elected Democrats and others running for office campaign on writing off these loans and burdening Americans with the debt.

Given the results of PEER’s recent study, much of the advanced degree granting seems less like education and more like legalized theft.

We publish a variety of perspectives. Nothing written here is to be construed as representing the views of The Daily Signal.