The best graduate schools

Graduate school opens the door to career paths not available to undergraduates. A master’s program can distinguish you from the competition, even for jobs which do not traditionally require a master’s degree or doctorate.

Completing graduate school is also correlated to higher earnings. A study by the National Center for Education Statistics found that the 2020 median earnings of those with a master’s degree or higher were 17% more than earnings of those with a bachelor’s degree only.

How to choose the right grad school

Federal student loans can provide the opportunity to access graduate schools and associated higher median earnings. However, unlike undergraduate lending, there are no meaningful lending caps on grad school loans.

This lack of lending constraint has predictably led to higher tuition costs and debt, as universities realize students are able to borrow extra to finance their graduate education and are thus less inclined to provide financial aid. Many of the worst offenders are elite universities, where high demand allows for tuition increases divorced from true value for students after graduation.

Graduate school rankings

Our graduate school rankings are meant to provide potential students with tools to determine whether a graduate program is worth it. We measure and compare the median earnings and debt of graduates from each program. We also measure the median earning difference between master’s and undergraduate students in the same field of study, to determine the overall value of different graduate programs at the macro level.

The debt-to-earnings ratio and comparative earnings by program are aggregated into an economic score, which is used to rank master’s programs. For a detailed examination of how this score is calculated, please visit our methodology page.

Additional information on graduate schools

America’s graduate schools are world-renowned for the quality and diversity of graduate programs offered. Within the graduate sector, master’s degrees are the fastest growing type of degree.

Whether the master’s degree is deemed valuable due to the additional flexibility and earning potential provided to graduates or as a symptom of degree inflation is an open question. The proliferation of professional doctorates – a result of more widespread licensure requirements and demand-side preference – points to the latter.

» Read: Test-optional graduate schools

Make sure you do your research before picking a graduate program. Students have been indoctrinated to strive for acceptance at the most prestigious universities, but our economic valuation shows that most prestigious does not necessarily equal superior economic circumstances long term.

There are a number of lesser-known programs that are extremely cost-effective and produce graduates with excellent relative earning potential – 2 of the most important considerations, in our view, when choosing a graduate program.