How Much Can I Earn With a Masters in Human Resources?

Having a masters in human resources is one of the best ways for human resource professionals to boost their careers and salaries. Careers in human resources are exploding and there are a variety of different career options that are out there for those equipped with a master’s degree in human resources. Here is a quick overview of what type of salaries to expect for different human resource professionals who have master’s degrees.

How long does it take to get a master’s in human resources?

A master’s degree in human resources can usually be completed in little as a year and can take as long as two years depending on whether or not you decide to go full-time or part-time. Many colleges and universities offer both brick-and-mortar and online programs in human resources. The benefit behind many of these master’s programs is that they can be complete while working full-time. Many master’s programs in human resources also allow individuals to specialize in certain areas such as employment and labor law, wellness management, labor relations, and industrial psychology.

Different career options in human resources

Those with a master’s degree in human resources can work in a variety of corporate, nonprofit and government settings as benefits administrators, compensation analysts, wellness coordinators, recruiters, pension managers, HR generalists and directors. Typically those seeking these more advanced HR careers need years of experience before applying to managerial roles. For those who are interested in a more analytic route for their career, try looking into benefits and compensation analyst positions. These positions require more serious IT and math skills. Benefits and compensation analysts can make as low as $40,000 a year to over $100,000 depending on experience and work setting. For those looking for more interaction with employees, consider looking to wellness management. Wellness coordinators help management employee assistance programs, administer smoking cessation programs and also provide a plethora of resources to individuals looking to improve their health. It is expected that careers in wellness management will explode due to recent changes in US healthcare laws.

Salary expectations with a master’s degree

Those who are pursing a master’s degree in human resources should expect to see a serious salary bump depending on their location, setting and role. According to the Department of Labor’s Bureau of Labor Statistics, in 2010, the average human resources manager made just a little over $99,000. The average years of work experience required for this salary was anywhere between one to five years and it is expected that this job will grow by 13% over the next decade. Salary expectations should be adjusted if individuals live in larger metropolitan areas, working for larger, well-established corporate and government entities.

Whatever choice you decide to make in regards to your career in human resources, be assured that having a master’s degree in human resources is a very great decision. Many employers want highly knowledgeable and skilled human resources professionals who will be willing to apply 21st century HR practices to various corporate and public settings.