In a masters in leadership program, you’ll learn about topics such as management, organization, communications, planning, development, and more, all of which will prepare you to work in any number of leadership roles after you graduate. Many students actually earn this as a second master’s degree to supplement a degree they already have within their own industry, or you can earn this along with an MBA in a duel degree program, which prepares you to be a business leader or even start your own business. Whatever your career goals when you graduate with a masters in leadership, examining the salary you can expect can help you make an ultimate decision about whether or not to go back to school for this type of degree.
Salary by Career
Because the masters in leadership degree is such a general career option, you can be prepared for any number of positions after you graduate. The amount you’ll earn as a leader in your field will depend on the career path you take. For example, someone with this type of degree who goes into education can earn up to $106,000 annually as a principal or school director, while someone in the healthcare field can easily earn over $150,000 annually. Many students who graduate with this type of degree go on to be executives in their field, which is a career path where you can earn over $200,000, even as someone new to your position. A leadership degree could also give you the skills necessary to work in politics, or you could go on to start your own business, where the sky is the limit in terms of earning potential.
Salary by Location
Your position is not the only thing that determines your salary as a leader. Location plays a huge role in most industries. Not only can you earn more if you’re willing to live and work in a large city, but some states simply have higher earning potentials in certain fields. Maximizing your earning potential by location isn’t hard at all, it just requires a little research as to the most lucrative area. Sites like FindTheData.org have salaries categorized by city and job while others will merely provide insight into average pay for a city against average rent prices to create a snapshot of what living in that city might provide.
Other Factors Affecting Salary
The other degrees you possess can also make a huge difference to your bottom line – if you have a more education-specific background, you’ll typically earn more money. Remember, when comparing positions, benefits mean almost as much as salary. A better job offer might provide a lower starting wage, but have a more lucrative benefits package, including a larger 401k or more inclusive healthcare options. It’s good to research 401k, stocks, and other compensations typically used to supplement a base pay. If you can go into an interview and understand how certain elements of a benefits package can work in your favor, you will be better off. Most leadership positions offer healthy benefits packages, and understanding how certain perks with one company might make it the better option can be crucial, even if the salary is higher at another company.
Understanding The Job Market
Finding a job in this tumultuous economy is difficult, even with a Masters in Leadership supplementing your main focus. While a specific focus can usher you in the direction of a number of careers, many of the skills and attributes are applicable for multiple positions. If precisely what you went to school for isn’t providing enough job opportunities, think about expanding your focus, by location as well. Moving a few or even many times for different opportunities is very common for people looking to establish themselves in the field of their career choice. By not limiting yourself to local areas, the wealth of chances to advance your career will increase rapidly. Looking in off-the-wall places for jobs many times can provide fruitful results as some employers lack the means to appropriately tap qualified applicants. This can help you jump up the list in a variety of ways and shows initiative.