Master’s Degrees: Types, Costs, and Top Universities

A master’s degree is a postgraduate academic qualification that allows students to gain specialized knowledge in a chosen field after completing a bachelor’s degree. The program is designed to deepen expertise, enhance career opportunities, and, in many cases, prepare students for further academic research or professional advancement.

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What is a master's degree?

A master’s degree represents advanced-level study in a specific subject area. It combines theoretical learning, practical applications, and research.

Duration: One to two years (full-time) or two to four years (part-time).
Delivery: It can be taught (structured modules) or research-based (independent projects/theses).
Outcome: Higher qualifications, better employment prospects, and in-demand professional skills.

Types of Master’s Degrees

Master of Arts (M.A.)

Focus: Humanities, Arts, and Social Sciences.
Examples: Literature, history, and international relations.

Master of Science (MSc):

Focus: Science, engineering, technology, and business.
Examples: Data Science, Mechanical Engineering, and Finance.

Master of Business Administration (MBA):

Focus: Business leadership, management, and entrepreneurship.
Often requires professional experience.

Master of Laws (LLM):

Focus: Legal studies and specializations in law.

Integrated Master’s Programs (e.g., MEng, MSci):

Combine undergraduate and postgraduate study in one continuous program.

Research Master’s (MRes/MPhil):

Focus: Independent research, often leading to a Ph.D.

Why Pursue a Master's Degree?

Career Advancement: Opens doors to senior roles.
Specialization: Gain expertise in a niche area.
Global recognition improves your employability worldwide.
Higher earnings: Postgraduates often earn significantly more.
Research opportunities provide a pathway to a Ph.D. and academic careers.
Networking: Connect with industry experts and international peers.

Entry Requirements for a Master’s Degree

Typical admission criteria include:

Bachelor’s degree in a related discipline.
English language proficiency: IELTS, TOEFL, PTE, Duolingo, or MOI acceptance, depending on the university.
A statement of purpose (SOP) outlining academic and career goals is also required.
References: Academic or professional recommendations.
Work experience may be required for MBAs and professional programs.

Requirements may change yearly, so always check the official university website or contact an education consultant.

Cost of a Master’s Degree (2025 estimates)

Below are realistic, up-to-date cost estimates for five popular study destinations, as well as practical notes. These are estimates; exact fees vary by university, subject, and city. Always check the university’s website before committing.

United Kingdom: typical costs & extras

Tuition for international students in a one-year taught Master’s program: £11,000–£38,000 per year
(Humanities are at the lower end of the range, while STEM, clinical, and business programs, as well as elite schools, are at the higher end).
Living costs (estimate): £10,000–£15,000 per year (higher in London: ~£13,000–£18,000).
Visa/health: Student visa fee (~£524 outside the UK) + Immigration Health Surcharge (IHS) ~£776 per year (payable with the visa).
Post-study work: The Graduate Route typically allows up to two years of post-study work (up to three years for PhD students) — check the current rules on gov.uk.
Other costs include deposits, course materials, bench/lab fees (for lab-based courses), and field trips.
To reduce costs, apply for university scholarships, departmental bursaries, and early-application discounts. Consider cheaper cities, such as those in the North of England, Scotland, and Wales. You can also work part-time, but this is usually limited by visa rules.
Note that business degrees (MBA/MFin) and clinical courses typically cost more. Research degrees (MRes/MPhil) may have different fee structures.

United States: typical costs & extras

Tuition (Master’s): $20,000–$60,000+ per year (public state universities are lower, while private research universities and business schools are much higher).
Living costs (estimate): $12,000–$24,000 per year, depending on the city (New York City, Boston, and San Francisco are higher).
Visa/health: F-1 visa costs and mandatory health insurance (universities usually require student health plans).
Post-study work: Optional Practical Training (OPT) is available for up to 12 months, and STEM graduates are eligible for an additional 24-month extension, for a total of 36 months.
Other costs include application fees, GRE/GMAT/TOEFL/IELTS fees (if applicable), and higher healthcare costs.
To reduce costs, consider assistantships (research/teaching), employer sponsorship, scholarships, community colleges + transfer routes, and studying in lower-cost states.

Pricing for US master’s programs varies greatly: top business and engineering schools charge higher fees.

Australia: typical costs & extras

Tuition (Master’s): $20,000–$50,000+ per year (depending on the subject and university).
Living costs (estimate): AUD 20,000–30,000 per year, depending on the city (Sydney and Melbourne are more expensive).
Visa/health: Student visa fees and OSHC health insurance are required.
Post-study work: Temporary Graduate Visa (Subclass 485)—length varies (generally 2–4 years, depending on the level and type of qualification).
Other costs include skills assessment or licensing fees for regulated professions.
To reduce costs, consider scholarships, RTP bursaries for research degrees, and part-time work (within visa-capped hours during term).

Many universities offer research or industry scholarships for a Master’s by Research.

Canada: typical costs & extras

Tuition (master’s): CAD 18,000 – CAD 40,000 per year (varies by province and subject).
Living costs (estimate): CAD 12,000 – CAD 18,000 per year.
Visa/health: Study permit fees + provincial health coverage (varies) or university health plan.
Post-study work: Post-Graduation Work Permit (PGWP), up to 3 years depending on program length.
Other costs: mandatory health insurance in some provinces, co-op fees for professional programs.
How to reduce costs: scholarships, graduate assistantships, provincial/ university bursaries, work while studying (allowed on a study permit).

Some provinces have lower living costs (smaller cities) and generous post-study pathways.

Germany: typical costs & extras

Tuition (master’s): Most public universities: little or no tuition for international students (some Master’s programs and non-EU states may charge fees). Many Master’s are low-cost except for specialized programs or private institutions.
Living costs (estimate): €900 – €1,300 per month (includes rent, food, transport).
Visa/health: residence permit for study, mandatory health insurance.
Post-study work: 18 months to search for work after graduation (can then switch to a work permit).
Other costs: semester fees, administrative charges, and a living deposit for accommodation.
How to reduce costs: public universities are the most affordable option; scholarships from DAAD and foundations; shared housing (WG).

Germany is especially cost-effective for STEM and research degrees.

Best Countries for Master’s Study in 2025

Tuition (master’s): Most public universities: little or no tuition for international students (some Master’s programs and non-EU states may charge fees). Many Master’s are low-cost except for specialized programs or private institutions.
Living costs (estimate): €900 – €1,300 per month (includes rent, food, transport).
Visa/health: residence permit for study, mandatory health insurance.
Post-study work: 18 months to search for work after graduation (can then switch to a work permit).
Other costs: semester fees, administrative charges, and a living deposit for accommodation.
How to reduce costs: public universities are the most affordable option; scholarships from DAAD and foundations; shared housing (WG).