Cyber security is one of the fastest developing fields. The career prospects are excellent, the money is great, and the opportunities are plenty. However, in order to advance in the profession and land one of these desirable jobs, you must first complete a quality education, which typically entails earning a master degree in the discipline. Furthermore, obtaining a graduate degree is expensive and time-consuming.
So, how can you determine whether the investment is worthwhile? By comparing average wages and tuition to calculate the lifetime value of an information security degree, you'll have a better idea of what you'll pay vs. what you'll get if you decide to pursue a master's degree in cybersecurity.
Value of Degree Over Time
Determining the value of a master's degree and its final worth is usually always the first question that prospective students ask themselves before moving further with their studies. While more education has never hurt anyone, understanding the true value of your degree in comparison to the amount of money you will have to invest to achieve it can help you choose whether or not a master's degree is worth it.
According to CNBC, "An analysis by Georgetown University's Center on Education and the Workforce found that a graduate with a top-paying college major can earn an average of $3.4 million more over their lifetime than someone who graduates in the lowest-paying major." Not unexpectedly, STEM majors (science, technology, engineering, and math) are at the top of the salary range."
In addition, US News stated that the median earnings of individuals with a graduate degree in the field, regardless of tenure, are on average 38.3 percent higher than those with only a bachelor's degree in the same field, out of the 15 fields of study examined in the Georgetown Center on Education and the Workforce report on the economic value of college areas of study.
Determining if Grad School is Worth It For You with the Grad School Calculator
Even so, the lifetime worth of a master's degree varies significantly depending on the major, even if holders with master's degrees may make more money overall. Because of this, it's critical that aspiring graduate students determine their own lifetime monetary value rather than depending only on average figures.
With the help of LearnVest, you may calculate whether graduate school is worthwhile for you by entering your income, tuition, debts, scholarships, retirement, and other pertinent information. It's not as difficult to decide whether a degree is worthwhile in the cyber security industry—where employment prospects are excellent, salaries are high, and skilled, experienced workers are in high demand—than it would be, for example, for someone wishing to pursue a master's degree in journalism, where earnings and employment prospects aren't always favorable.
Naturally, considerations other than finances should be taken into account while determining whether to continue your education. But before making a major commitment of this kind, it is helpful to have a clear view of the finances. You can figure out what loans, grants, and scholarships you'll need to pay for graduate school if you have a clear idea of what you'll be paying for and earning in return. You can also rest easy knowing that the tuition you are paying now will add up to a sizable sum in the future.
Tuition for a Master’s in Cyber Security
The decision to enroll in a degree program, whether undergraduate, graduate, or PHD, is typically highly influenced by financial considerations. The entire cost of a master's degree in cyber security normally ranges from $20,000 to $40,000. The exact amount depends on the school. This is an overview of October 2015 tuition at seven different institutions across the US, ranging from Massachusetts to California.
School: University of San DiegoDegree: Master of Science in Cyber Security Operations and Leadership
Total Cost: $28,675
Degree: Master of Science in Information Security
Total Cost: $32,250
Degree: Master of Science in Cyber Security
Total Cost: Non resident- $32,820;
Resident – $21,330
Degree: Master of Science in Information Security Management (MSISM)
Total Cost: $32,220
Degree: Master of Science in Cyber Security Engineering
Total Cost: $34,830
Degree: Master of Science in Cyber Security Engineering
Total Cost: $37,254
Degree: Master of Science in Cybersecurity and Leadership
Total Cost: $19,968
Many financial incentives are now being offered to students who seek to pursue a degree in cybercrime, due to the growing need for cybercrime professionals in both the public and private sectors. The women's scholarship, which covers a full year's tuition up to $40,000, and the graduate scholarship are two of the many scholarships offered by the ICS Foundation to those pursuing careers in the field. To help overcome the widening gender gap in cyber security, the SWISS program provides scholarships to women entering the sector. The National Science Foundation Scholarship for Service (SFS) and the Information Assurance Scholarship Program (IASP) are two significant scholarship programs financed by the US government.
Financial Incentives, Scholarships and Grants
In addition, a lot of companies will pay for their workers' master's degrees, and other initiatives have been developed to lessen the financial burden on veterans who want to continue their education. Veterans can get assistance from yellow ribbon colleges like the University of San Diego in the form of annual scholarships, which are matched dollar for dollar by the VA. That comes to $14,896 a year in USD.
In addition, there are also state and federal loans like FAFSA, which assist millions of students year in covering the cost of their higher education.
Cyber Security Salaries
According to Burning Glass Technologies' 2015 Job Market Intelligence: Cybersecurity Jobs study, cyber security professionals make, on average, 9% more money annually than all other IT workers, or about $6,500 more.
O*Net OnLine from the US Department of Labor states that the median yearly salary for cyber security specialists is between $70,00 and $118,000 dollars. Additionally, pay for cyber security specialists is increasing as a result of the strong demand. According to the SANS Institute's Cybersecurity Professional Trends Survey, "In our survey, 49% of respondents make $100,000 or more—mostly attributed to those with management roles, while the largest single group (23%) selected the $80,000–$99,999 range, representing those with administrator or engineering roles." Furthermore, the survey found that formal education continues to be a significant impact in earnings. Once more, 75% of the sample consisted of respondents holding a bachelor's degree or above.
It is difficult to argue against the usefulness of a master's degree in cyber security given the high salary in the field and the continued demand for highly qualified and experienced individuals.
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A 20-month Master of Science program in Cyber Security Operations and Leadership is offered by the University of San Diego, and it is entirely online. Visit our program website to find out more about our globally recognized curriculum.