Benjamin Franklin once said that “an investment in knowledge pays the best interest.”

The famous polymath knew a thing or two about accomplishment – he invented everything from the lightning rod and Franklin stove to the flexible urinary catheter and bifocal glasses – and his words still ring true today.

According to Education Pays 2019: The Benefits of Higher Education for Individuals and Society, the latest report put out by American-based College Board, a master’s degree is indeed a good investment.

Among full-time workers, age 35 to 44, education level was strongly related to the percentage who earned $100,000 or more annually:

•               Five per cent of high school graduates

•               10 per cent of those with a two-year post-secondary degree or diploma

•               28 per cent of those with a bachelor’s degree

•               43 per cent of those with a master’s degree

And while the financial benefits are clear, it’s the non-economic benefits that may prove the most interesting.

Compared to those with less education, university graduates are substantially more likely to exercise vigorously at least once a week, have children who engage in a variety of educational activities with their family members, are more likely to vote and volunteer in their communities, and are three times less likely to smoke.

Here are six more benefits to earning a master’s degree, according to CareerAddict:

1. Career Advancement
A master’s degree doesn’t just provide you with an opportunity to progress to the next stage in your career, it also sets you apart from the sea of applicants with bachelor’s degrees.

2. Network Growth
Connecting to other career-oriented, like-minded people, including instructors, goes a long way to enhancing your professional network and furthering contacts with industry leaders.

3. Specialist Knowledge
From courses in leadership and finance to marketing and organization design, a master’s degree furthers your industry expertise in a particular field and enhances your credibility.

4. Lifelong Learning
Gaining a master’s degree isn’t just about achieving a title. Through ongoing education, you not only learn from people at different stages in their life and career, but also become a better problem solver who can more easily tackle complex projects and issues.

5. Improved Brainpower
Master’s degrees are designed to help you teach yourself, rather than simply receive information. The combination of case studies, group work and theoretical coursework allows you to learn in a variety of different ways, introducing you to fresh ideas and concepts, while improving your analytical skills.

6. Personal Development
School is about so much more than education – it’s also about personal discovery and growth. Whether you’re achieving something you didn’t think you could, or learning about how to optimize team dynamics, a master’s degree will help you become more self-aware.

Mastering Health Care

Further health-care specific research supports these benefits. A literature review examining whether a master's-level nursing education makes a difference to patient care found five common themes: increased confidence and self-esteem, enhanced communication, personal and professional growth, knowledge and application of theory to practice, and analytical thinking and decision making.

Turns out Benjamin Franklin was right.

To advance your career – along with your interpersonal skills, network and brainpower – enroll in the University of Lethbridge’s Master of Health Services Management program.

The Master of Health Services Management (MHSM) is a cohort-based, part-time program that is offered at the University of Lethbridge’s Calgary campus. It is jointly offered by the Dhillon School of Business and the Faculty of Health Sciences.