Social work and mental health counseling jobs are projected to grow faster than the average rate for all occupations over the next 10 years, according to the Bureau of Labor Statistics. But because these careers often require advanced degrees, yet offer low pay, it can be difficult for graduates to earn a positive return on investment.
Social work job openings are expected to grow by 74,000 positions per year from 2024 to 2034, putting the field in high demand. But social workers only earn a median income of $61,330 a year, per the BLS.
And master’s of social work programs hold an average cost-adjusted return of -2%, according to a new research paper from American University’s Postsecondary Education and Economics Research (PEER) Center, which examined data from the Texas Education Research Center on 121 advanced degrees to determine the impact of the credential on graduate earnings.
Similarly, professionals in substance abuse, behavioral disorder and mental health counselor occupations earn median wages below $60,000 a year, despite typically needing a master’s degree in psychology or a related field.
These roles are projected to have an average of 48,300 job openings per year, on average, over the next decade, the BLS reports — a faster growth rate than any other job that typically requires a master’s degree — but the average ROI for master’s programs in clinical psychology and psychology comes in at -5% and -8%, respectively, according to PEER’s data.
