Well-educated human resources managers and specialists are in high demand in business, industry, and nonprofits. Although many HR jobs are available to job seekers with a bachelor’s degree, those with a master’s in human resources are likely to find the door to career advancement and high pay rates open to them.
According to the U.S. Bureau of Labor Statistics (BLS), an HR manager earns a median pay of $126,230 annually. Even an entry-level HR specialist earns a decent salary, with a median income of $62,290 annually. According to the BLS, the job outlook for the next decade is positive, with the need for specialists growing at about eight percent, which is faster than average.
Are you looking for an affordable online master’s degree in human resources? Keep reading to discover cost-effective ways to earn your degree online and learn about job opportunities after graduation.
How To Reduce the Cost of Your Master’s in Human Resources Degree
With a little effort, there may be ways to reduce the cost of your master’s degree in human resources. The base tuition and fees you will pay are most likely listed on your chosen college’s website. That’s a good place to start, but then consider the following:
Cost per credit
Many colleges and universities charge tuition by the credit hour for master’s degree programs. If the institution uses a standard semester model, your program will likely take 33 or 36 credit hours, although some may take more or less.
In general, programs at public-funded state universities and colleges will cost less than those at private schools. In order to get an idea of the cost per credit hour, begin your search by looking at public schools first. Then, if a private school program interests you, you can compare the costs. However, remember that the listed tuition rate may not be what you will pay once you factor in financial aid, which we’ll talk about below.
Another factor to consider is whether your school is in the state of your residence or not. Many, though not all, schools charge a higher rate to students who do not live in their home state. Online education, of course, means you can take a program that is anywhere in the U.S. since you are not attending classes in person. But depending on the school, you may save money by choosing a master’s program in your state.
Transfer credits
Many schools have generous transfer policies. That may mean you can transfer some of the credits you took in your undergraduate education or other master’s degree programs if you have them. The more credits you can transfer, the less you will pay for your master’s in human resources, lowering your overall costs.
When applying to your chosen school, work with an admissions counselor or faculty mentor to determine what prior education credits may be transferable. If your undergraduate degree is in business or human resources, you will most likely have credits that your master’s institution will accept.
The other advantage to this is that by transferring credit, you will save time in your program and may be able to shave off a semester or so, earning your degree more quickly so that you can enter the job force earlier.
Scholarships and grants
A diligent search for scholarships and grants is an excellent way to save thousands of dollars on your education. These funding sources may come from your school, government agencies, or philanthropic organizations. You may even find financial support from your place of business, especially if you are already working in human resources.
To get you started, here are a few examples of scholarships and grants that are available for students in the human resources field:
- Anthony C. Russo Scholarship: $3,000 awarded annually by the National Public Employer Labor Relations Association to students seeking a master’s degree in human resources, public administration, or a few other select fields.
- Fred Foulkes Scholarship Award: $5,000 for full-time graduate students attending accredited schools in Maine, New Hampshire, Massachusetts, Rhode Island, Vermont, or Connecticut.
- HR Matchr Student Scholarship: $1,000 awarded to a bachelor’s or master’s student in human resources, business, labor relations, or organizational development.
- PSHRA Fellowships: $2,000 awarded to master’s degree students in HR programs by the Public Sector HR Association. May be renewed once.
- NAHR Foundation Graduate Scholarships: $5,000 annually for full-time students in master’s level HR programs at accredited institutions. Funded by the National Academy of Human Resources.
What You Can Do with a Master’s in Human Resources
While many entry-level human resources jobs are available to those with a bachelor’s degree, earning a master’s degree in human resources enables you to apply for higher-level managerial positions and those at larger organizations and businesses.
At the master’s level, managers plan, coordinate, and direct the administrative functions of an organization, according to the BLS. They are employed in nearly every industry as well as across the nonprofit world. As noted above, HR managers may earn six-figure salaries, with the highest ten percent paid an average salary of $208,000.
The job outlook for HR managers is rosy, with an additional 12,600 professionals needed in the next decade to fill the increasing number of jobs available. Many with a master’s degree in human resources end up in affiliated positions, such as labor relations directors, payroll managers, and recruiting managers.
Our Research
This list features some of the country’s most affordable online Master’s in Human Resources programs. Each school featured is a nonprofit, accredited institution, either public or private, with a high standard of academic quality for post-secondary institutions.
We evaluated each school’s program on tuition costs, admission, retention and graduation rates, faculty, and reputation. Then, we calculated the Intelligent Score on a scale of 0 to 100. Read more about our ranking methodology.
Next, we compared this comprehensive list of the most affordable online Master’s in Human Resources programs to a list of aggregated college rankings from reputable publications, such as U.S. News & World Report, to simplify a student’s college search. We pored through these rankings so students don’t have to.
The 50 Most Affordable Online Master’s in Human Resources Programs
