Before going on to a master's after your bachelor's, first work out the tuition and the two or three years of pay you give up, then see whether your field pays more

Cost

Free. Look up the admissions brochure and the tuition standards once, then work out the numbers against the job offers you have in hand; about an hour or two.

What you get

First, the cost. A 2013 national guideline sets tuition for full-time academic master's programs at generally no more than 8000 CNY a year. Full-time professional master's programs follow their earlier fee policy, are not covered by this cap, and are often much more expensive. Full-time graduate students admitted within the enrollment plan can all receive the national graduate stipend (研究生国家助学金); for a master's it is at least 6000 CNY a year, with the exact amount set by each locality. Now the return. A 2020 study published by the UK Department for Education used national student records and tax records to follow people who finished bachelor's degrees from the mid-1990s to the mid-2000s. The study removed differences in family background and bachelor's results and looked at income at age 35. In its words, “we estimate returns of 2% (women) and -2% (men) for masters”: women with a master's earned about 2% more than those with only a bachelor's, and men about 2% less. Differences by field are large. Women with a master's in law, economics or management earned about 20% more, and those in art, English or philosophy earned more than 10% less. For men, the return to a master's is clearly negative in most fields, but law, economics, management and engineering are still clearly positive.

Notes

A dispute. Earlier UK studies always found a positive return to a master's; the authors of this study believe their data is finer and removes more. They also admit that differences such as motivation and career preference cannot be removed. The data stop at age 35 and cover people who graduated two or three decades ago, and no figure that removes personal differences in the same way was found in China, so treat it only as a direction. The evidence is therefore graded B. The way to work it out is the same as §23.6 (study or work): set the two or three years of lost pay against the extra you earn each year afterward. Some job postings state outright that a master's is required, such as at universities, research institutes and some state-owned enterprises; then the degree requirement is itself the payoff and should be counted separately.

Evidence grade

B : Supported by research but without a precise number, or based on small or single studies.

Sources

1. 财政部、国家发展改革委、教育部 (2013). 关于完善研究生教育投入机制的意见（财教〔2013〕19号）. https://www.gov.cn/gongbao/content/2013/content_2404719.htm：「原则上，现阶段全日制学术学位研究生学费标准，硕士生每生每年不超过8000元，博士生每生每年不超过1万元。全日制专业学位研究生以及目前已按规定实行收费政策的研究生，暂执行原收费政策」「博士生资助标准不低于每生每年1万元，硕士生资助标准不低于每生每年6000元」
2. Britton J, Buscha F, Dickson M, van der Erve L, Vignoles A, Walker I, Waltmann B, Zhu Y (2020). The earnings returns to postgraduate degrees in the UK. Department for Education. https://assets.publishing.service.gov.uk/media/5f609e478fa8f5106d1563cc/PG_LEO_report_FINAL.pdf

Translated from the Chinese original. Original book, section 23, tip 24. Content may be out of date and rules differ by place. When you actually deal with an agency, a doctor or a court, follow what local officials, doctors and lawyers tell you. Disclaimer