Jayson_Virissimo comments on Open thread, 24-30 March 2014 - Less Wrong Discussion
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It seems clear that for people with a bachelor's in CS, from a purely monetary viewpoint, getting a master's in the same area usually is dumb unless you plan on programming a long time.
This article says the average mid-career pay for MSc holders is $114,000. This says the mid-career bachelor's salary is $102,000. A master's means 12 to 24 months of lost pay and anywhere from a $20,000/year salary in some lucky cases to a $50,000+ debt. You need at least a decade of future work to justify this. And that likely overstates the benefits since it does not control for ability.
I don't necessarily trust these statistics but employers can always make people write code on whiteboards to assess actual skill.
An exception might be if you want technically cutting-edge CS: Google for example prefers MSc/PhD guys. But I think most programming jobs are not like that.
FYI, it is possible to do a part-time masters program and some employers will pay for you to get a graduate degree (usually as part of an agreement to keep working for the company several years afterwards).