Enrolling in a Master of Legal Studies program is a logical next step for those who already have a bachelor's degree and are looking to expand their legal knowledge in their field. While an M.L.S. degree may not always be required to advance to a higher-paying role, many careers can benefit from the in-depth legal education and skills that can be obtained from an M.L.S. degree program.
Exploring the Value of a Master of Legal Studies (M.L.S.)
Before diving into specific M.L.S. degree salaries, it can be helpful to explore the true value of an M.L.S. degree across a number of different fields. M.L.S. degrees are not for lawyers but rather for professionals in law-adjacent careers; in fact, the foundational knowledge and skills you take away from an M.L.S. degree program can be applied within industries such as healthcare, finance, real estate, human resources, and more.
The Growing Demand for M.L.S. Graduates in Various Industries
First, consider the growing importance of complying with various laws and regulatory standards across the United States. Numerous industries have strict regulations in place that are designed to protect consumer data, maintain privacy, and ensure that information is not mishandled. More than ever, businesses and organizations are turning to professionals with a legal background to ensure they are staying in compliance to avoid hefty fines, penalties, and other issues. In many cases, this involves industry professionals with an M.L.S. degree.
A prime example of this can be seen in the healthcare industry, where all healthcare-related businesses must operate under strict data privacy and security standards (like HIPAA).
How an M.L.S. Elevates Your Career Prospects
For those interested in moving into more advanced career positions, investing in an M.L.S. can provide a leg up in the competitive workforce. With an M.L.S. degree under your belt, you will have the industry-specific knowledge needed to handle responsibilities like legal compliance, risk management, and other important legal aspects of your field. As a result, you may qualify for more advanced (and higher-paying) roles.
Highest-Paying Jobs with a Master of Legal Studies Degree
Although an M.L.S. degree may not be required to qualify for these jobs, it does provide a solid foundation for those looking to succeed in these different careers while distinguishing themselves from other professionals.
Compliance Officer
Compliance officers are needed across a wide range of industries and are responsible for examining, investigating, and evaluating how well a business or organization is following industry-specific laws and regulations. Compliance professionals can benefit from an M.L.S. program by gaining industry knowledge on industry-relevant compliance and regulations.
According to the United States Bureau of Labor Statistics (BLS), the mean annual wage for a compliance officer is $80,190.
Human Resources Manager
Human resources managers hold a position that can benefit greatly from a legal studies background. HR managers must have a strong understanding of compliance and employment law as well as employee relations, workplace culture, and contract development. All of these topics are generally covered as part of an M.L.S. degree program. Typically, human resources managers are responsible for directing the various administrative aspects of a business, including mediating disputes, overseeing benefit programs, plus understanding and staying compliant with employment law.
According to BLS data, the median pay for a human resources manager in 2023 was $136,350 annually.
Healthcare Administrator
Another role in which having a strong legal background can be beneficial is that of healthcare administrator. Various legal aspects play into healthcare administration, ranging from HIPAA compliance to risk management and other regulations. These are all topics covered in-depth in an M.L.S. degree program—especially one with a healthcare track available. With the foundation and benefits healthcare administrators gain from an M.L.S., they can more confidently plan and coordinate the activities of healthcare facilities.
According to the BLS, the median pay for a medical and health services manager in 2023 was $110,680 per year.
Real Estate Manager
In addition, working in real estate is an area where having some legal understanding can help elevate your career. More specifically, those with an M.L.S. degree may gain the skills needed to advance to a role as a real estate manager, property manager, or similar role. In this type of work, professionals can oversee various aspects of managing a residential, commercial, or even industrial property while drawing on legal knowledge in risk management, risk mitigation, and regulatory compliance.
In the U.S., the average salary of a property, real estate, or community association manager is $62,850 per year.
Construction Manager
Working in construction comes with its own legal challenges; not only are there strict legal compliance requirements and regulations in place to keep construction workers safe, but construction managers must also be prepared to assess and mitigate financial risk as much as possible. All of these skills, in addition to a deeper understanding of contracts and agreements, can be explored and strengthened in an M.L.S. degree program. This includes specific legal topics, such as housing laws, real estate finance law, ethical considerations, and negotiations.
The average annual salary for a construction manager in the U.S. was $104,900 in 2023, according to BLS data.
Chief Executive
Though an M.L.S. degree certainly isn't a requirement to become a chief executive, the reality is that many people in this type of leadership role can benefit greatly from legal knowledge and understanding. This is especially true when it comes to dealing with compliance requirements, carrying out policies, and negotiating contracts or other agreements.
Chief executive is also among the highest M.L.S. degree salaries, with the median annual wage for this position hovering around $206,680 per 2023 BLS data.
Financial Manager
If you are looking to advance your career in the banking and finance industries, an M.L.S. degree can help you obtain the skills needed to do just that. Elevating your legal knowledge, ethical decision-making skills, understanding of regulatory compliance, and risk management skills, an M.L.S. can help advance your financial career and prepare you for the responsibilities of a financial manager role. Specifically, these responsibilities may include developing plans for the future of an organization, generating financial reports, and directing investments.
According to BLS data, the median salary for a financial manager in 2023 was $156,100 per year.
Factors Affecting a Master's in Legal Studies Graduate Salary
While the above information can provide a general idea of how much these positions might make, there are actually a variety of factors that can affect one’s salary with an M.L.S. degree, ranging from location to experience and more.
Geographic Location and Cost of Living
The location of a job can have a major impact on salary, especially considering that different areas of the country have vastly different costs of living. With this in mind, salaries tend to be higher in areas with a higher cost of living, such as in major cities and metropolitan areas. On the other hand, a job in a more rural or remote area where living costs are lower may result in lower pay.
Additional Certifications
In addition to an M.L.S. degree, some professionals may pursue further certifications or other designations to build up their skills and set themselves apart in the field. In these cases, it is likely they may have higher earnings due to the additional expertise and skill they bring to the table.
Years of Experience Within the Field
Of course, experience is another key consideration when it comes to salary expectations. Somebody with just a few years of hands-on experience in the field may not make as much as somebody who has been working in the field for many years, regardless of their highest level of education completed.
Type of Employer
Last but not least, the type of employer can also affect the salary of a graduate. Government agencies, research institutions, hospitals, and other employers all have different salary/pay systems in place—and there may be more room for salary negotiation with some employers than others.
How to Prepare for a Successful Career with an M.L.S. Degree
Are you thinking about getting your M.L.S. degree and want to maximize your pay after graduation? There are a few tips worth keeping in mind for building critical skills and landing a high-paying job.
Essential Skills for M.L.S. Graduates
Start by making sure you are getting out of the program what most employers are looking for. Some examples of the specific skills gained from an M.L.S. degree program you will want to hone include:
- Laws and regulations
- Risk management
- Corporate compliance
- Information and data privacy
- Legal research and writing
- Critical thinking
- Legal ethics and principles
Tips for Landing High-Paying Jobs Post-Graduation
As you close in on graduation day, it is not too early to begin exploring and applying for jobs in your field. If you are already employed in your field, start with your current employer and seek out available career advancement opportunities. From there, it can also be helpful to build up your professional reputation and network through sites like LinkedIn. Take the time to update your resume to reflect your newfound skills and knowledge learned from your M.L.S. degree program as well as any additional designations you may have earned.
What Are the Best Industries for M.L.S. Graduates?
While M.L.S. graduates have skills that are applicable across numerous industries, they often find the most success in fields that face strict legal compliance regulations. Examples include healthcare, real estate, finance, cybersecurity, and human resources.
Interested in a Master of Legal Studies Degree?
Even though many career opportunities do not require an M.L.S. degree, having a legal studies background can help set you apart from others while improving your opportunities for career advancement.
If you are interested in enrolling in an online Master of Legal Studies program, the University of Miami School of Law offers tracks in healthcare, HR, cybersecurity, real estate, and finance to suit your specific career interests. Learn more about our online M.L.S. curriculum by getting in touch today, or get started with your online application for enrollment.
Sources
https://admissions.law.miami.edu/academics/mls/
https://admissions.law.miami.edu/academics/mls/curriculum/
https://admissions.law.miami.edu/apply/
https://admissions.law.miami.edu/connect/contact-us/
https://www.bls.gov/ooh/management/human-resources-managers.htm
https://www.bls.gov/ooh/management/medical-and-health-services-managers.htm
https://www.bls.gov/ooh/management/property-real-estate-and-community-association-managers.htm
https://www.bls.gov/ooh/management/construction-managers.htm
https://www.bls.gov/ooh/management/top-executives.htm#tab-5
https://www.bls.gov/ooh/management/financial-managers.htm
