3. That additional degree is probably worth it.
Wondering whether to finish your master's or doctorate? Even in pastoral ministry, from a financial standpoint, the answer is yes.
Roughly stated, moving from a bachelor's degree to a master's degree boosts your income from 10 to 20 percent, and getting your doctorate gets you 15 percent more on top of that. Or here's another way of looking at it: that additional degree will earn you from $7,000 to $15,000 more per year. So if you're going to serve with that degree for five or more years, you'll probably end up ahead.
How to find out more
All data above is taken from The 2008 Compensation Handbook for Church Staff, which presents data on 13 church positions, based on research among nearly 2,100 American churches, who were surveyed between January 2007 and May 2007. To pre-order for October shipment, go to Compensation Handbook or call 1-800-222-1840.