Is continuing education worth the investment?

Sobered by indiscriminate job losses and mounting education debt, consumers of ongoing education are demanding more evidence their newly minted degrees will pay off in the job market. Schools are responding with new curriculum and placement-tracking efforts, and states are beginning to publish better data on earnings rates of graduates, but the fledgling efforts are still spotty.

And even with better salary data, it isn't always easy to draw a straight line from a degree to a paycheck.

Five years ago, at age 60, Julie Stevens began an online master's degree in prevention science at the University of Oklahoma, where she was working in training and technical assistance at a substance abuse prevention center.

With employer tuition discounts, she said she spent about $12,000 out of pocket on the degree, even with traditional retirement age on the horizon.

After graduating from the two-year program, Stevens scored a higher-paying job as executive director of a nonprofit substance abuse center in Texas.

Like other graduates and students interviewed for this article, Stevens felt that while the degree clearly helped her land the job, it's difficult to judge how much.

"I probably would have gotten the job anyway because of my 25 years of experience in the field, but I think the master's degree opened (interviewers') eyes about prevention and gave me an advantage," she said. "It tells people you've accomplished some measure of competency in the field."

Education may still be the key to success for many, but it doesn't unlock every door. Shifting labor market demands and perennially low pay in certain fields inevitably mean some degrees just won't pay for themselves, or they'll have a much shorter shelf life than most workers traditionally have expected. Even law schools have been cutting class sizes because of a difficult job market.

"For years we were told all higher education pays, and since 2008, it's been a bloodbath, because people were borrowing heavily and then couldn't find jobs," said Mark Schneider, a former U.S. Commissioner on Education Statistics who helped create collegemeasures.org, a website dedicated to publishing newly emerging state data on salaries among graduates of various educational programs, from certificate course work to graduate degrees.

"The field you choose matters in terms of return on investment," Schneider said. "If you love music and dance, bless you, but don't borrow $100,000 or you're going to be in real trouble. The number of people who can manage significant debt with a creative writing degree is minuscule."

His rule of thumb: Don't borrow more than you're likely to earn your first year after graduation.

So what post-graduate and certificate programs offer the best chance at a well-paying job?

So-called STEM fields (science, technology, engineering and math) were projected to see above-average growth in the next decade in a spring report from the U.S. Bureau of Labor Statistics, though some academic experts say this demand has been overstated, particularly in the science fields.

Among the predicted fastest-growing jobs were industrial psychologists, home health aides, diagnostic medical sonographers and physical therapy assistants.

Across a wide swath of professions studied in the wake of the recession by Georgetown University professor Anthony Carnevale, graduate degree holders generally earned more and had lower unemployment rates than recent or experienced college grads.

Among fields of study with the lowest unemployment rates were nursing, elementary education, recreation, chemistry and finance. The highest: political science, film, anthropology, architecture and, perhaps surprisingly, information systems.

Schneider's data includes just five states — Arkansas, Colorado, Tennessee, Texas and Virginia — but matches education data to actual earnings as reported to state employment offices.

Not surprisingly, the data found creative writing, jazz studies and philosophy majors were among the lowest paid master's degrees. But the data also showed biology majors near the bottom of the pay pile, perhaps counterintuitive after all the discussion of an emphasis on STEM careers, he said.

The highest-paid master's degree holders were those who majored in nurse anesthesia, banking and petroleum engineering.

Anecdotally, schools themselves say demand is hot for continuing education or advanced degrees in so-called Big Data and health care.