To become a master of something, at least in the academic world, you have to earn your master's degree, which usually requires an additional year or two of schooling after acquiring your bachelor's degree.

Few master's degrees come cheaply, as Business Insider previously reported. According to a 2014 study from college planning site EAdvisors, more than half of master's degree holders have student loans averaging $56,661.

But for some high-paying jobs, they are a must.

According to the latest data from the US Bureau of Labor Statistics, these are the 12 highest-paying jobs that require a master's degree.

Each has a median annual salary of at least $80,000.

12. Statisticians

They use statistical methods to collect and analyze data and to help solve real-world problems in business, engineering, healthcare, or other fields.

Median annual wage(2016): $80,500

Projected job openings(through 2024): 15,400

11. Occupational therapists

They treat injured, ill, or disabled patients through the therapeutic use of everyday activities and help these patients develop, recover, and improve the skills needed for daily living and working.

Median annual wage(2016): $81,910

Projected job openings(through 2024): 52,600

10. Industrial-organizational psychologists

Often after completing an internship, they go on to apply principles of psychology to human resources, administration, management, sales, and marketing problems.

Median annual wage(2016): $82,760

Projected job openings(through 2024): 800

9. Postsecondary education administrators

With several years of experience working in a college administrative setting under their belt, they oversee student services, academics, and faculty research at colleges and universities.

Median annual wage(2016): $90,760

Projected job openings(through 2024): 66,100

Work experience: Less than 5 years

On-the-job training: None

8. Elementary and secondary school education administrators

After several years of working in a leadership or administrative capacity, they plan, direct, or coordinate the academic, administrative, or auxiliary activities of public or private elementary or secondary level schools.

Median annual wage(2016): $92,510

Projected job openings(through 2024): 83,800

7. Nurse midwives

They diagnose and coordinate all aspects of the birthing process, either independently or as part of a healthcare team.

Median annual wage(2016): $99,770

Projected job openings(through 2024): 2,500

6. Nurse practitioners

They diagnose and treat acute, episodic, or chronic illness, independently or as part of a healthcare team.

Median annual wage(2016): $100,910

Projected job openings(through 2024): 74,700

5. Economists

They study the production and distribution of resources, goods, and services by collecting and analyzing data, researching trends, and evaluating economic issues.

Median annual wage(2016): $101,050

Projected job openings(through 2024): 7,000

4. Physician assistants

They examine, diagnose, and treat patients.

Median annual wage(2016): $101,480

Projected job openings(through 2024): 50,000

3. Mathematicians

They

Median annual wage(2016): $105,810

Projected job openings(through 2024): 1,300

2. Political scientists

They study the origin, development, and operation of political systems; research political ideas; and analyze governments, policies, political trends, and related issues.

Median annual wage(2016): $114,290

Projected job openings(through 2024): 700

1. Nurse anesthetists

They administer anesthesia, monitor patient's vital signs, and oversee patient recovery from anesthesia.

Median annual wage(2016): $160,270

Projected job openings(through 2024): 16,400