Nearly half of master degree programs have no ROI

[bluebooger]

... A great example is in research and academia where masters and doctorates are pretty much required,...

the point is they are required

     
so if you want a job teaching or doing research then getting a job is a ROI     
even if it doesn't pay an enormous amount of money            
you have the job you were hoping for

so if you want to teach English Literature or French Poetry at a community college then a masters degree n those subjects is completely worth it   

but if you're getting a degree in those subjects just because you want a degree or just because you're interested in those subjects then you're wasting time and money  
buy some books, watch some videos, save 1000s of dollars and get basically the same education