I think the degrees have an impact at large companies-- at the large company I worked at, developers with bachelors started at 10k less than developers with masters.
The fair comparison would be a developer with a bachelors and two years good work experience and a developer with a Masters. Depending on your area (and thus the size of the salary involved) $10K might be a mediocre raise for your first two years; heck, if you are making $100K, that means you haven't even been making 5% a year.
I don't know if it's normal, but in my career, raises came much harder and faster (at least percentage wise) earlier rather than later.
I don't know if it's normal, but in my career, raises came much harder and faster (at least percentage wise) earlier rather than later.