How Much is a College Degree Really Worth?
April 20th, 2009
According to the U.S. Department of Labor, the average U.S. full time worker earns $676 a week. You will probably not be shocked to learn that the Department of Labor found a direct correlation between workers’ educational level and their earning power. Workers who had failed to complete high school earned about $396 a week, nearly $300 less than the overall average. High school graduates who did not attend college earned $562 a week on average, and workers with at least a college undergraduate degree earned about $1,000 a week, $325 above the overall average.
Workers with graduate degrees earned $1,149 per week, about $220 more than those with bachelors degrees only.
Other research has determined that the differences in income by educational level are even greater, with college graduates now earning in excess of a million dollars more than high school graduates during their working lifetimes. And, all indications are that the earning differentials will increase significantly in the future.
The Washington Research Council predicts that, “higher education will become increasingly important for landing high paying jobs”, and that good jobs will require higher and higher levels of education in the future.
Furthermore, in our increasingly competitive global economy, it seems highly likely that workers with bachelors, masters, professional, and doctoral degrees will suffer less unemployment and be less adversely impacted by the rise of economies overseas and the continued outsourcing of jobs. Yet, higher paying jobs and increased job security are not the only career-related rewards of higher education.
What about career and job satisfaction? A study by Reardon, Lenz, Sampson, and Peterson in 2000 found that people spend approximately 86,000 hours of their lives working. That is the equivalent of about ten years…way too long to spend in a career and/or a series of jobs in which one is not happy. Of course, those with the most education and those willing to continue their education and career training while working are the most likely to qualify for a variety of jobs, win promotions and/or change careers, maximizing the chance that their job satisfaction will be higher than their less educated counterparts.
Every decent piece of research on the subject concludes that there is a strong correlation between educational level and higher salaries, employment opportunities, career advancement, and job/career satisfaction. Employers know that better educated workers tend to be happier, more motivated, and more productive. Similarly, workers are more aware than ever before that education will propel them ahead and that they can pursue undergraduate degrees or graduate degrees on campuses or online, without interrupting their careers. The result is that adult enrollment in traditional and online colleges is at a record high.
The world is changing faster than it ever has in human history. Workers and employers must be able to learn new skills, adapt to new technologies, and meet the challenges of the global economy. To survive, and to prosper, a good education is more important than ever.
Tags: Careers
Popularity: 4% [?]
Sphere: Related ContentEntry Filed under: Careers
Trackback this post