How Much is a College Degree Really Worth?
by Daniel Kane
A United States Department of Labor survey conducted a few years ago revealed that full time employees at least twenty-five years old earn an average of about $675 a week. Not surprisingly, salaries were tied to educational levels, with workers who had not completed high school averaging $396 weekly, high school graduates with no college earning about $560 a week, and college graduates averaging weekly salaries of just under $1,000.
And, employees with a graduate degree averaged about $1,150 a week, twenty percent more than those with an undergraduate degree 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.
Would you be surprised to learn that college graduates are the group of workers most satisfied with their jobs? If you think about it, you'll realize they are more likely than others to qualify for advancement, change employers, or move from one career to another. In other words, they are more likely than others to choose their jobs and careers, and make changes if they are unhappy with either. So, it's no surprised they are happier than other workers whose choices may be limited.
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.
And, clearly, whether earned in a traditional or online degree program, a college degree is now more important and more valuable than ever before.
Daniel Kane is a university dean. Among his websites are one on the top ten online colleges, and another on online education and online degrees. You can get a unique content version of this article.
|
