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1) Education/Work Experience Means More Income
edited by
Walter Antoniotti at
antonw@ix.netcom.com
2) What You Study Determines
Earnings
Top AA Earners Earn More Than Bottom Half of Bachelor's
from
payscale.com/ More Data bachelor's
data by Major
|
Percentile |
Associate's
Starting Pay |
Bachelor's
Starting Pay |
Job
Type |
Bachelor's Premium |
With 10 Years
Experience |
|
10th |
$21,000
|
$25,400 |
Admin.Assist. |
10% |
4% |
|
25th |
$26,700
|
$32,900 |
Dental Hygienist |
9% |
5% |
|
50th |
$35,100
|
$43,200 |
Registered Nurse |
4% |
6% |
|
75th |
$46,700
|
$56,900 |
Construction Manager |
17% |
19% |
|
90th |
$61,600
|
$73,800 |
Inside Sales Rep. |
15% |
24% |
|
"Starting median pay for those who hold only a
bachelor's degree is $43,200, which is over 20 percent higher than
the national starting median pay for those who hold an associate's
degree ($35,100). However, those extra two years are expensive.
Assuming you don't work at the median associate's degree pay of
$35,100 for two years, and pay ~$8,000 a year for tuition and fees,
that is a $88,200 in foregone income and expenses. In general, getting a bachelor's degree is a win in
terms of pay over an associate's degree. In our sample,
the national starting median pay for those who hold only a
bachelor's degree is $43,200, which is over 20
percent higher." Editor's Note:
Only 26%
of 2015 jobs required a bachelor's degree or higher but the highest
pay jobs of those not requiring a degree generally go to college
graduates.
"Nationwide, 22 percent of college students with annual family
incomes over $100,000 attended community colleges last year, up from
16 percent four years ago, according to a study by
Sallie Mae"
Please
25% of Students from Households Earning $100,000 or more
Debt Causes Significant Number of Millennials Regret Going to College
Federal Rules Make It Easier for Student Loans Forgiveness
Bankers Ease Rules on Automatic Student Loan Defaults |
bls.gov. Editor's note: The variability within
cohort centers on field of study with higher earners
having a
professional degrees, a STEM degree, or a
PhD.
|
4) Who Earns More With Just a
Bachelors Degree?
Having a high school degree
provides Higher earnings boost for almost everyone.
For the
“high-ability” group, a bachelor’s degree provides a
moderate boost to wages—certainly lower than what we think of as
the benefits of college, but still a respectable amount that makes
getting the degree worthwhile." Some in this group have the
characteristics necessary for an advanced degree where the earnings
may substantially increase.. But for the “low-ability” group, the bachelor’s degree
earnings premium is nonexistent."
Source See
America's Most Overrated Product-Higher Education |
5) Available Jobs
|
Typical entry-level
education |
Need Rank |
2014 Employment |
Expected Job Created
2014-2024
in millions |
|
in
millions |
Percent |
|
High school
diploma or equivalent |
1 |
55 |
36 |
20 |
|
No formal
educational credential |
2 |
41 |
27 |
11 |
|
Bachelor's
only degree |
3 |
32 |
21 |
7 |
|
Postsecondary-no degree award |
4 |
9 |
6 |
5 |
|
Doctoral or
professional degree |
5 |
4 |
2 |
few |
|
Master's
degree |
6 |
2 |
2 |
few |
|
Some college,
no degree |
7 |
4 |
4 |
few |
|
Associate's
degree |
8 |
3 |
2 |
few |
|
Total, all
occupations |
NA |
151 |
100.0 |
NA |
|
"...we find no evidence of improved earnings
post-enrollment for students in any of the top ten for-profit fields..."
National Bureau of Economic Research Most for-profit
schools and many small liberal arts colleges are not selective. Look
at test scores and percent accepted to determine selectivity.
See
Employment Data on College Majors Business Insider 2014 |
7) Recent Employment by
Major
8) Some Took a Path Less traveled.
See
3 Free Career Building Books
9) Long-term
Graduate Underemployment Problem
Source
11)
Income
by Degree
12) Income by Major
The table below shows the average starting salaries according to
Payscale's 2015-2016 College Salary Report:
| Academic Major |
Salary with a Bachelor's Degree
|
Salary with a Master's Degree |
|
Biology
|
$40,400 |
$50,200 |
|
Business Administration
|
$45,800 |
$55,600 |
|
Computer Science
|
$63,100 |
$81,200 |
|
Elementary Teacher Education
|
$34,300 |
$39,700 |
|
History
|
$41,100 |
$44,900 |
|
Mathematics
|
$52,400 |
$63,100 |
|
Mechanical Engineering
|
$62,500 |
$71,600 |
|
Nursing
|
$56,600 |
$82,000 |
|
Political Science
|
$43,300 |
$50,300 |
|
Psychology
|
$37,600 |
$45,200 |
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