How Much is a College Degree Really Worth?
by Daniel Kane on 2007-09-24According 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.
Several other surveys indicate that the Department of Labor reports understate the differences in income by educational level. In fact, it is often reported by reliable researchers that the lifetime earnings differential between high school and college graduates exceeds $1,000,000. And, most economic and labor experts believe that the earnings gap between high school and college graduates will grow significantly in future years.
A report by the Washington Research Council states that the new economy of the future will require "higher and higher levels of education" and that advanced education will become more and more important for those hoping to land the highest paying positions.
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.
Whether earned online or on campus, in a part time program or a full time program, a college degree has never been worth more than it is today.
About The Author: Daniel Kane has served as a teacher, counselor, and university dean. Among his websites are one on the top ten online colleges, and another on online education and online degrees. Click here to get your own unique version of this article.