Some may argue that getting a college degree isn’t worth it, but unfortunately for them, the statistics don’t lie. According to the U.S. Census Bureau, over an adults working life, bachelor’s degree holders can expect to earn an average of $2.1 million; master’s degree holders can expect to earn an average $2.5 million; doctorate degree holders can expect to average $3.4 million, and professional degree holders average around $4.4 million. So, what can the average high school graduate expect to make during his working life? $1.2 million–if they’re lucky. The bottom line is, for the majority of professional jobs, a high school diploma just won’t cut it, and according to a recent NYT article, in many cases, a bachelor’s degree might not be enough either.
More employer’s than ever before now expect more education for positions that, years ago, may have required a bachelor’s degree only. As a result, the master’s degree is now the fastest growing degree in the U.S.
The number of [graduate degrees] awarded, about 657,000 in 2009, has more than doubled since the 1980s, and the rate of increase has quickened substantially in the last couple of years, says Debra W. Stewart, president of the Council of Graduate Schools. Nearly 2 in 25 people age 25 and over have a master’s, about the same proportion that had a bachelor’s or higher in 1960.
“Several years ago it became very clear to us that master’s education was moving very rapidly to become the entry degree in many professions,” Dr. Stewart says.
Colleges are turning out more graduates than the market can bear, and a master’s is essential for job seekers to stand out — that, or a diploma from an elite undergraduate college, says Richard K. Vedder, professor of economics at Ohio University and director of the Center for College Affordability and Productivity.
So, what does this mean for today’s high school graduates? It’s going to take careful thought and solid research to make the best decision for your future! First, choose your career field carefully, meaning think about what you’re good at, realistically, and where the career field is headed. Visit the Bureau of Labor Statistics to review projections, salaries, and requirements. Next, talk with a career counselor to find out what type of degree and experience are required for the career field you have chosen to supplement or reinforce what you have learned from the Bureau of Labor Statistics. Finally, contact several companies you might be interested in working for and inquire about their specific requirements. This should help you make an informed decision about which direction you should take.
