- Over the past quarter century, wage gaps between workers with different education levels have increased, largely due to falling real earnings for those with less education.
- Real weekly earnings for workers with less than a high–school diploma fell from $462 in 1979 to $337 in 1998. This downward trend continued for all workers who were not college graduates.
- Twenty years ago, the average college graduate earned 38 percent more than the average high-school graduate. Today, it is 71% more.
- Occupations requiring a bachelor’s degree will grow almost twice as fast as the overall average.
- The three fastest growing occupations, require at least a bachelor’s degree and have higher average earnings.
- All of the 20 highest paying occupations require at least a bachelor’s degree.
Educational Level |
Years in Work–place |
Average Annual Income (US Census Bureau, ‘00) |
Average Monthly Income |
Lifetime Income (annual income x years in workforce) |
Estimated Cost of Degree (Average) |
Net Lifetime Benefit (lifetime income – cost of degree) |
|
High School Graduate |
47 |
$28,800 |
$2,400 |
1,353,600 |
$0.00 |
$1,353,600. |
|
45 |
$35,400 |
$2,950 |
1,593,000 |
$4,000 |
$1,589,000 |
||
Bachelor’s Degree |
43 |
$46,300 |
$3,858 |
2,083,500 |
$32,000 |
$2,051,500 |
|
Master’s Degree |
42 |
$55,300 |
$4,608 |
2,377,900 |
$40,000 |
$2,337,900 |
|
Doctorate |
37 |
$70,500 |
$5,875 |
2,608,500 |
$58,000 |
$2,550,500 |
|
Professional (Doctor, Lawyer) |
37 |
$80,200 |
$6,683 |
2,967,400 |
$75,000 |
$2,892,400 |
From the Department of Labor Statistics, 2000.
Source: Building a College Culture by Leslie Hays (Powerpoint)