According to studies in 2005, 2015, and 2016, bachelor degree earners are expected to pull in an average annual salary of just over $50,000. In comparison, those whose education ends after high school average $28,645, which is $22,909 less than 4-year college degree holders.If we calculate the wage surplus of college graduates over a period of 40 years, the additional revenue earned approaches $1,000,000. Yes, that’s one million dollars! Despite the huge return on investing in human capital, many high school graduates prefer to enter into the workforce as full-time employees. For a few years, these young people will usually out-earn their college-attending peers by a considerable margin while college students are focused on their studies. Yet, once the college student graduates, they will generally begin their careers with a much higher salary, have more opportunity for job growth and promotion, and have a lower lifetime incidence of unemployment.
In addition, the obtainment of a college degree often grants people more freedom today and into the future. They are more likely to be able to live comfortably without the necessity of taking on a second or third job, choose to parent children without financial strain, and often retire earlier than those with less education.
While the cost of attending college may be difficult for many, the short-term sacrifices are out-weighted by the post-college benefits for intelligent and hard-working individuals.
But don’t be naive; some college degrees are more valuable than others, and some are much more valuable.
|BACHELOR’S DEGREE MAJOR||2016 AVERAGE SALARY|
|Math and Sciences||$55,087|
For uncertain students, a general business, or business management degree is a safe investment that opens the door to a wide range of potential career paths.