Is it worth it to go back to school? No matter what the economic climate, it's a good question. Whether you've thought about a college degree for a long time or you're just starting to make the case for career training, it helps to get the facts. How much is that diploma really worth? Studying for an associate or bachelor's degree can mean long-term earnings over a lifetime of lucrative work. Check out the answers to your burning career training questions, with recent statistics to back up the claims. You might be surprised at what a college degree can earn you.
What are degrees worth these days?
In the second quarter of 2009, the United States Bureau of Labor Statistics (BLS) reported big differences in salary depending on educational attainment. While workers over 25 with less than a high school diploma earn median salaries of $465 a week, those with a bachelor's degree earn more than double that, taking home $1,031 every week. Yearly, salaries break down to these median figures:
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- Less than a high school degree: $24,200
- High school graduates, no college: $32,800
- Some college or associate degree: $37,400
- Bachelor's degree: $53,600
With numbers like that, a bachelor's degree soon pays for itself in terms of yearly earnings, and salary really stacks up over a lifetime of employment. The BLS also reports lower unemployment rates for those with more education. In short, earning an associate or bachelor's degree in a field that interests you makes good financial sense.
Does it make sense to invest in an M.B.A.?
A recent survey by the Graduate Management Admissions Council (GMAC) seem to think so. According to their 2007 data, M.B.A. graduates enjoyed a 177 percent return on their investment, or a $26,888 yearly net increase in salary. Top-ranked schools saw the highest salaries, in part because those expensive schools can afford to be more selective among incoming students. Elements like experience and test scores also play a part in these top schools.
Is a bachelor's degree enough, or is an associate degree plus experience the best?
Short answer? It depends. Your career goals and salary target are the real determining factor for your career training. The BLS reports that registered nurses -- a career possible with an associate degree -- earned mean annual wages of $65,130 in 2008. However, if you'd like more freedom as an RN, earning a bachelor's degree allows you to specialize in one field of nursing.
In general, a two-year associate degree can lead to a lucrative job, but more education means more freedom in the career world. Many degrees can be earned online, which gives you freedom as a student; some adult learners even choose to keep working full-time while completing an education.
Which college majors are the most lucrative?
Among bachelor's degrees, Forbes reports that engineering and IT training rule the roost. Some of the most lucrative degrees are found in the school of engineering, where students learn to design, build, and troubleshoot systems and devices. Take a look at some of today's most lucrative bachelor's degrees.
1. Computer engineering: These high-tech engineers are valued by Fortune 500 companies and they have the salaries to prove it. According to the BLS, computer software applications engineers earn a median annual wage of $85,430 a year, while computer software engineers in systems software earn $92,430.
2. Economics: Navigating businesses out of the recession has proved to be valuable for economics majors. The BLS reports a median annual salary of $83,590 for economists.
3. Electrical engineering: This engineering career focuses less on the computers and more on the systems that power them and other devices. According to the BLS, electrical engineers earn a median yearly wage of $75,930.
4. Computer science: This powerful degree can prepare you to work as a database administrator, computer software engineer, systems analyst, and more. The BLS reports an annual median salary of $97,970 for computer and information scientists and $69,740 for database administrators.
5. Mechanical engineering: Another engineering degree, this one focuses on engines and other mechanical devices. These skilled pros earn a median annual salary of 69,850, according to the BLS.
Other degrees that made the cut include finance, mathematics, civil engineering, political science, and marketing. But don't let the idea of a profitable degree keep you from studying what you really love: A solid career plan and determination goes a long way in the job world.
Completing career training, on-campus or online
The results are in: Earning an education is likely to have a positive effect on your earning power. Whether you attend classes on-campus or online, the skills you gain can mean a boost to job options and salary alike. While no degree or certificate program can guarantee a particular career or salary, you owe it to your paycheck to learn more about the training programs that could benefit you for years to come.
