As discussed in Cal State Tuition Increases, tuition costs are rising all across the country. In addition to the increased education cost, the job market is weaker than it used to be. In other words- it’s getting tougher and tougher to land a dream job right out of school. The high education costs and weak job market could lead some people to question the actual value of a college degree. The director of the Georgetown University Center on Education and the Workforce, Anthony Carnevale, believes that generalizing the value of a bachelor’s degree is pointless. Carnevale argues that, while the general value of a bachelor’s degree is still high, the actual financial payoff of a bachelor’s degree depends heavily on the degree of study and which college it is received.
New data from the 2009 American Community Survey done by the U.S. Census Bureau confirms that there is a clear payoff for having a bachelor’s degree. In fact, over their careers those workers who earned a bachelor’s degree make and average of 74% more than their high-school diploma counterparts. Additionally, median salaries vary widely for those achieving a bachelor’s degree. For example, counseling-psychology majors earned $29,000 whereas petroleum-engineering majors earned up to $120,000. Of course money isn’t everything- but putting yourself in a good position to succeed is definitely something to think about as you’re going through degree options. The graphic above shows the median salaries for degrees, listed alphabetically.
Do you think money has a big influence when you’re trying to decide your major? Do you agree or disagree with the value of a bachelor’s degree? Share your thoughts below!