According to the U.S. Bureau of Labor Statistics, more education means higher earning power and lower unemployment rates. Earning a bachelor’s degree increases average weekly earnings by 62% over settling for a high school diploma. Do earnings just keep skyrocketing the more education a student pursues?
Average Cost of a Graduate Degree
The U.S. Department of Labor reports average yearly tuition for the 2001 – 2002 academic year was $8,891 for graduate students. However, there are hidden costs to consider as well. If a professional takes time off from work to go back to graduate school full-time, missed salary, health insurance, and lost experience in the job market must also be taken into consideration. For some students, room and board must also be factored into the total bill.
Average Financial Payoffs of a Graduate Degree
The hard data from the U.S. Bureau of Labor Statistics shows that bachelor’s degree holders earn an average of $900 per week, whereas graduate degree holders earn an average of $1064 per week. This translates into a $164 weekly difference or an $8,528 yearly difference. Over a lifetime, a professional with a bachelor’s degree working full-time will earn $2 million and a professional with a graduate degree will earn an average of $2 million. In short, a graduate degree typically results in higher earnings in most fields of study, usually to the tune of about 21% higher.
Financial Payoffs by Specific Occupation
The increase in earnings for graduate degree holders varies by occupation and, for some, can be quite dramatic. Psychologists who earn a graduate degree increase their earnings by a whopping 78% over psychologists with just a bachelor’s degree. Other careers that tend to increase in earnings with a graduate degree include:
- Education
- Counseling
- Social work
- Management analysts
- Biological scientists
- Market and survey researchers
In careers that require only a bachelor’s degree for entry into the job market, a graduate degree is not likely to significantly boost earnings. But in industries that value advanced education and are made up mostly of workers who have at least a bachelor’s degree, a graduate degree is likely to be a worthwhile investment.
Part-Time Graduate Study: A Possible Compromise
Earning a graduate degree does not have to mean quitting work and attending school full-time. Many students choose to pursue a graduate degree on a part-time basis while maintaining at least a part-time work schedule. This allows students to keep benefits like health insurance and 401K plans while also staying current in the work field. Many schools are now offering alternative class schedules as well as online graduate degree programs to allow mid-career professionals to maintain their current work and family responsibilities.
More information on employment and earning outlooks by career is available through the Occupational Outlook Handbook, 2008 – 2009. College-Pages.com is another valuable source of information with an extensive list of available programs and education resources.
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Westwood College is an institution of higher learning dedicated to providing quality, career-focused undergraduate and graduate programs that prepare students with the knowledge, skills, and credentials needed to launch, enhance, or change careers. The College offers broad access to education and serves a diverse, multicultural body of students in an environment that promotes pride, respect, and teamwork. The College's programs are designed to empower students to pursue their individual career goals.
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Our programs are current, in depth, and job oriented. A sound educational background, combined with "hands-on" experience, is required to meet the needs of an ever-changing and increasingly technical society.
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At ITT Tech we are committed to helping men and women develop the skills and knowledge to pursue many opportunities in fields involving technology, criminal justice, and business.
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Saint Leo University Online is a leading provider of accredited online education to working adults and is a major global provider of education to the military. The online programs are designed to meet the growing needs of adult students and offer the best attributes of traditional classroom education in conjunction with today's most innovative computer technology.
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Newbridge College provides high-quality, career specific training and an emphasis on practical skills required by today's employers.
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Once you decide to become part of the expanding, exciting, and in-demand world of healthcare, selecting the best college to meet your needs and goals is clearly one of your most important decisions. Medical Careers Institute, the School of Health Science of ECPI College of Technology, understands the aspirations of people who want to experience the rewards of caring and who want a direct route toward their career goal.
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Courses that you can take with you---the varied curriculums at HoHoKus Rets School of Business have been evaluated by the American Council on Education, allowing graduates to earn up to 55 college credits at more than 1500 colleges and universities across the nation.
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At Western International University (West), we've provided degree programs for working adults for more than 30 years. We understand that classes must not only fit your schedule - with all of its obligations and commitments - but compete fiercely for your time and attention.
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Everest College of Business, Technology and Health Care offers flexible class schedules, supportive instructors, and dedicated career services to help you every step of the way. Everest focuses on hands-on training and learning by doing, so that graduates hit the work force running. Whatever program you choose, you can rest assured that Everest College is committed to your future, and your success.
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Find out why so many students in Florida and nationwide are choosing Southern Tech as their school of choice. Whether you need to upgrade your skills or change careers, we have the right program to fit your needs. Let us show you how to get the skills you need in a short amount of time so that you can get into your career today!
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Bellevue University, a leader in adult learning, is your best choice. We accept ALL of the credit in your associate's degree - that's EVERY credit in your A.A.S, A.S., A.G.S., and A.A. degree! And, Bellevue University gives you accelerated bachelor's degree completion 100% ONLINE. So, you enroll with your associate's degree, and complete your bachelor's degree in as little as 12 months.
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You can graduate and enter the workforce in less than two years as our programs vary from 12-20 months. Our classes are approximately seven hours a day, to keep you learning, not burning out.
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You can start now to make your dream career a reality at Sullivan College of Technology and Design, the region's respected academy for training technical and creative professionals. For half a century, we've shaped the people who've shaped the design and technology industries, with career-focused programs designed to prepare students for success much sooner than traditional colleges.
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Tags: careers, employment, graduate degree, salary
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