As of 2003, 27% of U.S. adults had earned at least a
bachelor's degree within their cumulative
education.
1 The total number of bachelor's
degrees awarded jumped nearly 50% from 1992 to 2004.
2 Meanwhile, the average cost of tuition has been
rising faster than the rate of inflation. The most recent data show tuition
alone at $21,235 per year at private universities, and $5,491 per year at public
universities. Estimates fail to take into consideration the costs of room and
board, books, time, and effort.
3 Does the four
year investment in a bachelor's degree come with sufficient rewards?
According to the U.S. Bureau of Labor Statistics, the highest-paying occupations
in America demand at least a bachelor's degree education for entrance into those
industries.4 On average, a professional who has
earned a bachelor's degree earns $900 per week, whereas the worker with only a
high school education earns only $554 per week. Going deeper into the data, that
means the bachelor's degree graduate earns 62% more than the high school
graduate. Over a lifetime, this adds up to major differences in total
earnings.2
The Bachelor's Degree at Work in the Job Market
In addition to higher earnings, bachelor's degree graduates have lower
unemployment rates and a wider variety of career options than workers without a
college degree, according to the most recent data from the U.S. Bureau of Labor
Statistics. The job market appears to be increasingly favorable towards workers
with a college degree. Between 2002 and 2012, over 14 million job openings are
predicted to be won by bachelor's degree graduates or master's degree graduates who are entering a
profession for the first time.2
Should Everyone Get a Bachelor's Degree?
Although the data certainly sheds a favorable light on the prospect of earning a
bachelor's degree, there are additional factors to
consider before jumping in head-first. Job prospects and earning power are also
affected by the local job market, the type of bachelor's degree earned, and the
industry a worker is attempting to enter. The most lucrative and fastest-growing
industries for bachelor's degree holders are expected to be in business,
computers and engineering, education, counseling, and healthcare. For some
professions, an associate's degree may be sufficient, whereas other
professions may require a graduate degree to take advantage of new
entry-level job openings.1
How to Get Started Towards Earning a Bachelor's Degree
For more information on job outlook by career and education level, prospective
students can visit the U.S. Department of Labor's Occupational Outlook Handbook,
2006 – 2007. The number of subjects and avenues towards pursuing a bachelor's degree are endless and include both
campus and online bachelor's degree programs. Dynasty Education is another valuable
source of information with an extensive list of available programs and education
resources.
Melissa Garvey
Dynasty Education Staff Writer
September 28, 2006
References:
1. Wikipedia. (last updated September 27, 2006). Bachelor's degree.
Retrieved September 28, 2006, from http://en.wikipedia.org/wiki/Bachelor%
27s_degree#_note-one.
2. Crosby O, Lacey J. (2004). Job Outlook for College Graduates,
Occupational Outlook Quarterly, Winter 2004 – 2005. Retrieved September 28, 2006,
from http://www.bls.gov/opub/ooq/2004/winter/art02.pdf.
3. Kelly, Rob. (October 18, 2005). College Costs Going Nowhere but Up, CNN
Money. Retrieved September 28, 2006, from
http://money.cnn.com/2005/10/17/pf/college/college_costs/index.htm.
4. Occupational Outlook Quarterly. (Fall 2001). Highest paying occupations
usually requiring at least a bachelor's degree. Retrieved September 28, 2006,
from http://www.bls.gov/opub/ooq/2001/fall/oochart.pdf.
