Federal Employee Salaries vs. Public Salaries. Beginning in the mid-1980s, potential wages have been increasingly influenced by education; an average salary earned by bachelors degree holders is 66% higher than that earned by those who hold only a high school diploma. Graduates of medicine and economics in the UK earn significantly higher salaries 10 years on, while creative arts graduates are the lowest earners. Workers with some college or a two-year associate degree earned $761 and workers with bachelor's degrees or advanced degrees earned $1,193 about two-and-a-half times the weekly earnings of workers without a high-school diploma and roughly twice the earnings of high-school graduates. A College Board study concludes that in 2017, the annual cost for state residents at public college institutions was a few dollars short of $10,000 and over three times that for students at private colleges. With the cost of college is rising so much, it's easy to wonder whether a four year college education is even worth it anymore. Unsurprisingly, the degrees most conducive to a meaningful career are medical research and pastoral ministry; for both degrees, 93 per cent of alumni say that their work improves the world. An income gap between college graduates and workers without a degree has long existed in the U.S. The more education you have, the more you are likely to earn over a lifetime and the less likely you are to become unemployed. Median weekly earnings for workers without a high-school diploma were $488, compared with $668 for those with a high-school diploma. What Is the Salary of a Speech Pathologist? Various sources ranging from magazines like Newsweek to academic and government studies have reported for more than 20 years on the relationship between education level and income. The Department of Labor Bureau of Labor Statistics (BLS) releases annual statistics on the correlation and a detailed 2017 report on The Condition of Education by The Institution of Education Sciences (IES), a Division of the U.S. Department of Education, devotes a statistically rich chapter to it. While discrepancies exist from one source to another, they are not substantial. Choosing to study engineering is a smart choice for long-term earning potential, according to a new ranking of degree majors in the United States. Actuarial science is the only degree outside engineering where at least half of graduates will earn more than $115,000 after 10 years. Nanyang Technological University, Singapore, See all universities which offer Business & Management in, See all universities which offer Computer Science in, See all universities which offer Mechanical & Aerospace Engineering in, See all universities which offer Electrical & Electronic Engineering in, See all universities which offer Accounting & Finance in, See all universities which offer Biological Sciences in. Two of the most reliable sources, BLS and the IES report describe similar outcomes. I also have a Ph.D. in English and have written more than 4,000 articles for regional and national publications. The average weekly earnings for these with a high school diploma is around $712. You'll get full access to our website, print and digital editions. Having a college degree versus only a high school diploma makes a big difference when it comes to employment and wages. A college education is not cheap. With an associate's degree, the median weekly income rose to $785. The 2016-2017 PayScale College Salary Report also reveals the proportion of alumni of each degree major who say that their work is meaningful or makes the world a better place. Median Annual Earnings: $38,792. The BLS 2017 report, "Labor Force Statistics from the Current Population Survey," describes income outcomes by educational attainment for 2014, the last year with available labor department statistics. This is an annual income of $37,024. If you like what you're reading online, why not take advantage of our subscription and get unlimited access to all of Times Higher Education's content? Thus, a two-year degree contributed to a $133 weekly difference compared to those who hold only a high school diploma, or nearly $7,000 per year. However, some of these education degrees such as child development, early childhood and elementary education are ranked the lowest for mid-career salary, with median salaries of less than $42,000. The 2016-2017 PayScale College Salary Report also reveals the proportion of alumni of each degree major who say that their work is meaningful or makes the world a better place. The Average Salary for Those Who Have Some College but No Degree. In the recovery period following the Great Recession that ended in 2009, economic gains have gone primarily to college graduates and reached an all-time high in 2017. A 2014 Pew Research Center report summarized in U.S. News confirms this widening education-based income gap. Engineering graduates earn the most after 10 years while those in childrens education earn the least, according to a 2016-2017 College Salary Report. Describes income outcomes for young adults 25 to 34 even more stark when you break it down by race website! $ 488, compared with $ 668 for those with a master 's degree the! Compiled using data from 983 colleges in the UK earn significantly higher salaries 10 years Paid Per Month master! 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