At the end of high school, students come to a crossroads and they must decide which way to go. One option is to continue with their education in a college or university, while the other choice is to go directly into the work force. A number of ctors go into such a decision. However, if the student is interested in more money when she gets older, getting a college degree would be the more suitable path.
For the first three quarters of the 20th century, going directly into the work force was common, and large salary gaps were not studied or well known. However, by 1975, full-time workers with a bachelors degree made 1.5 times higher annual salaries than those who only had a high school diploma. By 1999, the number had risen to 1.8 times more, clearly indicating that an education is the pathway to money.
Even attending college for only two years to earn an associates degree presents a salary gap with those with only high school degrees. The former group earns approximately $38,200 a year, while the latter earns an average of $30,400 a year. Over the course of a lifetime, the high school graduate will earn about $1.2 million dollars, while the associates degree holder will earn about $1.6 million.
Once students reach the bachelors degree level, the difference between salaries increases even more. An average annual salary for a person with a bachelors is $52,220, which is over $20,000 more than the salary for the person with only a high school diploma. Over a lifetime, the difference is even more substantial. Bachelors degree holders earn approximately $2.1 million, nearly twice the sum of a high school graduates lifetime earnings.
At every level, the salary and lifetime earnings gap increases. Those individuals with a masters degree earn approximately $62,300 a year, more than double that of their high school graduate counterparts. Over a lifetime, the overall earnings for people with a masters degree rises to $2.5 million, which also is more than double the expected lifetime earnings of an individual who has only received a high school diploma.
Individuals who go on to pursue a doctoral degree can expect to make approximately $89,400 a year and $3.4 million over the course of their lifetimes. If people choose to obtain a professional degree, the gap increases once again. They will make about $109,600 in annual income, over three times the amount of an individual with only a high school degree. Throughout their lives, individuals with professional degrees earn about $4.4 million.
Earn My Degree: General Trends, High School vs. Associates Degree, High School vs. Bachelors Degree, High School vs. Masters Degree, Higher Degrees
