Does a degree really pay? Educators often refer to the U.S. Bureau of Labor statistics that show a correlation between education level and income. The Bureau has also compared educational attainment to unemployment rates in 2008. If you have not seen these numbers or don’t feel inclined to follow that link, here’s the graphic that summarizes the data:
You can certainly think of exceptions to these trends; unemployed people with Ph.D.s and others who barely completed high school now earning millions of dollars. While it seems a degree is a door to economic opportunity, it’s not the only door. Which door to prosperity you attempt open depends on factors like your personality, risk tolerance, ingenuity and ability to learn.
This series of articles will attempt to answer the following questions:
- How many people with college degrees are actually employed in their areas of study?
- What’s the difference between an education and a degree?
- What type of return can I expect if I invest the time to complete a college degree?
- Is it really having a degree that gives people an advantage or is it their natural talents?
I was in and out of college for the better part of a decade – not knowing whether the time and expense required to complete a degree would pay off. A mentor convinced me to return and complete my undergraduate work when he said, “Don’t expect college to make you any smarter. All the degree may do is show a potential employer that you’re disciplined enough to see a long project through and finish what you started.”
As this series of articles continues, I’ll also write about my own experience and share some calculations about the returns of a college investment.
