hero image

According to the latest College Board report on the economic benefits of higher education, there is a difference in employment status and earnings for individuals with different levels of education. The report titled Education Pays 2019: The Benefits of Higher Education for Individuals and Society highlights the benefits of education. The report shows that there is a relationship between education and better employment prospects, larger earnings as well as other social benefits. Over the years, the College Board has been documenting the benefits of higher education, and the 2019 series is not any different.

College education leads to better earnings

According to the report, on average, someone with a bachelor’s degree without an advanced degree that works full time earns around $24,900 more than a high school graduate. In 2018 median earnings by education lever were Professional $120,500, Doctoral $102,300, Master’s $80,200, Bachelor’s $65,400, Associate’s $50,100 and a High school $40,500.

The report shows that among full-time workers, between 35 and 44 years level of education was highly correlated to those earning more than $100,000 per year. Regarding earnings relative to college costs, the report indicates that for someone who goes to college for four years by age 33, they will be earning enough compared to a high school graduate who started working before. They can earn enough to make up for the time spent in college and for borrowing the3 costs of fees, full-tuition books, and supplies.

Earnings vary relative to race, occupation, and gender

Earnings also vary according to race, gender, occupation as well as major. For instance, a full-time working female aged between 25 and 34 years with a bachelor’s degree earns around $52,500 relative to someone with a high school diploma who earns $29,800. Equally, the median earnings for males with a bachelor’s degree is around $63,000 relative to $39,000 for someone with a high school diploma. The earnings gap in respect to occupation between someone with a bachelor’s degree and one with a high school diploma doing the same job ranges from 15% for clerks to 75% for supervisors.