Understanding the Value of College
Students spend multiple hours and thousands of dollars on education but how do you know it’s true value? There are many driving forces behind why someone decides to further their education and for most people, one of the main reasons is to make more money.
How do you measure the value of education?
This graph provided by the US Bureau of Labor Statistics Median weekly earnings (in dollars) by educational attainment for 2017. According to this data collected by the U.S. BLS, a person’s potential earnings increase with every level of education.
Note: Data are for persons age 25 and over. Earnings are for full-time wage and salary workers.
Source: U.S. Bureau of Labor Statistics.
Additionally, it was also concluded from the survey that “the higher the level of education, the lower the unemployment rate.”
The new minimum standard
Many employers are looking for candidates that possess some level of college education. In today’s job market, there are many qualified candidates applying for the same jobs. According to Burning Glass Technologies, a Boston-based research company, many employers “may be using the bachelor degree as a rough, rule-of-thumb screening system to recruit better workers.”
You can’t afford not to
With unemployment rates as low as 3.8 percent, landing that perfect, high paying job can prove to be difficult in today’s job market. So, whether your goal is personal achievement or better quality of life, a college education is still one of the most reliable paths to becoming financially successful.
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