Business owners today calculate their financial success based on the return on their investment (ROI) into their enterprise. Savvy students also watch their ROI. They want to know that their education will result in a good ROI and that the time and money spent on an online associate's, bachelor's, or MBA degree will pay off over their lifetime.
While there are no guarantees of wealth, the U.S. Census Bureau says you stand to lose out on earnings if you don't complete a degree. Moreover, you have the potential to make more money by completing undergraduate and graduate degree programs. Of course, the ratio of earnings-to-degrees completed depends on your career choice. For some, there's no reason to earn a doctoral degree, while for others, it's imperative.
Projected Lifetime Earnings by Degree
The Census Bureau projects you'll earn $1.3 million more during your career by earning a master's degree over just holding a high school diploma. Top earnings, typically, are drawn by people who complete professional degrees. Here's how the lifetime earnings stack up:
Featured Schools
- High school diploma: $1.2 million.
- Associate's degree: $1.25 million.
- Bachelor's degree: $2.1 million.
- Master's or MBA degree: $2.5 million.
- Doctoral degree: $3.4 million.
- Professional degree: $4.4 million.
Do the Math
A working life is considered age 24 through 64 years, but these days people are living longer and extending their careers. They take additional degrees or career training to advance in the workplace. With economic realities in constant flux, you may have to work longer before retiring than previous generations of working Americans.
A decade ago, more than a fourth of working adults had completed at least a bachelor's degree. Numbers are likely higher today. With the growth of online career training and college degree programs, it can be easier to earn a master's degree while remaining in your job or raising a family. For those who already hold a graduate degree, the ROI for an online doctorate or professional degree can be solid. Additionally, rapidly expanding careers in financial management, health care, green technology, or computer science may bring a strong ROI.
The message seems clear: the more education you get, the more money you stand to make in your lifetime and the better your education ROI will be.
About the Author:
Woodrow Aames has written articles and profiles for Yahoo, Microsoft Network, Microsoft Encarta, and other websites and print magazines around the world. He holds an MFA degree and has taught English abroad.Source(s):
U. S. Department of Labor, Employment and Training Administration - Top 50 Fastest-Growing OccupationsU.S. Census Bureau - The Big Payoff: Educational Attainment and Synthetic Estimates of Work-Life Earnings
