Graduate School Pays Off
In 2003, the typical full-time year-round worker in the United States
with a four-year college degree earned $49,900, 62 percent more than the
$30,800 earned by the typical full-time year-round worker with only a
high school diploma.
Those with master’s degrees earned almost twice as much,
and those with professional degrees earned over three times as much per
year
as high school graduates.
Over time, the earnings gap between high school graduates and
college graduates has widened considerably. In 1972, median earnings for
males with bachelor’s degrees or higher were 22 percent greater
than median earnings for male high school graduates. The earnings premium
for female college graduates was over 40 percent. In 2003, the typical
male college graduate earned 60 percent more than the typical male high
school graduate, while the premium for females was 69 percent.
Source: College
Board’s College Pays Update 2005
In lifetime earnings, college grads make almost twice as much as high school grads. While college graduates may not start out earning as much as the high school graduate who has been in the job market for four years, by the time those who have earned bachelor’s degrees are up to 29 years old, they earn, on average 53 percent more than high school grads, according to the Census Bureau. By age 50 to 54, those with a BA earn 90 percent more than those without a BA. Here’s the life time earning comparison:
Professional Degree $4.4 million
Doctoral Degree $3.4 million
Master’s Degree $2.5 million
Bachelor’s Degree $2.1 million
Associate’s Degree $1.6 million
Some College $1.5 million
High School Graduate $1.2 million
Source: Census Bureau