Job Prospects With a College Degree Versus Without
One of the ongoing debates in American society revolves around the importance of a college education. With costs of earning a degree skyrocketing, this conversation is becoming more important than ever. Is it true that a college degree is required for success? Here are some of the facts.
When it comes to job stability, more education is better. Those with a doctoral degree are the least likely to be unemployed, followed by those who earned a master’s degree. The data stays consistent as education level goes down, with those who have less than a high school diploma being the most likely to be unemployed.
The exact opposite trend is seen when looking at average weekly earnings. Those with less than a high school diploma generally earn the least, while those with a doctoral or professional degree (doctors, lawyers, professors, and the like) earn the most. These are averages, of course: stories of hard-working high school graduates who bootstrap their way to entrepreneurial success can and do exist. However, data from the U.S. Bureau of Labor Statistics suggests that the most common path to job stability and higher earnings is a post-secondary education.
The numbers vary once job prospects for specific degrees come into play. For example, those who earn a degree in education are less likely to be unemployed than those who graduate with an arts and humanities degree. There are also variations when certain industries are examined. Take three popular jobs with better-than-average growth for the future: wind turbine service technician, physical therapist, and home health aide.
To become a home health aide, no formal education beyond high school is required. The median salary for these professionals nationwide is about $25,000 a year, and the need for this job is expected to grow by 47 percent in the next several years. Wind turbine service technicians can learn how to ply their trade at a vo-tech school, or earn an associate’s degree. The average salary of these specialists is about $55K, and projected job growth is almost 100 percent!
Physical therapists will need to earn a doctoral or professional degree, spending at least four years on their bachelor’s degree and then at least three more years on their physical therapy or kinesiology degree. There is a way to shorten this time frame if you qualify for the six-year Freshman Entry DPT program, which combines the bachelor’s degree program and the physical therapy program into one six-year curriculum. Once you’ve earned your degree and completed any licensing requirements, your average salary will be around $90,000 a year. Growth for this position is expected to grow by 28 percent in the next six years.
So is a degree the right choice for you? It’s certainly possible to find a fulfilling career without one, but if you want to put yourself in position to earn the most money with the least chance of being unemployed, a college degree will help you meet those goals.
