A college degree is an advantage in today's workforce. The number and of jobs available for college graduates is much greater and they often have higher salary and benefits.
Availability of Jobs
The number of jobs that require a college degree or where a college education is an advantage is increasing. In previous generations, there were many levels of jobs available for those without a college education or in some cases, even a high school diploma. However now many of these jobs simply do not exist any longer, or now require college education.
Industrial jobs, trades and skilled labor were more prevalent before the rise of computer technology. Now many industries require a smaller workforce because of technological advances. Even though not as many assembly line workers are needed, there are many jobs available in engineering, management and business administration in which a college education is an advantage.
Types of Jobs
The advantages of a college degree in scientific, manufacturing and engineering fields are very strong. College students can now study highly specialized science related degrees that apply directly to business settings. Safety engineering, environmental science and DNA analytics are examples of highly specialized fields that have become in demand in just the past 10 years or so.
One of the advantages of a college education is that students become aware of many subjects and fields that they never would have considered without going to college. Students are required to take a variety of basic education courses such as math, sciences, literature and basic computing. Electives are also required and students may take a course that just sounds interesting or appealing to them. Often students discover during one of these courses that they have a talent and/or passion for a subject and begin to understand its potential in the job marketplace.
While obtaining a specialized degree is necessary in some fields, sometimes just having a college education is an advantage, regardless of the field of study. Employers want to know that their employees have a well rounded basic education. The advantages of a college degree will be proven when your resume is chosen over those who did not make the commitment to complete their education.
Salary & Benefits
The advantage of a college degree equals to higher wages and salaries. In the Winter 2004-05 Occupational Outlook Quarterly, The US Department of Labor reported that "In 2003, workers who had a bachelor's degree had median weekly earnings of $900, compared with $554 a week for high school graduates--that's a difference of $346 per week, or a 62 percent jump in median earnings." These figures are a bold statement that the advantage of a college degree is its increased earning power.
Job seekers will also find that positions that may not actually require a college education will still pay more to those who have a degree. Jobs seekers with a college education will still earn higher salaries, even when the degree is not directly required for the job.
The jobs that do not require a college education often have fewer benefits. These jobs often provide no retirement or health insurance benefits which are imperative to financial security and the stability of the family.
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There are many reasons to pursue a higher education, but rarely are those reasons so clearly expressed as they are in the statistical data and recent report released by The Georgetown University Center on Education and the Workforce. After reviewing this report, College Compass is proud to present a concise and informative summary of the most important reasons to pursue a Bachelor’s degree. We hope you all enjoy our presentation, and encourage you to comment if you have any thoughts or questions!
The Georgetown University Center on Education and the Workforce recently released astudy detailing the benefits of a post-secondary education in the recession and post-recession workforce. The report, aptly named The College Advantage: Weathering the Economic Storm, details the particulars of the nation’s recent economic turmoil, specifically in regard to the benefits of a Bachelor’s degree in the present-day workforce. It should come as no surprise to our readers that a college education is desirable, but the difference in wage earning potential, employment rates and underemployment rates, as well as the intangible benefits, that a college degree affords its recipients is astonishing. Additionally, according to the Georgetown University report, a bachelor’s degree not only increases the likelihood of someone finding a job, despite the economy’s sluggish performance, but also of keeping it. For these reasons, and many more, it is clear the advantages of a college degree are essential components to succeeding in a modern workforce.
"The Georgetown University Center on Education and the Workforce is an independent, nonprofit research and policy institute affiliated with the Georgetown Public Policy Institute that studies the link between education, career qualifications, and workforce demands."
According to their Press Release, “The wage premium for a bachelor’s degree or better relative to high school degrees skyrocketed from 44 percent in 1981 to 100 percent in 2005 and has only fallen to 97 percent since the beginning of the recession.” This means the average wage earning potential is almost double for a college graduate; the historic trend of degree-holders dwarfing the wage earning potential of less educated workers has significantly increased despite, and in the face of, the recent economic recession.
In terms of job creation since the beginning of the Recovery, which is considered to be the period from January 2010 to February 2012 (Note: the recovery is ongoing, but February 2012 is when Georgetown’s study stopped using data for this report), “Jobs that require a bachelor’s degree have been the big winner, increasing by 2.2 million jobs … At the same time 5.8 million jobs for those with high school (degrees) or less have been lost since the recession began.” These startling statistics make it clear that one of the safest investments you can make in a national and global recession, and subsequent recovery, is in your education. A bachelor’s degree significantly increases your chance of finding a job; in fact, “more than half of all jobs created (since the recovery) have gone to workers with Bachelor’s degrees or better.”
During the Recession, which is considered to have occurred in the period from December 2007 to January 2010, not only was there no aggregate job loss among workers with a Bachelor’s degree or higher, there was actually a creation of 187,000 jobs; this means that even before entering into the Recovery, jobs requiring a Bachelor’s degree were not only NOT being eliminated, they were being created. Consider these statistics, taken directly from the GUCEW’s report, “… the unemployment rate for recent four-year college graduates … is at 6.8 percent. At the same time, the unemployment rates for recent high school graduates are near 24 percent.” Taken together, these statistics suggest a bachelor’s degree increases your chances of not only finding a job, but keeping it.
Another interesting perspective to take when considering the benefits of a college education is not just unemployment but underemployment. Someone is underemployed when they are employed at a low-paying job that requires less skill or training than they actually possess. In a comparison of relative underemployment, “the underemployment rate for four-year college graduates is currently (May 2012) at 8.4 percent … for high school graduates (it) is … at 17.3 percent.” So, even if you were to set aside the obvious financial incentives of obtaining a post-secondary education, there are still important reasons to pursue a bachelor’s degree, i.e. job satisfaction.
A graphic example of success with or without a Bachelor's degree.
There are a number of reasons, even aside from the compelling data offered by The Georgetown University Center on Education and the Workforce, to believe a bachelor’s degree is a critical component to financial success in a modern economy and contemporary workforce. A Bachelor’s degree, or even an Associate’s degree, demonstrates to potential employers that you are competent and intelligent. A degree also represents an ability to commit to, and succeed in achieving, long term goals.
Disregarding the conspicuous advantages afforded to potential employees by a Bachelor’s degree, as compared to less educated applicants, another important aspect to consider when deciding to pursue a post-secondary education is the actual investment in oneself it represents. This idea can be referred to as “Human Capital,” which is the real knowledge and experience a college education gives you. There is no way to quantify or exactly measure everything you learn through the experience of graduating college, but it is evident that a graduate is much better prepared for the “real world.” This is because a college degree is not just for show; you learn valuable information by attending class regularly and gain equally valuable, and practical, experience by rising to the challenge of applying that information in a classroom setting.
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