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THE VALUE OF A DEGREE

THE VALUE OF A DEGREE. Institutional Research & Effectiveness August 2011. Value to the Student. For the student, pursuing higher education can translate into higher earnings, lower unemployment rates, and the ability to stay competitive in skill driven economy. . Increased Earnings.

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THE VALUE OF A DEGREE

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  1. THE VALUE OF A DEGREE

    Institutional Research & Effectiveness August 2011
  2. Value to the Student For the student, pursuing higher education can translate into higher earnings, lower unemployment rates, and the ability to stay competitive in skill driven economy.
  3. Increased Earnings Those with a bachelor’s degree earn, on average, 66% more than those with a high school diploma. Those with a master’s degree earn an additional 23% over those with bachelor’s degrees. Source: Bureau of Labor Statistics, Current Population Survey 2010
  4. Increased Lifetime Earnings Over a lifetime, those with a bachelor’s degree or higher will earn, on average, twice as much as those with a high school diploma. That equates to earning over $1.5 million more in a lifetime. Source: Carnevale, A.P., Strohl, J. & Melton, M. (2010). Help Wanted: Projections of jobs and Education Requirements through 2018. Retrieved from the Center on Education and the Workforce website: http://www9.georgetown.edu/grad/gppi/hpi/cew/pdfs/fullreport.pdf
  5. Earning Increases Since 1983 Wages have increased at significantly higher rate for those with bachelor’s and master’s degrees than those with associate’s degrees and high school diplomas. Source: Carnevale, A.P., Strohl, J. & Melton, M. (2010). Help Wanted: Projections of jobs and Education Requirements through 2018. Retrieved from the Center on Education and the Workforce website: http://www9.georgetown.edu/grad/gppi/hpi/cew/pdfs/fullreport.pdf
  6. Earnings Boost by Major Depending on your field, obtaining a master’s degree could translate into $15-30k more per year. (Full-time, full-year workers) Source: Carnevale, A.P., Strohl, J. & Melton, M. (2011). What’s it Worth? The Economic Value of College Majors. Retrieved from the Center on Education and the Workforce website: http://cew.georgetown.edu/whatsitworth/.
  7. Earnings Boost by Major Compared to other fields, those with bachelor’s degrees in the social sciences see, on average, the largest increases to their wages when continue on to earn a master’s degree. Source: Carnevale, A.P., Strohl, J. & Melton, M. (2011). What’s it Worth? The Economic Value of College Majors. Retrieved from the Center on Education and the Workforce website: http://cew.georgetown.edu/whatsitworth/.
  8. Lower Unemployment Rates The Great Recession has effected all in the workforce but those with college degrees are fairing much better than those without. Source: Bureau of Labor Statistics, Current Population Survey 2010
  9. Lower Unemployment Rates Historically, the more education one obtains the lower their rate of unemployment. Source: Bureau of Labor Statistics, Current Population Survey 2010
  10. Stay Competitive An educational demand forecast, from the Center on Education and Workforce at Georgetown University, estimates by 2018 63% of new and replacement jobs will require some college or better. Of that 63%, 72% will require a bachelor’s degree or better. Source: Carnevale, A.P., Strohl, J. & Melton, M. (2010). Help Wanted: Projections of jobs and Education Requirements through 2018. Retrieved from the Center on Education and the Workforce website: http://www9.georgetown.edu/grad/gppi/hpi/cew/pdfs/fullreport.pdf
  11. Value to the Community Higher levels of education within a community can translate into a healthier citizenry that participates in civic duties, such as voting and volunteerism, and is less likely to need the assistance of government programs. Also, the increased earnings of bachelor’s and master’s degree holders has a positive impact on the economies of communities including increased revenue generation.
  12. Public Assistance Those with bachelor’s degrees or higher are considerably less likely to require public assistance than those with a two-year degrees or less. Source: Baum, S., Ma, J., & Payea, K.(2010). Education Pays 2010: The Benefits of Higher Education for Individuals and Society retrieved from website: http://trends.collegeboard.org/education_pays
  13. Public Assistance Florida’s population mirrors the national trend in public assistance needs by educational attainment. 2008-09 completers – FETPIP 2009 data Source: The Florida College System (2011). Benefits of Education (Edition 2011-02). Retrieved from http://www.fldoe.org/cc/OSAS/Evaluations/pdf/Zoom2011-02.pdf.
  14. Increased Revenues An increase in educational attainment is associated with a higher likelihood of employment and higher wages and thus also an increase in tax payments. Source: Carroll, Stephen J. & Erkut, E. (2009). Benefits to Taxpayers from Increases in Students’ Educational Attainment [Monograph]. Rand Corporation series – MG-686-WFHF.
  15. Voting Individuals with higher levels of education are more to engage in civic duties such as voting. Source: U.S. Census Bureau , Statistical Abstract (2011). Table 416 - Voting-Age Population, Percent Reporting Registered, and Voted. Retrieved from http://www.census.gov/compendia/statab/2011/tables/11s0416.pdf
  16. Volunteerism Individuals with higher levels of education engage in volunteer activities at a higher rate than those with less education. Source: US Dept of Labor, US Bureau of Labor Statistics(2011). Volunteering in the United States – 2010 (Publication No. USDL-11-0084). Retrieved from http://www.bls.gov/news.release/pdf/volun.pdf
  17. Healthier Communities Those with bachelor’s degrees and higher are more likely to exercise and less likely to be obese. Exercise Rates, Individuals Aged 25-34 Obesity Rates, Individuals Aged 25-34 Source: Baum, S., Ma, J., & Payea, K.(2010). Education Pays 2010: The Benefits of Higher Education for Individuals and Society retrieved from website: http://trends.collegeboard.org/education_pays
  18. Educational Supply & Demand “Demand for workers with college education will outpace supply to the tune of 300,000 per year. By 2018, the postsecondary system will have produced 3 million fewer college graduates than demanded by the labor market.…degrees conferred would have to increase by about 10% a year to eliminate the shortfall…” Sarasota, Manatee, and Charlotte Counties mirror the distribution of educational attainment of Florida and the nation. Therefore, locally we face the same educational attainment gap as the rest of the state and the country. Source: Carnevale, A.P., Strohl, J. & Melton, M. (2010). Help Wanted: Projections of jobs and Education Requirements through 2018. Retrieved from the Center on Education and the Workforce website: http://www9.georgetown.edu/grad/gppi/hpi/cew/pdfs/fullreport.pdf (p.16, 18)
  19. Educational Attainment Percent of Population 25 YRS + Source: US Census, American Community Survey, 2009
  20. Educational Attainment Percent of Degreed Population 25 YRS + Source: US Census, American Community Survey, 2009
  21. References Baum, S., Ma, J., & Payea, K.(2010). Education Pays 2010: The Benefits of Higher Education for Individuals and Society retrieved fromwebsite: http://trends.collegeboard.org/education_pays Carnevale, A.P., Strohl, J. & Melton, M. (2010). Help Wanted: Projections of jobs and Education Requirements through 2018. Retrieved from the Center on Education and the Workforce website:http://www9.georgetown.edu/grad/gppi/hpi/cew/pdfs/fullreport.pdf Carnevale, A.P., Strohl, J. & Melton, M. (2011). What’s it Worth? The Economic Value of College Majors. Retrieved from the Center on Education and the Workforce website: http://cew.georgetown.edu/whatsitworth/. Carroll, Stephen J. & Erkut, E. (2009). Benefits to Taxpayers from Increases in Students’ Educational Attainment [Monograph]. Rand Corporation series – MG-686-WFHF. The Florida College System (2011). Benefits of Education (Edition 2011-02). Retrieved from http://www.fldoe.org/cc/OSAS/Evaluations/pdf/Zoom2011-02.pdf.
  22. References U.S. Census Bureau, 2005-2009 American Community Survey 5-Yr Estimates (2009). Retrieved from http://factfinder.census.gov/servlet/DatasetMainPageServlet?_program=ACS&_submenuId=&_lang en&_ds_name=ACS_2009_5YR_G00_&ts= U.S. Census Bureau , Statistical Abstract (2011). Table 416 - Voting-Age Population, Percent Reporting Registered, and Voted. Retrieved from http://www.census.gov/compendia/statab/2011/tables/11s0416.pdf U.S. Department of Labor, Bureau of Labor Statistics. (2010). Current PopulationSurvey, Earnings by education. Retrieved from http://www.bls.gov/webapps/legacy/cpswktab5.htm. U.S. Department of Labor, Bureau of Labor Statistics. (2010). Current Population Survey, Unemployment. Retrieved from http://www.bls.gov/cps/tables.htm#charemp. US Dept of Labor, US Bureau of Labor Statistics (2011). Volunteering in the United States – 2010 (Publication No. USDL-11-0084). Retrieved from http://www.bls.gov/news.release/pdf/volun.pdf
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