The College Payoff: More Education Doesn't Always Mean More Earnings

Georgetown University Center on Education and the Workforce. 3300 Whitehaven Street NW Suite 5000 Box 571444, Washington, DC 20057. Tel: 202-687-4922; Fax: 202-687-3110; e-mail: [email protected]; Web site: http://cew.georgetown.edu

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Lumina Foundation
Bill and Melinda Gates Foundation
Joyce Foundation
Annie E. Casey Foundation

Educational Attainment; Academic Degrees; High School Graduates; Outcomes of Education; Income; Correlation; Age Differences; Gender Differences; Racial Differences; Ethnicity; Undergraduate Study; Majors (Students); STEM Education; Science Careers; Health Occupations; Disproportionate Representation; Postsecondary Education

Wyoming; Alaska; North Dakota; District of Columbia; Connecticut; Virginia; Maryland; Illinois; Ohio

"The College Payoff: More Education Doesn't Always Mean More Earnings" explores how lifetime earnings vary by education level, field of study, occupation, industry, gender, race and ethnicity, and location. The lifetime earnings of a full-time full-year worker with a high school diploma are $1.6 million, while workers with an associate's degree earn $2 million. However, at least one quarter of high school graduates earn more than an associate's degree holder. Bachelor's degree holders earn a median of $2.8 million during their career, 75% more than if they had only a high school diploma. Master's degree holders earn a median of $3.2 million over their lifetimes, while doctoral degree holders earn $4 million and professional degree holders earn $4.7 million. However, one quarter of workers with a bachelor's degree earn more than half of workers with a master's or a doctoral degree.

As Provided

2021

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