By Hank M. Bounds
Commissioner of Higher Education
If you were to ask a classroom of first grade students what career path they plan to choose, you will likely receive answers such as âfiremanâ or âastronaut,â probably based on the excitement of riding on a fire truck or a spaceship, or âteacher,â based on the example set each day by their own teacher. However, as these students grow and mature, discover and develop their own talent and aptitude, and consider many other factors, including job availability and salary, these career aspirations often change.
A recent report from State Higher Education Executive Officers (SHEEHO) utilizing the State Policy Resource Center (SPRC) with support from the Lumina Foundation on The Economic Benefit of Postsecondary Degrees found that, yes, earning a postsecondary degree matters.
The report found that âthose who obtain a bachelorâs degree have a median income of $50,360 compared to a median income of $29,423 for people with only a high school diploma. Those with a graduate degree have a median income of $68,064, 35.2 percent more than those with a bachelorâs degree.â
The reportâs authors also drilled down and found that, yes, the field of study matters also, noting that âincomes vary significantly among the types of degrees by level and discipline and within each state.â Health-related disciplines provide a 123.4 percent wage premium for those holding a bachelorâs degree. The median income for this group is $56,427. The report notes that, at $62,605, the highest median income is enjoyed by those working in the STEM fields.