The value of a graduate degree

1. THE VALUE OF A DEGREE
Institutional Research & Effectiveness
August 2011

2. Value to the Student
H.S. Diploma Bachelor’s Degree Master’s Degree
Median weekly earnings $767 $1,038 $1,272
Average Lifetime earnings $1,767,025 $3,380,060 $3,837,239
Percent Increase to
earnings since 1983
13% 34% 55%
Current unemployment
rate
10.3% 5.4% 4.0%
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
$444
$626
$712
$767
$1,038
$1,272
$1,610
$1,550
$0 $500 $1,000 $1,500 $2,000
Less than HS Diploma
HS Diploma
Some College, No Degree
Associate Degree
Bachelor's Degree
Master's Degree
Professional Degree
Doctoral Degree
Median Weekly Earnings (2010)- Persons 25 and Older
Source: Bureau of Labor Statistics, Current Population Survey 2010
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.

4. Increased Lifetime Earnings
0.68
1.00
1.27 1.28
1.91
2.17
2.63
2.28
$1,767,025
$2,254,765
$3,380,060
$3,837,239
0.00
0.50
1.00
1.50
2.00
2.50
3.00
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
EarningsRelativetoHSDiploma
EstimatedAverageLifetimeEarnings
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
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.

5. Earning Increases Since 1983
-2%
13% 15%
34%
55%
-10%
0%
10%
20%
30%
40%
50%
60%
Less than HS
Diploma
HS Diploma Associate's
Degree
Bachelor's
Degree
Graduate
Degree
% Earnings Increase Workers Aged 25-54 yrs.
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
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.

6. Earnings Boost by Major
$60,000
$57,000
$65,000
$85,000
$80,000
$89,000
$42,000
$42,000
$47,000
$55,000
$60,000
$70,000
$0 $20,000 $40,000 $60,000 $80,000 $100,000
Psychology and Social Work
Education
Humanities and Liberal Arts
Social Science
Business
Computers and Mathmatics
Median Yearly Earnings - Bachelor's Degree Median Yearly Earnings - Graduate 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/.
(Full-time, full-year workers)
Depending on your field, obtaining a master’s degree could translate into $15-30k more per year.

7. Earnings Boost by Major
57%
48%
43%
40%
33%
0%
10%
20%
30%
40%
50%
60%
Social Science Humanities and
Liberal Arts
Psychology and
Social Work
Business Education
% Earnings Boost from a Graduate 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/.
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.

8. Lower Unemployment Rates
14.9%
10.3%
9.2%
7.0%
5.4%
4.0%
2.4%
1.9%
0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0%
Less than HS Diploma
HS Diploma
Some College, No Degree
Associate Degree
Bachelor's Degree
Master's Degree
Professional Degree
Doctoral Degree
Unemployment Rate (2010) – Persons 25 and Older
Source: Bureau of Labor Statistics, Current Population Survey 2010
The Great Recession has effected all in the workforce but those with college degrees are fairing much
better than those without.

9. Lower Unemployment Rates
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11
Less than HS Diploma HS Diploma, No College
Associate Degree or Some College Bachelor's Degree or Higher
Source: Bureau of Labor Statistics, Current Population Survey 2010
Historically, the more education one obtains the lower their rate of unemployment.

10. Stay Competitive
Jobs
requiring
some
college or
better,
63%
37%
Educational Demand of Jobs by 2018
Require a
bachelor's
degree or
better,
72%
% of Jobs Requiring Some College by
2018
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
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.

11. Value to the Community
H.S. Diploma Associate’s Degree
Bachelor’s
Degree or Higher
Receiving Food Stamps 6% 4% 1%
Voted in last presidential
election
51% 65% 73%
% Volunteering in 2011 18% 29% 42%
Rates of obesity 34% 31% 20%
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
38%
18% 18%
21%
8% 8%
16%
7% 6%
14%
5% 4%
7%
1% 1%
0%
5%
10%
15%
20%
25%
30%
35%
40%
Medicaid School Lunch Food Stamps
% of Individuals Age 25+ Living in Households that Participated in a
Public Assistance Program by Education Level, 2008
Less than HS Diploma HS Diploma Some College, No Degree
Associate Degree Bachelor's Degree or Higher
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
Those with bachelor’s degrees or higher are considerably less likely to require public assistance than
those with a two-year degrees or less.

13. Public Assistance
8%
5%
4% 4%
2%
1%
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
HS Diploma FCS AAS FCS AA/AS FCS
Bachelor's
SUS
Bachelor's
SUS Master's
% Receiving Public Assistance - Florida
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.
Florida’s population mirrors the national trend in public assistance needs by educational attainment.
2008-09 completers
– FETPIP 2009 data

14. Increased Revenues
$192,000
$181,000
$144,000
$165,000$167,000 $171,000
$128,000
$148,000
$0
$50,000
$100,000
$150,000
$200,000
$250,000
White Asian Black Hispanic
Increased tax payments associated with increasing educational
attainment from high school dropout to college graduate.
Men Women
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
73%
65%
51%
34%
60%
47%
38%
23%
0%
20%
40%
60%
80%
100%
Bachelor's Degree
or Higher
Some College or
Associate's Degree
HS Diploma Less than HS
Diploma
%ofPopulation
Presidential Election Year (2008) Congressional Election Year (2006)
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
Individuals with higher levels of education are more to engage in civic duties such as voting.

16. Volunteerism
42%
29%
18%
9%
0%
20%
40%
60%
80%
100%
Bachelor's Degree
or Higher
Some College or
Associate's Degree
HS Diploma Less than HS
Diploma
%ofPopulation
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
Individuals with higher levels of education engage in volunteer activities at a higher rate than those with
less education.

17. Healthier Communities
Exercise Rates, Individuals Aged 25-34
63%
45%
37%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Bachelor's
Degree or
Higher
Associate's
Degree
HS Diploma
Vigorous Exercise Light/Moderate Exercise
Obesity Rates, Individuals Aged 25-34
20%
31%
34%
0%
5%
10%
15%
20%
25%
30%
35%
40%
Bachelor's
Degree or
Higher
Some College
or Associate's
Degree
High School
Diploma
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
Those with bachelor’s degrees and higher are more likely to exercise and less likely to be obese.

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…”
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)
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.

19. Educational Attainment
UNITED
STATES
FLORIDA
CHARLOTTE
COUNTY
MANATEE
COUNTY
SARASOTA
COUNTY
PROF OR DOCTORAL DEGREE 3% 3% 2% 3% 4%
MASTER'S DEGREE 7% 6% 6% 7% 7%
BACHELOR'S DEGREE 18% 17% 13% 16% 18%
ASSOCIATE'S DEGREE 8% 8% 8% 8% 8%
SOME COLLEGE, NO DEGREE 20% 20% 23% 21% 22%
HS DIPLOMA 29% 31% 36% 32% 31%
LESS THAN HS DIPLOMA 15% 15% 12% 13% 10%
0%
20%
40%
60%
80%
100%
PercentofPopulation25YRS+
Source: US Census, American Community Survey, 2009

20. Educational Attainment
UNITED
STATES
FLORIDA
CHARLOTTE
COUNTY
MANATEE
COUNTY
SARASOTA
COUNTY
PROF OR DOCTORAL DEGREE 9% 9% 7% 9% 10%
MASTER'S DEGREE 20% 17% 20% 19% 20%
BACHELOR'S DEGREE 50% 49% 45% 48% 49%
ASSOCIATE'S DEGREE 21% 25% 28% 24% 21%
0%
20%
40%
60%
80%
100%
PercentofDegreedPopulation25YRS+
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 from website: 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_G 00_&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 Population
Survey, 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