Major decisions: What graduates earn over their lifetimes (2023)

FAQs

How much more do graduates earn over lifetime? ›

Men with bachelor's degrees earn approximately $900,000 more in median lifetime earnings than high school graduates. Women with bachelor's degrees earn $630,000 more. Men with graduate degrees earn $1.5 million more in median lifetime earnings than high school graduates.

Graduates are more likely to work in high-skilled posts than non-graduates. Therefore, allowing them to earn more as soon as they finish their degree.

You might be surprised!

But a new report from Zippia, a career information site, found that the average person earns nearly $2.7 million over their lifetime. According to the most recent Census data, the average earner's income rises through their mid-forties before it plateaus until retirement.

During their working life, the average annual income will be close to $83,000, while the total cumulative earnings over 20 years will reach $1,650,000.

“a set of achievements – skills, understandings and personal attributes – that makes graduates more likely to gain employment and be successful in their chosen occupations, which benefits themselves, the workforce, the community and the economy.”

Do people with a degree earn more? ›

The average lifetime earnings gain from undergraduate degrees is substantial for both men and women, but much smaller than the difference between the gross earnings of graduates and non-graduates.

According to the Bureau of Labor Statistics, ​workers with higher levels of education “typically earn more and have lower rates of unemployment compared with workers who have less education.” Over a lifetime, reports show that college graduates will make 84 percent more than those with a high school diploma.

With focus areas including electrical, mechanical, petroleum, chemical, civil, computer, and aerospace, these majors pay well upon graduation and increase at a high rate as you gain experience over time. Check out our Engineering Degree Path for helpful tips on how to get started in this lucrative career.

The answer for most people, according to new research by university psychologists, is $10m (£8.6m) – but not Americans, who say they need at least $100m, and frequently insist on $100bn.

Using the 25 times rule, you would need at least $1 million. The next step is to set a goal for when you could achieve that savings goal. Let's say you wanted to have the $1 million saved in 20 years, and you're starting from scratch.

Doctoral degrees can take up to 7 years of intense study to complete.

Which degree has more job opportunities? ›

Engineering is perhaps the most versatile major on the board, in that several career opportunities exist within its domain.

communication; • team work; • problem solving; • initiative and enterprise; • planning and organising; • self-management; • learning skills; and • technology.

There are over 80 types of bachelor's degrees, and the education you receive over the course of the program is usually enough to gain employment in most career fields. Holding a bachelor's degree could potentially earn you a significantly larger salary compared to those with less advanced education.

So, is having a degree enough? Although recruiters look highly on work experience, a degree will show that you have a certain level of expertise in a subject. Students should combine their studies with work experience for the best results.

College Graduates Earn More Than Non-Graduates

Despite the rising cost of post-secondary education, a college degree still pays off for the majority of graduates. On average, those with a bachelor's degree earn significantly more than their peers with only a high school diploma.

What is the purpose of a degree? ›

Whether it is a bachelor's or master's degree, a postsecondary degree gives you the opportunity to pursue higher paying careers that require advanced skills. Research indicates that college graduates earn more money in their lifetime compared to those who only possess a high school diploma.

A degree earns respect and a social reputation. Degree earns money and status for its master. The more specialized the degree, the higher the post and status, and the higher is the salary package. A person needs to have a degree/certification and the skill to succeed in the race of professional life.

Chief executive

Executive roles can range between CEO, CFO, CMO, CTO and COO. While these roles are different in nature, they all classify as billionaire jobs. Indeed, holding an executive position within a company is a step in the right direction when it comes to building your wealth.

On average, philosophy majors spend more time than most college students studying, and those hours require high levels of concentration. Many philosophy majors pursue careers in law or academia because those fields reward hard work, careful reasoning, and attention to detail.

The average lifetime earnings gain from undergraduate degrees is substantial for both men and women, but much smaller than the difference between the gross earnings of graduates and non-graduates. The discounted difference in lifetime earnings between graduates and non-graduates is £430k for men and £260k for women.

How much more does a college graduate 25 34 years old earn annually compared to a non graduate? ›

Average College Graduate Salaries in 2022

In this case, you can expect to earn $15,500 more per year on average as a 25- to 34-year-old. It's also important to note that finishing your degree is crucial.

In 2021, median income for recent graduates reached $52,000 a year for bachelor's degree holders aged 22–27. For high school graduates the same age, median earnings are $30,000 a year.

college lifetime earnings show the stark differences in income between those who have only completed their high school diploma and those who have continued their education. In fact, research has found that there's a median earning gap of $17,500 a year between high school and college grads.

Graduate salaries in 2022

The current average graduate salary in the UK is just over £24,000*, according to the Graduate Outcomes report by HESA (Higher Education Statistics Agency). However, we've heard folk reporting everything between £16,000 and £90,000.

Average Salary – £71,400. Starting Salary – £51,000. Highest Salary – £120,000.

The weekly median earnings for full-time wage or salary workers in the United States in the second quarter of 2021 amounted to $990. It translates to a yearly income of approximately $51,480. Any amount above that should theoretically be considered a good salary; however, it is not as easy as that.

Bachelor's degree holders earn an average of 66 percent more than high school graduates. People with a bachelor's degree will add $1 million to their total lifetime earnings compared to someone without a degree.

How much more does a master's degree earn than a bachelor's? ›

As previously stated, bachelor's degree holders will earn an average of around $55,000 per year. In comparison, a professional with a master's degree will make an average of $69,732 per year, according to data compiled by SmartAsset. That is a difference of just under $15,000 per year.

Getting a college degree typically pays, but it's not a guarantee. Although workers with more education generally earn more, a good number of those without a college diploma are making more than college graduates.

The benefits do not stop at job satisfaction. An article by Entrepreneur states that college graduates tend to be more productive members of society — happier as well. Each one of these factors demonstrates, in part, the value of earning a four-year undergraduate degree.