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 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.

Increased Lifetime Earnings Source: Carnevale, A.P., Strohl, J. & Melton, M. (2010). Help Wanted: Projections of jobs and Education Requirements through Retrieved from the Center on Education and the Workforce website: 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.

Earning Increases Since 1983 Source: Carnevale, A.P., Strohl, J. & Melton, M. (2010). Help Wanted: Projections of jobs and Education Requirements through Retrieved from the Center on Education and the Workforce website: 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.

Earnings Boost by Major 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: (Full-time, full-year workers) Depending on your field, obtaining a master’s degree could translate into $15-30k more per year.

Earnings Boost by Major 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: 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.

Lower Unemployment Rates 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.

Lower Unemployment Rates Source: Bureau of Labor Statistics, Current Population Survey 2010 Historically, the more education one obtains the lower their rate of unemployment.

Stay Competitive Source: Carnevale, A.P., Strohl, J. & Melton, M. (2010). Help Wanted: Projections of jobs and Education Requirements through Retrieved from the Center on Education and the Workforce website: An educational demand forecast, from the Center on Education and Workforce at Georgetown University, estimates by % of new and replacement jobs will require some college or better. Of that 63%, 72% will require a bachelor’s degree or better.

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.

Public Assistance Source: Baum, S., Ma, J., & Payea, K.(2010). Education Pays 2010: The Benefits of Higher Education for Individuals and Society retrieved from website: Those with bachelor’s degrees or higher are considerably less likely to require public assistance than those with a two-year degrees or less.

Public Assistance Source: The Florida College System (2011). Benefits of Education (Edition ). Retrieved from Florida’s population mirrors the national trend in public assistance needs by educational attainment completers – FETPIP 2009 data

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.

Voting Source: U.S. Census Bureau, Statistical Abstract (2011). Table Voting-Age Population, Percent Reporting Registered, and Voted. Retrieved from Individuals with higher levels of education are more to engage in civic duties such as voting.

Volunteerism Source: US Dept of Labor, US Bureau of Labor Statistics (2011). Volunteering in the United States – 2010 (Publication No. USDL ). Retrieved from Individuals with higher levels of education engage in volunteer activities at a higher rate than those with less education.

Healthier Communities Exercise Rates, Individuals Aged 25-34Obesity Rates, Individuals Aged Source: Baum, S., Ma, J., & Payea, K.(2010). Education Pays 2010: The Benefits of Higher Education for Individuals and Society retrieved from website: Those with bachelor’s degrees and higher are more likely to exercise and less likely to be obese.

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 Retrieved from the Center on Education and the Workforce website: (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.

Educational Attainment Percent of Population 25 YRS + Source: US Census, American Community Survey, 2009

Educational Attainment Percent of Degreed Population 25 YRS + Source: US Census, American Community Survey, 2009

References Baum, S., Ma, J., & Payea, K.(2010). Education Pays 2010: The Benefits of Higher Education for Individuals and Society retrieved from website: Carnevale, A.P., Strohl, J. & Melton, M. (2010). Help Wanted: Projections of jobs and Education Requirements through Retrieved from the Center on Education and the Workforce website: 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: 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 ). Retrieved from

References U.S. Census Bureau, American Community Survey 5-Yr Estimates (2009). Retrieved from en&_ds_name=ACS_2009_5YR_G00_&ts= en&_ds_name=ACS_2009_5YR_G00_&ts= U.S. Census Bureau, Statistical Abstract (2011). Table Voting-Age Population, Percent Reporting Registered, and Voted. Retrieved from U.S. Department of Labor, Bureau of Labor Statistics. (2010). Current Population Survey, Earnings by education. Retrieved from U.S. Department of Labor, Bureau of Labor Statistics. (2010). Current Population Survey, Unemployment. Retrieved from US Dept of Labor, US Bureau of Labor Statistics (2011). Volunteering in the United States – 2010 (Publication No. USDL ). Retrieved from