The statistics are in and it's clear that the trend toward engineering degrees will continue in the next few years for those who want to bring in the big bucks. Engineering degrees, including chemical, mechanical, computer and civil engineering, all ranked near the top of the charts for earning potential in recent rankings of what college graduates could expect. That's good news for engineering students who want to graduate and enter the work force with expectations of starting out with a comfortable standard of living.
Engineers are also increasingly entering the upper levels of management after a few years in the trenches. Many companies are paying the tuitions of experienced engineers to enter MBA programs to produce managers and executives with valuable experience. The same goes for law school. More and more firms are interested in that unique combination of practical knowledge and legal skill that can protect their firm's assets and goals.
What was rather surprising, however, was that pharmaceutical degrees were ranked even higher for both salary expectations and need. So if you have a pharmaceutical degree, you're going to be in demand and paid accordingly, at least in the short term. This was something that was part of a general shift toward a greater demand in non-engineering sciences such as biology and nursing, which are seeing a rise in salaries, although they have far to go (with the obvious exception of pharmaceutical degrees) before they'll catch up with engineering. This is good news for college students who consider success in life to be a blend of making an honest living and having a satisfying work life. If you're altruistic enough that you don't need a top-drawer salary, nursing, psychology and research are coming on strong and will continue to do so as the general population ages in the coming years.
The only area where there isn't any real growth in salaries is in the Humanities or Social Sciences. Those students who graduate from college with an English or History degree need to focus on specializing somehow if they want a salary that's comfortable in today's economy. Otherwise, these rather general degrees will bring them salaries that are generally below the norm. That's not to say that these degrees aren't a good idea. How can college students turn their love of English or History into a thriving career option? Instead of getting a BA in their discipline alone, combine it with a teaching certificate. High school teachers who specialize in a particular discipline are in high demand. If they go on to get their Master's Degree they are even more desirable.
Interestingly, more and more Medical and Law schools are also looking at college graduates with degrees in the humanities. They see these students as more well rounded, articulate and "human" than some students who are entirely wrapped up in the sciences. If you have a degree in English or History and have toyed with the idea of law or medical school, don't assume those with scientific or criminal degrees have an edge. Today's schools are looking for the well-rounded student who is an independent thinker and who can write.
Keep in mind that everything goes in cycles. What may be the hot degree this year could be out of fashion in four year's time. In the end, your best bet is to find something you love doing and talk to a career counselor about how you can go about making a living with a college degree that lets you do just that.
A United States Department of Labor survey conducted a few years ago revealed that full time employees at least twenty-five years old earn an average of about $675 a week. Not surprisingly, salaries were tied to educational levels, with workers who had not completed high school averaging $396 weekly, high school graduates with no college earning about $560 a week, and college graduates averaging weekly salaries of just under $1,000.
Workers with graduate degrees earned $1,149 per week, about $220 more than those with bachelors degrees only.
Several other surveys indicate that the Department of Labor reports understate the differences in income by educational level. In fact, it is often reported by reliable researchers that the lifetime earnings differential between high school and college graduates exceeds $1,000,000. And, most economic and labor experts believe that the earnings gap between high school and college graduates will grow significantly in future years.
According to The Washington Research Council, "During the next century, higher education will become increasingly important for landing high-paying jobs", and "It's widely believed that the 'new economy' will require increasingly higher levels of education."
In addition, well educated workers will continue to be better protected against unemployment, overseas outsourcing, and increasing worldwide competition than their less educated colleagues. But, higher incomes and better job security are only two of the benefits of higher education.
Would you be surprised to learn that college graduates are the group of workers most satisfied with their jobs? If you think about it, you'll realize they are more likely than others to qualify for advancement, change employers, or move from one career to another. In other words, they are more likely than others to choose their jobs and careers, and make changes if they are unhappy with either. So, it's no surprised they are happier than other workers whose choices may be limited.
There seems to be no doubt that undergraduate and graduate degrees lead to significantly greater earnings, a wider range of employment opportunities, more frequent career advancement, and significantly increased job satisfaction. Because the value of higher education is increasingly valued by employees and employers alike, and because scholarships and financial aid are now more readily available than ever before to students in online education programs, the number of working adults enrolled in part time degree programs is at an all time high.
Whether earned online or on campus, in a part time program or a full time program, a college degree has never been worth more than it is today.
Both Andy West & Daniel Kane are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.