Your Bachelors Degree May Not be Enough
August 21, 2013 Leave a comment
There has been a large growth in wages for people with advanced degrees over the past 10 years, but the same is not true for those with Bachelors degrees.
The inflation-adjusted wages of people with a bachelor’s degree declined between 2002 and 2012, according to a report from the Economic Policy Institute. Those with advanced degrees had an increase in wages.
A chart made by EPI shows the differences:
2008 is when the wage gap really increased. EPI’s report found that between 2000 and 2012, the income of workers with only a bachelor’s degree compared to those with only a high school diploma was at a rate of about 4 percent for men and less than one percentage point for women. In comparison, that rate was about 14 percent during the 1980s.
The problem is that graduate degrees cost a lot of money. The programs are very rigorous and don’t allow much time for a part time job. Tuition is much higher as well, and students who already have $50,000 or more in debt might feel hesitant about stacking on more in a poor economy.
While this may seem a bit depressing, a bachelor’s degree is still very valuable. Over the past ten years, workers with a bachelor’s degree’s pay stayed about the same, while those with only a high school diploma saw a drop in pay.