Why Do You Need A Bachelor’s Degree?
With the media focusing on the problem of student loan debts and the rising costs of college education, quite a few people are voicing concerns that perhaps a bachelor’s degree may no longer be important. However, an examination of the facts belies these assertions. Possessing a bachelor’s degree gives a college graduate a greater chance to earn more and improve their quality of life.
Here are a few reasons why a bachelor’s degree is still important today:
• On average, a holder of a bachelor’s degree earns more than a person who doesn’t. According to The US Bureau of Labor, for the last quarter of 2013 those with at least a bachelor’s degree earned a median weekly salary of $1,219. That’s almost double the salary of those without a bachelor’s degree. The median weekly earnings of those who only had a high school degree without any college education at all were $648.
• A bachelor’s degree is a necessary stepping stone for more advanced degrees (master’s, law, medicine, etc.), and these degrees lead to jobs that offer even greater median weekly earnings.
Getting Your Bachelor Degree Can Lead To Higher Pay And A Better Career For Most People
• A bachelor’s degree offers a higher average salary in in occupations where a degree is not really necessary. Secretaries, retail sales people, plumbers, construction workers, and police officers earn considerably more than their less educated counterparts. A bachelor’s degree often enables the holder to do more advanced skills. Companies which offer better pay prefer to hire college graduates, and employers often offer higher pay for workers with a bachelor’s degree. A bachelors’ degree also helps those starting their own business.
• Despite the cost of college, the return of investment for a bachelor’s degree is impressive. According to the Hamilton Project, the annual ROI for college tuition is 15%. Compare that to stocks, which historically have given an annual return of just 7%. In addition, investing in college makes a lot more sense than investing in real estate, which only offers a 1% annual return.
• Holders of a bachelor’s degree are more likely to have the skills to advance in their careers. Regardless of the field of study, a college graduate is much more likely to be able to write effectively, create valid and logical arguments, and handle adversity.
• A bachelor’s degree also provides job stability. One study revealed that those who possessed bachelor’s degrees were retained in their jobs at a much higher rate than their less-educated counterparts. Just as a company would prefer to hire a college graduate for a job rather than one who has only an Associate’s degree or a high school diploma, a company is also much more likely to retain that college graduate when layoffs are necessary.
If you are still on the fence regarding the argument of skeptics against college education, consider this: the vast majority of these sociologists, journalists, and professors who argue against college education possess at least a bachelor’s degree as well, and those among them with children are not forbidding their children from trying to earn a bachelor’s degree.