New College Graduates Earning More and More Than High School Grads
The case for getting a college level education is easy to make once you look at some of the latest research numbers on wages for high school graduates versus college graduates. According to the latest report from the Economic Policy Institute,college grads are earning 56% more on average versus workers with only a high school diploma.
What’s more, according to a recent study by the Federal Reserve Bank of New York, having a college degree essentially doubles your chance of being able to get a job. Their study found that the unemployment rate for recent college graduates as of September 2016 was about 4%, compared to 8.8% for all workers in the same age group.
When you put these two facts together, the career advantages of having a college degree are clear. But the benefits go beyond just paychecks. College graduates’ ascendency in the economy and job market are also growing substantially.
According to research from Anthony Carnevale, Director of Georgetown University’s Center on Education and the Workforce, last year saw the first time on record that college graduates composed a larger portion of the national workforce (36%) versus high school graduates (34%).
Another area where circumstances differ between college versus high school educated employees might be a surprise: retirement. Research by Christopher Tamborini of the Social Security Administration and Changhwan Kim at the University of Kansas has shown that college grads contribute 26% more to their 401(k) retirement accounts, even when they share similar incomes and access to plans. Many Americans view retirement as the ultimate end goal of a career, and that 26% is striking when considering the long-term consequences.
Such a historic change in demographics clearly demonstrates how essential college education has become for finding employment. And we have every reason to anticipate that percentage will continue to rise in coming years, meaning competition among college educated workers is bound to increase as a result.
Brian Maher, Vice President of Career Services at Berkeley College, says that employers depend on workers with the knowledge and skills needed for rapidly changing and highly competitive markets. “Today’s businesses rely on well-educated, versatile leaders,” he said, explaining the importance of higher education for today’s professionals. “And Berkeley’s degree and certificate programs help prepare future business leaders for the workplace by providing exceptional education and training that leads them into well-paying employment and long-term success.”
Future job prospects certainly look brighter and brighter for college grads, with new opportunities in a host of emerging industries related to healthcare, information technology, criminal justice, national security, and more. Berkeley is committed to providing career-focused education and practical training in such fields to prepare the workforce of tomorrow.
In short, with a college degree you have a greater chance of finding a job, earning more money, and saving more for retirement. That’s the message today’s graduating high school students need to hear from their advisors and parents. Career path can take many different roads, but a college education can certainly put you on the path to stability and success.