Education and Earnings
June 6, 2023
While there is widespread concern about student debt and the cost of higher education, data from the U.S. Bureau of Labor Statistics makes a strong case that higher education leads to higher earnings and lower unemployment rates.
In 2022, median annual earnings for a full-time worker with a bachelor’s degree were about $30,000 more than for a worker with only a high school diploma, a difference of more than $1 million over a 35-year career. Even so, it’s important to be realistic about taking on debt in relation to expected earnings, as the job market and potential compensation can vary widely for different fields of study.
Advanced degree
- Median annual earnings: $91,260
- Annual average unemployment rate: 1.7%
Bachelor’s degree
- Median annual earnings: $74,464
- Annual average unemployment rate: 2.2%
Associate degree
- Median annual earnings: $52,260
- Annual average unemployment rate: 2.7%
Some college, no degree
- Median annual earnings: $48,620
- Annual average unemployment rate: 3.5%
High school diploma, no degree
- Median annual earnings: $44,356
- Annual average unemployment rate: 4.0%
Less than a high school diploma
- Median annual earnings: $35,464
- Annual average unemployment rate: 5.5%
Source: U.S. Bureau of Labor Statistics, 2023 (data for ages 25 and older; annual earnings based on usual weekly earnings for full-time wage and salary workers)
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