5 Ways a College Degree Can Impact Your Income
Every year, millions of people ponder as to whether they should go back to school and receive a higher degree of education. In many instances, fast-paced masters programs in education, along with other degree paths, can lead to a lucrative lifestyle. But, what are the ways that a college degree can impact your income? Is it worth it to obtain more education?
Degree can lead to a higher salary
Many people go to college because they can command a higher salary. According to the Department of Labor, those with only a high school diploma receive a lower salary than those with even just an AA degree. If you choose to go past a Bachelor’s degree, then a Master’s degree can pay even more.
With a higher salary usually comes a more comprehensive benefits package, which can include health, life, and dental insurance and even a pension or 401k. Because of the higher salary and increased benefits, a college degree can also allow someone to acquire more assets, which will lead to more wealth in the long run.
Less likelihood of being laid off
According the DOL, although college graduates will temporarily see a higher level of unemployment earlier in their career, by the time they have been working for about five years, they are more likely to see some job security. They are also less likely to be laid off in their early 30s and 40s because they hopefully have developed a unique set of skills that are easily transferable. This means that you are less likely have gaps in your employment and won’t rely on unemployment, thus further increasing your salary.
More flexibility within your career path
Your education level can increase your flexibility within your career. You can move around to a different company and even into various related and unrelated fields. Since college and graduate school provide you with a certain set of transferable skills, you can use your expertise in a multitude of areas.
If you choose to go into education, you can teach in the classroom or find a job shaping educational policy. As you get older, you will appreciate the flexible because in many cases, a chosen career path in your 20s may not be optimal for someone in their 40s or 50s. With more flexibility, you can find a job that pays more in the long run.
Help you get a promotion
In many cases, those who have a college degree are more likely to be considered for a promotion over those without one. Although it may depend on the college degree, in most cases those who are in upper management or in positions of leadership have college degrees. You can move up the ranks quicker which can provide you with more added responsibility.
More career satisfaction
In most cases, people choose to major in a certain field because they enjoy it. When someone achieves a higher degree of education, he or she is more likely to find a position that they enjoy. It can also mean that you are more likely to stay in your current position for a longer period of time.
Are you someone who is limited by your professional growth because you do not have a college or Master’s degree? More people are choosing college or fast paced masters programs in education. With an advanced degree, you will find more flexibility and a higher salary. Make sure to investigate all of your options thoroughly to understand the various programs available to you.
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