College Graduates: A Graduation Analysis

According to the National Center for Education Statistics, in a 2013-14 calculation of tuition costs of colleges and universities, the average tuition expenses, in both public and private institutions, increased significantly since the 2003-04 academic year. This increase in expenses not only pertains to college tuition, but also numerous other things. This increase in costs correlates with the development of the economy and technological advances. In a society where the economy and technology is greatly expanding, jobs with more advanced skills are becoming more imperative. Having a four year degree guarantees success in this ever changing world; one is no longer able to achieve success as they did in the past without it. A four year degree

Over the past decades, the earnings of college graduates continues to increase, guaranteeing much success. In his article, "The College Wage Premium", Jonathan James states: "...college graduates earn significantly higher wages on average than those with only a high school diploma... Current data indicate that college degree holders enjoy an 84 percent increase in earning over their high-school educated counterparts" (James). The data proving the higher earnings for degree holders has persisted throughout history and continues to grow. Those lacking a four year degree have experienced little growth in their premium over the past few decades, while the premium of those with a degree has increased considerably. It is proven in many different studies that those holding a degree earn more than those without one. The economic advantages that come after college in the job market are obvious when comparing the rate of income of those with and without a degree. College graduates earn more across all major occupation sectors. Documented by labor economists is the existence of "diploma" or "sheep-skin" effects, which basically state that each year there is an increase associated with earnings for degree holders. The year one completes their degree guarantees increased earnings than the previous year. In the article, "Making College Worth It: A Review

When competing for the same or similar job, a four year degree holder is more likely to obtain the job than one with only a high school diploma. Employers search for degree holders that possess college related skills and qualities that are necessary in order to work in today's society. The technological advances in the world today require higher skilled, more educated workers. These changes in technology continue to advance; therefor, the demand for college-related skills is also advancing. In past times, one may have had more opportunities to be successful without a degree, but it is important to realize the growth of society and accept that success does not come as easily as it once may have. College and having a degree is much more valued in the labor market: "Many economists have conjectured that growth in information technology over the past few decades has led to a general reorganization of the way that firms produce goods and services and a corresponding increase in demand for workers who have more abstract, multilevel, noncognitive skills" (Oreopoulos and Petronijevic). As the authors in the previous quote explain, the skills college provides one with are desired in the labor market today as it continues to advance. Profitable employment is better accessible and guaranteed with a degree.