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Summary Of The Economic Guide To Picking A College Major

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I was not expecting to be so well informed and entertained by “The Economic Guide to Picking a College Major” written by Ben Casselman on a website called FiveThirtyEight.com. Even though this was only an excerpt, I was impressed by the information I retained. This ‘guide’ written to help put into perspective the earnings aspect that one could receive after getting a full-time job depending on their degree. To put things simply, popular majors such as: education, psychology, and business, do not make nearly as much as: engineering, most sciences, and economics. There are several things different from these majors on different money-making levels. The ones that don’t make as much, require less skill. Not in a harsh way, but they do not require
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According to Stephanie Owen and Isabel Sawhill, in their essay Should Everyone Go to College?, claim that the return of investment from going to college depends on the degree, institution, and how long a student stays in college. There is a different return of investment for each different degree. For example, according to the graph on page 215, Engineering is paid more than education. Therefore a student attending college for an engineering degree would have a greater return of investment then a student attending college for a degree in education. The return of investment is also dependent on the kind of institution a student attends.

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This route is chosen because the belief has been that a college degree insures a higher income. According to the National Center for Educational Statistics, a college degree accounted for $15,000 in additional income per year versus a high school diploma ($30,000 versus $45,000). Over a thirty year career, that equals a $450,000 difference. There are drawbacks

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Attending college is an important life choice everyone should make. Stephanie Owen and Isabel Sawhill, the authors of Should Everyone Go to College?, explore that “…the median earnings of about $30,000 for 25-34-year old high school graduates working full-time in 2010, this implies that a year in college increases earnings by $3,000, and four years increases them by $12,000” (They Say/I Say pg.209/para. 3). In the Owen and Sawhill article they provide information on the difference in a person’s salary with a high school diploma compared to a person’s salary with a one year certificate and a bachelor’s degree. Owen and Sawhill continues on to state that, “there are many non-monetary benefits of schooling that are harder to measure but no less important” (They Say/I Say pg.210/para.3). The authors used information gathered from research reports that they conducted to determine salary and/or wage earnings for an individual who attends one year of college versus four years of college.

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In the articles, “Is College Worth It” written by David Leonhardt and “Why College Isn’t for Everyone” written by Chris Matthews, both writers build an argument to persuade readers that attending college is for everyone and is a time to emphasize one’s thoughts for the future. In the article, “Is College Worth It”, Leonhardt begins his argument by using statistics. Leonhardt states that, “Americans with four-year college degrees made 98 percent more an hour on average in 2013 than people without a degree” (Leonhardt, par. 3). This implies that individuals who have earned a bachelor's degree or higher are more likely to earn more money per hour compared to those who do not have a degree.

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Ungar has put this misconception to rest by saying the difficulty in the job market has nothing to do with a specific degree. A survey for the Association of American colleges and universities discovered that more than three-quarters of the nation's employers recommend that college-bound students pursue a liberal education. Misperception number three states that the liberal arts are a relevant for low income and first-generation college students. This misperception troubles Ungar and he says it is “ condescending to imply that those who have less cannot understand and appreciate the finer elements of knowledge”. He says this is a form or prejudice and makes very little sense.

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752 Words | 4 Pages

When we look at lifetime earnings-the sum of earnings over a career-the total premium is $570,000 for a bachelor’s degree and $170,000 for an associate’s degree.” (pg.211 para. 1) This is an extremely effective use of logos to persuade as to why getting a college degree can yield “a tremendous return” (pg.211 para. 1), as the Hamilton Project stated. This is so effective because the authors lay all the numbers out right in front of the readers regarding lifetime earnings achieved through bachelor’s degrees, associates degrees, and high school diplomas.

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First of all, college increases one’s annual income and salary. This is because higher paying jobs often require a college degree and only consider applicants who have one. According to the Bureau of labor statistics, workers with a Bachelor's degree earn a median of $1,326 a week meanwhile, workers with only a high school diploma earn an average of $668 a week. This proves that a college degree does make your wallet thicker and almost

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Living where we live, you begin to comprehend that living off of $11.00 per hour including with your family will never suffice your needs. Getting a college degree can ensure the graduate a higher chance of being able to earn more financially. In the article “Why College Isn't And Shouldn't Have to be For Everyone” by Robert Reich, he states that “A degree from a prestigious university can open doors to elite business schools and law schools-and to jobs paying hundreds of thousands, if not millions. ”Even though Reich’s article is on the opposing side of the argument, he fails to overlook the fact that in the long run having a college degree will, and can open doors to many new opportunities. One of those opportunities is to be able get a well paying job that can earn more than the average non college graduate.

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Even though people may be earning more with a college degree, they still suffer the burden of paying off extraordinarily high debts. This means less money is being saved for themselves. Another negative is that people may not have chosen the correct major. In Source F, only, “55%,” of people believed that their major helped them. This concludes that a high percentage of people did not believe their major was useful.

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Hourly wages are dropping and “it will likely be many years before young college graduates-or any workers-see substantial wage growth” (Source C). Since wages have dropped it is becoming pointless to get a degree due to the amount of debt and stress caused. Even though, we need to learn, higher education is becoming a risky

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The first thing that they might bring up is that college education makes more money which in return can pay off your student loans as said, “While the income for those with a bachelor 's degree was $65,482, and $92,525 for those with advanced degrees. [110] The median income for families headed by a bachelor 's degree holder was $100,096 in 2011.” (college-education) The next point they might bring up is that more and more jobs are requiring people to have some sort of college degree as said here, “According to a June 2016 study, 99% of job growth (or 11.5 million of 11.6 million jobs) between 2010 and 2016 went to workers with associate 's degrees, bachelor 's degrees or graduate degrees. [104] Based on economy and job projections calculated by Georgetown University, in 2018, approximately 63% of jobs will require some college education or a degree.

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565 Words | 3 Pages

The money that you need for your necessities. From (aie.org) it says, Economists say higher education comes with an earnings premium. What does that mean? For employers, a degree or certificate means greater expertise, something they’re willing to pay for more. According to the Bureau of Labor Statistics, a person with a bachelor’s degree can earn as much as a $1 million more over a lifetime than someone with just a high school diploma”.

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Often times it’s not necessarily what you study, but the fact that you studied something at all. As long as you have a college education you can still earn higher job opportunities, maybe not as high as a college graduate, but definitely higher than a person with just a high school education. Above all, attending college is a major commitment of time and money, but it is also a down payment on success. Earning your college degree will help you realize your goals in your career as well as life in general. It requires a lot of hard work, but that work prepares you for a challenging and rewarding career and a more colorful

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, “Experts that have researched the performance and job success of college graduates have concluded that, nationwide, college graduates with a bachelor's degree earn 74 percent more per year than those who only complete high school.” This seems very logical when you look at the big picture, having furthered your education will open you up to more jobs that that require more education that will most likely pay more. The University of North Texas in their article “Why Go to College?” shows a graph from The U.S. Census Bureau that shows a professional degree could earn you around 4.4 million dollars compared to less than a high school diploma could earn you around 1 million dollars for a whole worklife. Seeing

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As a High School Junior looking at jaw dropping tuition prices, my family and I often ask ourselves a question I’m sure many other American households are challenged with: Is a college degree actually worth it? Once you look past the recent unemployment rate for college grads, you’ll find that a college degree proves to be highly beneficial once placed in a career. Degree holders often enjoy benefits such as higher pay, higher-skilled work, and an intellectual advantage over their coworkers that do not have a degree. These benefits often outweigh the seemingly outrageous cost of college, making the price tag more than worth it.

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