You’ve heard that your base salary is largely determined by your education level – but did you ever wonder exactly how much education matters? If you’ve got enough smarts, it shouldn’t matter whether or not you have formal training – right?
Wrong. At least, it might not be so simple. As job scarcity continues to drive more competition to each open position, administrative office support professionals with strong educational backgrounds are the ones scoring high-paying jobs. Because employees with formal training are increasingly preferred, the relationship between compensation and education is becoming even more prominent across different sectors of the economy.
The Big Picture: Why Degrees Matter
• Depending on industry and specialty, pay increase per degree will range from 10% – 300%!
• Return on investment of tuition within 3 to 5 years
Education is an essential ingredient on the path to professional success. Employers have increasingly used diplomas and degrees as a way to screen applicants. And once you’ve landed the job you want, your salary will reflect your credentials. Experts say that a bachelor’s degree is a good idea no matter what the major because earnings tend to rise as education levels increase.
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According to the U.S. Department of Education’s National Center for Education Statistics, between 1980 and 2005 “young adults with at least a bachelor’s degree consistently had higher median earnings than those with less education.” In 2005, male workers ages 25-34 with a high school diploma or GED had a median income of $29,600, while those with a bachelor’s degree or higher earned $48,400. Among women with the same characteristics, those with a high...
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