All, I am curious if anyone has questions around the earning potential benefit of Associate, Bachelor, and Master degrees shown by most schools targetting adults returning to school? All too often I see studies comparing earnings between those with a college degree and those without a degree illustrating fairly large differences between expected lifetime earnings. The time used to calculate the lifetime earnings does not seem to represent the average adult learner's earnings potential. Another concern is that a small number of those without a degree are functionally unable to truly hold down a job for any period of time - are they excluded from the results? At the same time, there are many at the high end in a position that a degree is mandatory by state law (usually in the medical or legal profession). If they were excluded from the results, along with CEOs (whose pay is in the stratosphere but are a tiny percentage of earners), we would have left a better comparison of the true value of various college degrees for the average person. The stats quoted are not inaccurate, but seem misleading when applied to adult learners. What is driving this question is a discussion I recently had about the actual value of a masters degree with a friend. The assumption he made is that the higher earning would offset the cost of the degree. I stated that in a contracting job market, that was not automatically a given and that age and experience are critical in determining if the potential earnings from a Masters degree would offset the cost. As I stated in an earlier post, I strongly believe that there are many reasons for getting a degree, not just financial. Everybody considering college should understand all the intangible benefits of getting a degree, not just the financial return expected. But most schools targeting adult learners seem to use the same data used for incoming freshmen just out of high school. And that seems a little misleading to me. Does anyone know sources of data on what the average adult learner can expect, perhaps segmented into age groups?
I think it really does depend on the field of work. I can only speak from personal experience. In 1981, my BA produced an immediate $3,ooo per year raise. In 1985, my MAEd, produced an immediate $3200 annual raise, in the intervening 15 years between it and my Ed.D, because it help me meet specialized qualifications, my annual salary rose more than $30,000. My Ed.D. resulted in an immediate $7,000 raise, and within 2 years, I was making an addtional $25,000 per year. I realize my situation may be unique, but at every level my education has resulted in professionally more interesting and meaningful work, as well as substantial financial increases. All of my degrees were completed at in-state tuition rates at state colleges or universities. They have have more than returned their costs.
