PowerPoint - University of South Florida Sarasota

Report
THE VALUE OF A
DEGREE
Institutional Research & Effectiveness
August 2011
Value to the Student
For the student, pursuing higher education can translate into higher
earnings, lower unemployment rates, and the ability to stay
competitive in skill driven economy.
H.S. Diploma
Median weekly earnings
Average Lifetime earnings
Percent Increase to
earnings since 1983
Current unemployment
rate
Bachelor’s Degree
Master’s Degree
$767
$1,038
$1,272
$1,767,025
$3,380,060
$3,837,239
13%
34%
55%
10.3%
5.4%
4.0%
Increased Earnings
Those with a bachelor’s degree earn, on average, 66% more than those with a high school diploma.
Those with a master’s degree earn an additional 23% over those with bachelor’s degrees.
Median Weekly Earnings (2010)- Persons 25 and Older
Doctoral Degree
$1,550
Professional Degree
$1,610
Master's Degree
$1,272
Bachelor's Degree
$1,038
Associate Degree
$767
Some College, No Degree
$712
HS Diploma
$626
Less than HS Diploma
$444
$0
$500
$1,000
$1,500
Source: Bureau of Labor Statistics, Current Population Survey 2010
$2,000
Increased Lifetime Earnings
Over a lifetime, those with a bachelor’s degree or higher will earn, on average, twice as much as those
with a high school diploma. That equates to earning over $1.5 million more in a lifetime.
3.00
$3,837,239
$4,000,000
$3,380,060
$3,000,000
$1,767,025
1.00
$1,000,000
$0
2.28
2.00
1.91
$2,254,765
$2,000,000
2.17
2.50
2.63
0.68
1.27
1.28
1.50
1.00
0.50
Earnings Relative to HS Diploma
Estimated Average Lifetime Earnings
$5,000,000
0.00
Source: Carnevale, A.P., Strohl, J. & Melton, M. (2010). Help Wanted: Projections of jobs and Education Requirements through 2018. Retrieved
from the Center on Education and the Workforce website: http://www9.georgetown.edu/grad/gppi/hpi/cew/pdfs/fullreport.pdf
Earning Increases Since 1983
Wages have increased at significantly higher rate for those with bachelor’s and master’s degrees than
those with associate’s degrees and high school diplomas.
60%
% Earnings Increase Workers Aged 25-54 yrs.
55%
50%
40%
34%
30%
20%
13%
15%
HS Diploma
Associate's
Degree
10%
0%
-10%
-2%
Less than HS
Diploma
Bachelor's
Degree
Graduate
Degree
Source: Carnevale, A.P., Strohl, J. & Melton, M. (2010). Help Wanted: Projections of jobs and Education Requirements through 2018. Retrieved
from the Center on Education and the Workforce website: http://www9.georgetown.edu/grad/gppi/hpi/cew/pdfs/fullreport.pdf
Earnings Boost by Major
Depending on your field, obtaining a master’s degree could translate into $15-30k more per year.
$70,000
Computers and Mathmatics
$89,000
$60,000
Business
$80,000
$55,000
Social Science
$85,000
$47,000
Humanities and Liberal Arts
$65,000
Education
$42,000
Psychology and Social Work
$42,000
$57,000
$60,000
$0
$20,000
$40,000
$60,000
$80,000
$100,000
Median Yearly Earnings - Bachelor's Degree
Median Yearly Earnings - Graduate Degree
(Full-time, full-year workers)
Source: Carnevale, A.P., Strohl, J. & Melton, M. (2011). What’s it Worth? The Economic Value of College Majors. Retrieved
from the Center on Education and the Workforce website: http://cew.georgetown.edu/whatsitworth/.
Earnings Boost by Major
Compared to other fields, those with bachelor’s degrees in the social sciences see, on average, the
largest increases to their wages when continue on to earn a master’s degree.
60%
57%
% Earnings Boost from a Graduate Degree
48%
50%
43%
40%
40%
33%
30%
20%
10%
0%
Social Science
Humanities and Psychology and
Liberal Arts
Social Work
Business
Education
Source: Carnevale, A.P., Strohl, J. & Melton, M. (2011). What’s it Worth? The Economic Value of College Majors. Retrieved
from the Center on Education and the Workforce website: http://cew.georgetown.edu/whatsitworth/.
Lower Unemployment Rates
The Great Recession has effected all in the workforce but those with college degrees are fairing much
better than those without.
Unemployment Rate (2010) – Persons 25 and Older
Doctoral Degree
Professional Degree
Master's Degree
Bachelor's Degree
Associate Degree
Some College, No Degree
HS Diploma
1.9%
2.4%
4.0%
5.4%
7.0%
9.2%
10.3%
Less than HS Diploma
14.9%
0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0%
Source: Bureau of Labor Statistics, Current Population Survey 2010
Lower Unemployment Rates
Historically, the more education one obtains the lower their rate of unemployment.
16.0%
14.0%
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
Jan-01
Jan-02
Jan-03
Jan-04
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Less than HS Diploma
HS Diploma, No College
Associate Degree or Some College
Bachelor's Degree or Higher
Source: Bureau of Labor Statistics, Current Population Survey 2010
Jan-10
Jan-11
Stay Competitive
An educational demand forecast, from the Center on Education and Workforce at
Georgetown University, estimates by 2018 63% of new and replacement jobs will require
some college or better. Of that 63%, 72% will require a bachelor’s degree or better.
Educational Demand of Jobs by 2018
% of Jobs Requiring Some College by
2018
37%
Jobs
requiring
some
college or
better,
63%
Require a
bachelor's
degree or
better,
72%
Source: Carnevale, A.P., Strohl, J. & Melton, M. (2010). Help Wanted: Projections of jobs and Education Requirements through 2018. Retrieved
from the Center on Education and the Workforce website: http://www9.georgetown.edu/grad/gppi/hpi/cew/pdfs/fullreport.pdf
Value to the Community
Higher levels of education within a community can translate into a healthier citizenry that
participates in civic duties, such as voting and volunteerism, and is less likely to need the
assistance of government programs.
Associate’s Degree
Bachelor’s
Degree or Higher
6%
4%
1%
Voted in last presidential
election
51%
65%
73%
% Volunteering in 2011
18%
29%
42%
Rates of obesity
34%
31%
20%
H.S. Diploma
Receiving Food Stamps
Also, the increased earnings of bachelor’s and master’s degree holders has a positive
impact on the economies of communities including increased revenue generation.
Public Assistance
Those with bachelor’s degrees or higher are considerably less likely to require public assistance than
those with a two-year degrees or less.
40%
% of Individuals Age 25+ Living in Households that Participated in a
Public Assistance Program by Education Level, 2008
38%
35%
30%
25%
20%
15%
21%
16%
18%
18%
14%
10%
7%
8% 7%
5%
8%
5%
6%
4%
1%
1%
0%
Medicaid
School Lunch
Less than HS Diploma
HS Diploma
Associate Degree
Bachelor's Degree or Higher
Food Stamps
Some College, No Degree
Source: Baum, S., Ma, J., & Payea, K.(2010). Education Pays 2010: The Benefits of Higher Education for Individuals and Society
retrieved from website: http://trends.collegeboard.org/education_pays
Public Assistance
Florida’s population mirrors the national trend in public assistance needs by educational attainment.
% Receiving Public Assistance - Florida
9%
8%
8%
7%
6%
5%
5%
4%
4%
4%
3%
2%
2%
1%
1%
0%
HS Diploma
FCS AAS
FCS AA/AS
FCS
Bachelor's
SUS
SUS Master's
Bachelor's
Source: The Florida College System (2011). Benefits of Education (Edition 2011-02). Retrieved from
http://www.fldoe.org/cc/OSAS/Evaluations/pdf/Zoom2011-02.pdf.
2008-09 completers
– FETPIP 2009 data
Increased Revenues
An increase in educational attainment is associated with a higher likelihood of employment and higher
wages and thus also an increase in tax payments.
$250,000
$200,000
Increased tax payments associated with increasing educational
attainment from high school dropout to college graduate.
$192,000
$167,000
$181,000
$171,000
$144,000
$128,000
$150,000
$165,000
$148,000
$100,000
$50,000
$0
White
Asian
Men
Black
Hispanic
Women
Source: Carroll, Stephen J. & Erkut, E. (2009). Benefits to Taxpayers from Increases in Students’ Educational Attainment
[Monograph]. Rand Corporation series – MG-686-WFHF.
Voting
Individuals with higher levels of education are more to engage in civic duties such as voting.
Presidential Election Year (2008)
Congressional Election Year (2006)
100%
% of Population
80%
60%
73%
60%
65%
47%
51%
38%
40%
34%
23%
20%
0%
Bachelor's Degree Some College or
or Higher
Associate's Degree
HS Diploma
Less than HS
Diploma
Source: U.S. Census Bureau , Statistical Abstract (2011). Table 416 - Voting-Age Population, Percent Reporting Registered, and
Voted. Retrieved from http://www.census.gov/compendia/statab/2011/tables/11s0416.pdf
Volunteerism
Individuals with higher levels of education engage in volunteer activities at a higher rate than those with
less education.
100%
% of Population
80%
60%
42%
40%
29%
18%
20%
9%
0%
Bachelor's Degree Some College or
or Higher
Associate's Degree
HS Diploma
Less than HS
Diploma
Source: US Dept of Labor, US Bureau of Labor Statistics (2011). Volunteering in the United States – 2010 (Publication No.
USDL-11-0084). Retrieved from http://www.bls.gov/news.release/pdf/volun.pdf
Healthier Communities
Those with bachelor’s degrees and higher are more likely to exercise and less likely to be obese.
Exercise Rates, Individuals Aged 25-34
Obesity Rates, Individuals Aged 25-34
90%
40%
80%
35%
70%
60%
30%
50%
25%
40%
20%
30%
63%
45%
20%
37%
10%
0%
5%
Vigorous Exercise
Associate's
Degree
HS Diploma
Light/Moderate Exercise
20%
15%
10%
Bachelor's
Degree or
Higher
31%
34%
0%
Bachelor's
Degree or
Higher
Some College
or Associate's
Degree
High School
Diploma
Source: Baum, S., Ma, J., & Payea, K.(2010). Education Pays 2010: The Benefits of Higher Education for Individuals and Society
retrieved from website: http://trends.collegeboard.org/education_pays
Educational Supply & Demand
“Demand for workers with college education will outpace supply to
the tune of 300,000 per year. By 2018, the postsecondary system
will have produced 3 million fewer college graduates than
demanded by the labor market.…degrees conferred would have to
increase by about 10% a year to eliminate the shortfall…”
Sarasota, Manatee, and Charlotte Counties mirror the distribution
of educational attainment of Florida and the nation. Therefore,
locally we face the same educational attainment gap as the rest of
the state and the country.
Source: Carnevale, A.P., Strohl, J. & Melton, M. (2010). Help Wanted: Projections of jobs and Education Requirements through 2018. Retrieved
from the Center on Education and the Workforce website: http://www9.georgetown.edu/grad/gppi/hpi/cew/pdfs/fullreport.pdf (p.16, 18)
Percent of Population 25 YRS +
Educational Attainment
100%
80%
60%
40%
20%
0%
PROF OR DOCTORAL DEGREE
MASTER'S DEGREE
BACHELOR'S DEGREE
ASSOCIATE'S DEGREE
SOME COLLEGE, NO DEGREE
HS DIPLOMA
LESS THAN HS DIPLOMA
UNITED
STATES
FLORIDA
CHARLOTTE
COUNTY
MANATEE
COUNTY
SARASOTA
COUNTY
3%
7%
18%
8%
20%
29%
15%
3%
6%
17%
8%
20%
31%
15%
2%
6%
13%
8%
23%
36%
12%
3%
7%
16%
8%
21%
32%
13%
4%
7%
18%
8%
22%
31%
10%
Source: US Census, American Community Survey, 2009
Educational Attainment
Percent of Degreed Population 25 YRS +
100%
80%
60%
40%
20%
0%
PROF OR DOCTORAL DEGREE
MASTER'S DEGREE
BACHELOR'S DEGREE
ASSOCIATE'S DEGREE
UNITED
STATES
FLORIDA
CHARLOTTE
COUNTY
MANATEE
COUNTY
SARASOTA
COUNTY
9%
20%
50%
21%
9%
17%
49%
25%
7%
20%
45%
28%
9%
19%
48%
24%
10%
20%
49%
21%
Source: US Census, American Community Survey, 2009
References
Baum, S., Ma, J., & Payea, K.(2010). Education Pays 2010: The Benefits of Higher Education for Individuals
and Society retrieved from website: http://trends.collegeboard.org/education_pays
Carnevale, A.P., Strohl, J. & Melton, M. (2010). Help Wanted: Projections of jobs and Education
Requirements through 2018. Retrieved from the Center on Education and the Workforce website:
http://www9.georgetown.edu/grad/gppi/hpi/cew/pdfs/fullreport.pdf
Carnevale, A.P., Strohl, J. & Melton, M. (2011). What’s it Worth? The Economic Value of College Majors.
Retrieved from the Center on Education and the Workforce website:
http://cew.georgetown.edu/whatsitworth/.
Carroll, Stephen J. & Erkut, E. (2009). Benefits to Taxpayers from Increases in Students’ Educational
Attainment [Monograph]. Rand Corporation series – MG-686-WFHF.
The Florida College System (2011). Benefits of Education (Edition 2011-02). Retrieved from
http://www.fldoe.org/cc/OSAS/Evaluations/pdf/Zoom2011-02.pdf.
References
U.S. Census Bureau, 2005-2009 American Community Survey 5-Yr Estimates (2009). Retrieved from
http://factfinder.census.gov/servlet/DatasetMainPageServlet?_program=ACS&_submenuId=&_lang
en&_ds_name=ACS_2009_5YR_G
00_&ts=
U.S. Census Bureau , Statistical Abstract (2011). Table 416 - Voting-Age Population, Percent Reporting
Registered, and Voted. Retrieved from
http://www.census.gov/compendia/statab/2011/tables/11s0416.pdf
U.S. Department of Labor, Bureau of Labor Statistics. (2010). Current Population
Survey, Earnings by education. Retrieved from http://www.bls.gov/webapps/legacy/cpswktab5.htm.
U.S. Department of Labor, Bureau of Labor Statistics. (2010). Current Population
Survey, Unemployment. Retrieved from http://www.bls.gov/cps/tables.htm#charemp.
US Dept of Labor, US Bureau of Labor Statistics (2011). Volunteering in the United States – 2010
(Publication No. USDL-11-0084). Retrieved from http://www.bls.gov/news.release/pdf/volun.pdf

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