(LS) — On Super Bowl Weekend, Philadelphia Eagles quarterback and renowned dog murderer Michael Vick spoke to the Girls and Boys Clubs of Dallas about the importance of staying in school and out of trouble. While hypocritical, since Vick neither graduated from Virginia Tech, where he played two years for the Hokies, nor stayed out of trouble, as he was convicted on several counts of dog fighting and animal cruelty, spending over a year in prison, Vick does speak out of experience. Had he earned a business degree, he might have been able to keep his financial advisors from squandering and/or stealing his fortune. Also, he might have chosen a more sensible business in which to invest than dog fighting. For the average American who isn’t a world-class athlete, the facts are simple: education increases earning potential, starting in high school.
What a High School Degree Is Worth
Having taught high school English, I know that many students don’t see the value of a high school education. Sadly, many American students, particularly those from economically disadvantaged families or those that have newly immigrated to the United States, see years in public school like prison – they’re doing time and waiting for their release date. As soon as they’re old enough to drop out, they do so.
While some of these young people may be able to carve out a decent living with the sweat of their labors, or unfortunately, with illegal activities, the numbers do not support them. According to U.S. Census Bureau statistics, high school drop-outs earn a measly $18,734 per year on average, compared to high school graduates who make $27,915 per year. Through the course of a lifetime, high school graduates make $1.2 million on average, while drop-outs will bring in only $875,675. McDonald’s will hire a fry cook who has dropped out of high school, but not an assistant manager. Quick aside: which states feature the highest high school graduation rates? Wrong! Minnesota, Montana, Nebraska, and Wyoming all sport 91 percent high school graduation rates. Presumably, kids stay in school when there’s nothing else to do. I’m just kidding. There’s plenty to do in Minnesota.
College Increases Earnings
After I graduated college, I had the feeling that I had just spent four years at summer camp. I was being cynical, because no summer camp increases one’s ability to make money. At $48,351 per year, people with undergraduate college degrees, on the other hand, make almost double the income of high school graduates and triple the income of high school dropouts. You see, you were doing more for four years (or seven) than drinking out of a beer bong, eating pizza and going to football games – you were increasing your earning power.
Furthermore, many undergraduate degrees increase the earning power of students who earn them – particularly those fields of study based in the sciences and technologies, and anything involving the word engineering. For example, starting salaries are much higher in the following fields that only require bachelor’s degrees:
- Petroleum Engineering: $86,220
- Chemical Engineering: $65,142
- Mining and Mineral Engineering: $64,552
- Computer Science: $61,205
- Computer Engineering: $60,879
- Electronics & Communications Engineering: $59,074
- Mechancial Engineering: $58,392
- Industrial/Manufacturing Engineering: $57,734
- Aerospace Engineering: $57,231
- Information Sciences and Systems: $54,038
Grad School Presents Biggest Jump in Pay Grade
According to the U. S. Department of Labor, a graduate degree on average is worth $2.5 million more dollars than an undergraduate degree over the course of the holder’s lifetime (unless you’re a petroleum engineer – wow, do I want to go back to school!). People holding graduate degrees make an average of $74,602 per year, but that statistic doesn’t reveal the true nature of how earning power grows with more education, because it lumps masters degrees with far more lucrative doctoral degrees and professional degrees.
A master’s degree enables the graduate to earn $400,000 more during the course of his or her lifetime than an undergrad, but in some professions the increase in salary can be tremendous with a master’s degree. A public school teacher earns an average of roughly $45,000 in the United States, but if that teacher earns a master’s degree in administration, he or she can make an average of over $80,000 per year.
A doctoral degree increases earnings even more. PhD’s make $1.3 million more for a lifetime than those with bachelor’s degrees. In some fields of study, such as economics, the earnings are much greater, as successful economists can pull in as much as doctor or lawyer.
Of course, a professional degree for a medical doctor, a lawyer, or a dentist is worth $2.3 million more than a bachelor’s degree. In fact, of the top 25 highest paid professions on average in the United States, medical doctors make up the top eight and 13 of the top 25. Anesthesiologists make the most, followed by internists, obstetricians and gynecologists, oral surgeons, orthodontists, prosthondontists, psychiatrists and surgeons. These eight professions average $145,600 per year. Chief executive officers are the highest ranked non-medical professionals, earning $140,350 on average.
Granted, there are exceptions to the statistics – all of the athletes like Vick, movie stars and recording artists who compile huge fortunes without an education or people like Bill Gates and Mark Zuckerberg who drop out of school and still build media empires, allowing them to amass billion-dollar fortunes. However, these are people who buck the odds. Any gambler knows to always play the odds. It’s not just a corny saying – stay in school, earn a degree and then you will simply earn more money.
