A College Degree Can Have A Large Impact On Your Salary
Originally posted on https://sbbcollege.edu/why-sbbcollege/news/degree-large-impact-salary/
Salary may not be the first thing you consider when thinking of a long-term career. You may be thinking you want to participate in work that sounds fun or exciting. Or, you want to make a difference by helping others. At first, you may even just want a job that will pay your bills.
While you do not need a college degree in some fields to be considered financially successful, it has many advantages, especially when considering salary.
According to reports, those with a college degree have seen an increase in jobs, higher than those without a college degree. In addition, salaries have increased by 51 percent for those with college degrees.
Not only do salaries increase, you can have more career options too, depending on the field.
More Options With A Degree
Training and staying up-to-date on trends in a business is expected by many employers who hire those with college degrees or certifications. Promotions happen for a variety of reasons, the growth you have made for the company is one.
Higher education can give you opportunities for higher paid positions.Depending on the degree you receive, your knowledge and talents can open doors for you in a wide range of jobs.
For instance, having a degree in Social Work can qualify you for jobs in criminal justice, psychology, drug and alcohol counseling, security work, juvenile justice and more.
Having options is great, and so is being able to earn more money.
Everybody Wants More Money!
A recent article in Chronicle states those with a college degree can earn up to $400 more a week than those with only a high school diploma.
This means the return on investment you receive for acquiring a college degree can offer upwards of $20,000 annually. Depending on your field of study, it could mean even more.
Money does matter when it comes to employment. It is okay to want a higher salary. With a higher salary you can achieve personal goals such as giving to those less fortunate, traveling, or becoming debt free.
Some reports show the more education a person has, it is likely the more income they will accrue. Examples of incomes associated with jobs that do not require a college degree include waiters and waitresses earning less than $20,000 a year, and construction workers earning close to $30,000.
Those with associate degrees, like paralegals earn close to $50,000, dental assistants earn over $67,000, and web developers earn an average of $77,000 annually.
Those with bachelor’s degree, such as accountants, can earn $60,000 or a more each year. And finally, those with even higher education degrees can earn well over six figures. Some examples include attorneys, engineers and surgeons.
Salaries may include many benefits and perks.
The Other Benefits and Perks
Health benefits are one of the most appreciated benefits by employees who work full-time. This benefit alone can save an employee thousands of dollars each year. Having health insurance provides employees with security that when something goes wrong, they have help.
This is also true for companies who count disability and life insurances in their compensation packages.
Other employee benefits can include company vehicles. This allows employees to travel as needed without wearing down their personal vehicle. It is also great promotion for the company. Memberships to fitness clubs, discounted tickets to events, tuition reimbursement, travel reimbursement, and meals are additional perks offered by many employers hiring staff with a college degree.
Paid vacation and sick days should be included when determining how a degree can impact salaries.
Retirement statistics among Americans are frightening. CNBC reports Americans are not saving for retirement like they should. Experts recommend a retiree have one million dollars in savings. Americans today are reporting they only have a median of about $120,000 at retirement age.
Many companies will match or contribute fully to employees, especially in jobs where a person holds a degree.
Family health benefits are expensive. But there are many jobs out there, especially for those who have earned an Associate degree or higher, that provide benefits for your family and you.
Salaries that include perks such as these can mean greater job satisfaction.
Upping Your Satisfaction
For some, earning what you are worth can lead to satisfaction on the job. When you are satisfied with your job, you become a more valuable team player. In turn, you may be noticed for promotions and increases in salary.
Earning a college degree sets you apart from others. You are chosen above others for a job due to your degree, experience, and abilities. This is the employer’s way of showing you just how much value you add to the company.
Feeling valued, along with a good salary, is satisfying for many. Satisfaction can come from other things a degree offers, that are not related to money.
Benefits Money Can’t Buy but a Degree Can Give You
Networking is a privilege in some industries. It is the ability to connect with other professionals to improve your job, move to better jobs or gain assistance in some way. Networking is seen mostly in jobs where some form of college degree is required.
The Center for Disease Control reported people with college degrees show an increased lifespan of nine years longer than those who did not earn a college degree.
Studies have shown those who earn a college degree are living healthier lifestyles. Habits they engage in more often include healthy diet and exercise. The report also stated that those without a high school diploma had mortality rates comparable to smoking.
Earning a college degree can offer you confidence both personally and professionally. Feeling good about yourself in all areas of your life can also motivate you to give back more. In fact, those with college degrees have been known to volunteer and give back to their community more than those without a college degree.
Investing in yourself by getting a college degree can impact your personal and professional goals, as well as your salary.