Education has long been seen as the way for workers to dig themselves out of poverty and build a life. It seems that more and more education is becoming necessary to do these things. A bachelor’s degree helps get you hired, but if you want to advance in your career, you may need a graduate degree.
An article at Citizen’s Voice quotes a Bureau of Labor Statistics report that found jobs requiring graduate degree are expected to grow as much as 22 percent from 2010 to 2020. Current college graduates should take note of this when deciding whether they wish to pursue an advanced degree.
This seems to hold true regardless of major; however, the divide is wider for degrees that are known for increasing graduates’ income earning potential. For example, an employee with a graduate degree in biology may make up to an addition $35,000 per year over someone with an undergraduate degree in the same. An employee with a master’s in art has the potential to make $11,000 more per year than someone with a bachelor’s degree in Art, according to Citizen’s Voice.
Here at PayScale, we have compiled statistics on the best return on investment (ROI) that graduates of different colleges are likely to enjoy. The data is grouped by area of study. A business graduate from UC Berkeley can hope for almost 10 percent ROI after graduation. However, according to Citizen’s Voice, earning an MBA makes the graduate much more eligible for management positions, which equals more money.
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