Maidenberg 1

Ryan Maidenberg

Prof. Carter

English Composition 2

1 May 2022

The Benefits of a College Education

Shortly before graduating high school many teenagers are left with a difficult decision to

either attend a university or enter the workforce. Each of these decisions can lead to very

different outcomes, all of which are determined by the long-term goals set by each individual.

For many it is necessary to earn a college diploma in order to open more career opportunities and

to achieve more financial and social gain. However, there are risks involved, just like with any

other investment. The time and money spent on a college education are important to consider and

those factors vary in importance from person to person. A college degree is worth the investment

for many people due to the opportunity of future wages, job satisfaction, and job benefits.

Millions of high school students graduate each year in the United States, and of those

graduates nearly 70% go on to pursue postsecondary education of varying levels. The reason

college is such a common path for young high school graduates is because of the stability and

success that can come with a degree. In the United States today the workforce is changing from

manufacturing jobs to service jobs. Change is something to note for those contemplating

attending college. Many companies are seeking out employees with higher levels of education

that have a variety of skills. The rapid advancement of technology, the impact of Covid-19, and

the ability of businesses to do more things online has increased the demand for workers who can
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adapt to changes. Universities offer a wide range of degrees that supply the skills and experience

needed for jobs of the present and the future.

One of the biggest reasons for pursuing a college education is to increase the opportunity

for higher wages. There is a notable difference between the average income of high school and

college graduates. Those aged between 25 and 32 will earn around $17,500 more in additional

income yearly with a college diploma than with only a high school diploma. (“Is College Worth

it?”). The disparity between the income of these two groups is very important to consider when

exploring the value of attending college. Another important aspect to note is that it isn’t always

necessary to earn an advanced degree. Wage benefits are available to those with just a bachelor’s

degree. The College Board states that on average bachelor’s degree holders earn $17,800 more

each year after tax than their high school counterparts (Ma et al. 4). A four-year college degree is

already enough to set someone apart in the workforce and automatically sets them up to enjoy

higher wages along with job opportunities. Additionally, 28% percent of college graduates with a

bachelor’s degree earned at least six figures in a full-time job position, compared to only 5% of

high school graduates working the same hours (Ma et al. 5). This metric demonstrates a major

difference in each education level. As one would assume, those with advanced degrees earn the

most, followed by those with a bachelors. The difference, however, is greatest between high

school graduates and bachelor’s degree holders. The earning potential of a 4-year or even an

advanced degree greatly outweighs that of a basic high school education, and further

demonstrates the benefits of future wages that college graduates enjoy.

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Fig. 1. This graph shows education levels ranging from less than a high school diploma to a

professional degree. The median earnings after tax are shown in blue. Those aged 25 or older

with higher degrees have access to higher paying jobs (Ma et al. 17).

When inspecting the varying degrees that colleges offer, it is important for prospective

students to understand what field of study will earn the most income and provide the most

opportunity. Oreopoulos and Petronijevic stress that the field of study a college student chooses

weighs heavily on their future earnings (1). For every field of study comes different job

opportunities and skill sets. There are a fair share of degrees that don’t prepare students for a

successful career. More vigorous and difficult courses pay off in the long term. For example,

engineering students can expect a minimum return of nearly $500,000 more over a 20-year

period than someone without a college degree, and up to $1.1 million more with a degree from a

university such as UC Berkeley (“Is College Worth it?”). The value of a college education boils

down to what the student makes of it. Universities offer their fair share of low paying degrees

that provide little use in the work force. For example, engineering opens a lot of opportunities
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and has many broad avenues. It is essential for those investing in higher education to choose a

major that has a wide range of options and applications that are valued by employers. The

Economist also explores the other side, for an arts and humanities course, “from a rigorous

school such as Columbia or the University of California, San Diego pays off handsomely … Of

the 153 arts degrees in the study, 46 generated a return on investment worse than plonking the

money in 20-year treasury bills. Of those, 18 offered returns worse than zero” (“Is College

Worth it? Higher Education”). In an arts and humanities field the income of graduates depends

greatly on the school and the difficulty of the courses. The varying return on investment isn’t

necessarily worth it. In contrast to an engineering degree, an arts and humanities degree doesn’t

provide as many guaranteed opportunities upon graduation, nor does it give students skill that are

desired by a wide range of employers. A college education is really what the student makes of it,

the difficulty of courses they take, the field of study, and the goals they set. Keeping goals in

mind when investing in a degree is important to experience the full benefits of future wages.

Other than money, one of the most important aspects of a job is the satisfaction one gets

from their work. The perception of value and satisfaction that comes with a job is important to a

long and successful career. There is a noticeable disparity between education levels and job

satisfaction. Compared to high school graduates, those with a bachelor’s degree have higher job

autonomy and variety along with job satisfaction and overall status. Analysis provided by Janet

and James Rosenbaum suggests that those with a degree receive far more non-monetary benefits

in their jobs. But what is job satisfaction? Job satisfaction consist of five characteristics: skill

variety task identity, task significance, autonomy and task feedback. Each of these characteristics

are important for an individual when indicating what makes their job enjoyable and are often

times more important than monetary benefits. The overall effect of job conditions on job
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satisfaction is found to be nearly double that of earnings for adults of all ages (Janet Rosenbaum

and James Rosenbaum). The main take away from this is that although wages are an important

part of what makes a job desirable, in many cases it is the work environment and other benefits

that make the biggest difference.

Those considering a college education should review all non-monetary job factors when

deciding on whether or not to get a degree. The aspects of a job that people value is most

common for those with a bachelor’s degree or higher. According to the findings of Janet and

James Rosenbaum those with a bachelor’s degree are more likely to have a job that is related to

their career path and gives experience for their future career than for those with a high school

degree. The concept discussed is career relatedness, which essentially means doing work or tasks

that are related to one’s actual job. This gives a sense of importance and accomplishment and

encourages a more positive outlook on work-life in general. Career relatedness also extends to

graduate degree holders and above. Overall it is important to note that those with a graduate,

associate’s or bachelor’s degree will typically receive the same job benefits. The only difference

being larger coefficients because of higher job status or a wider range of received awards (Janet

Rosenbaum and James Rosenbaum). Not only can graduate degree holders expect to receive job

rewards similar to their counterparts, they also are more likely to receive additional levels related

to their field of work. This concept demonstrates how higher degrees can pay off even more in

the long run, especially when looking at aspects related to job satisfaction. The overarching idea

presented by Janet and James Rosenbaum is that in order to increase overall job satisfaction and

non-monetary rewards, it is extremely beneficial to work towards a college degree that is related

to a desired field of work.

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A final important area to consider when deciding on investing in a college degree are the

job benefits that extend beyond the workplace. A college degree doesn’t just provide wages and

satisfaction. It can also improve certain qualities in one’s personal life. Higher income, better

health, and a higher chance of being a homeowner and being married are associated with a four-

year degree (Emmons et al. 1). Things like being a homeowner or better health aren’t always the

first thought when comparing the benefits of college. However, those aspects of one’s personal

life can have a major impact on their wellbeing and quality of life. In the long term, being

healthier, being married, and having a home benefit those with a college degree most.

Additionally, these positive outcomes can also help create safer and healthier lives for the next

generation. The College Board explains that a healthier lifestyle and lowered health care

expenses are most common for those with a college education. Additionally, those with a higher

education have a greater chance of being more active in the community and more engaging as

parents (Ma et al. 5). Involvement in the community and in the lives of their children are ways

that those with a college degree are making a more considerable impact. Making a difference is

one way a college education makes a return on investment, and something that isn’t always easy

to see on paper. College Board goes on to provide statistics stating that 52% of advanced degree

holders, 42% of bachelor’s degree holders, and only 19% of high school degree holders

volunteered in 2017 (Ma et al. 5). Perhaps the additional skills learned in college and the values

developed through further education encourage people to give back. Many colleges already

provide ways for their students to work in their communities and make a difference even before

they graduate. Certain experiences that college graduates obtain will not be the same as high

school graduates, and that is what really sets them apart in their jobs and their communities.
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Fig. 2. This chart expresses the need for workers with a postsecondary education in growing

occupations. Certain skills learned while attending college are required for modern professions

(Carnevale et al. 7).

Another job benefit that extends beyond the workplace for those with a college education

is their job stability. College graduates are less likely to be unemployed and find that their skills

can adapt more to changes in the workplace. Towards the end of 2011 the unemployment rate of

college graduates was 4.5 percent, compared to the 8.5 percent for high school graduates

(Oreopoulos and Petronijevic 5). College graduates have nearly half the unemployment rate of

high school graduates. By getting a college degree the chances of having a job and keeping that

job are higher, because the opportunities are broader. More recent information provided by the
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College Board in 2018 states that about 2% of bachelor’s degree holders were unemployed

compared to nearly double that of high school graduates at around 6%. All of the data measured

was based on graduates aged 25 – 34 years (Ma et al. 4). Even those directly out of college in the

mid-twenties are more likely to be employed than their high school degree counterparts. This

data demonstrates how those directly out of college are able to find work easier and as mentioned

before, keep their jobs. Having a stable job out of college is not only crucial for monetary

purposes, but it allows for graduates to develop their skills through consistent work experience.

Maintaining the same job for a period of time allows for more monetary gain, lower stress, and a

more consistent lifestyle. All in all, a college degree provides a pathway for a better life

supported by better health, stability, community impact and more all in addition to the

considerable monetary gain that comes with it.

One of the most common misconceptions surrounding a college education is the return on

investment. Some believe that years at a university could be better spent earning income right out

of high school. The risk of student debt is daunting and if a graduate does not have a high paying

job out of college they may not be able to pay their dues. The Economist sheds light on these

concerns by explaining the cost of a four-year degree. For some students it could leave them in

considerable debt, reaching nearly $60,000 each year. With this debt, students attending college

could be in a worse situation than when they started (“Is College Worth it? Higher Education”).

The fact of the matter is in some cases the risk of college debt is an issue, depending on a

number of variables. One of the main issues for students is taking on college loans they can’t

repay. Choosing to go to an expensive university may not be the best decision for some, it

ultimately comes down to what each person can afford. College Board explains that an average

graduate who attends college for 4 years can offset the cost of college loans, fees, and other
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expenses by the age of 33. This is compared to a high school student who enters the workforce at

18 and works a fulltime job. Additionally, the time to offset college debts could be even less if a

student receives grant aid or other financial assistance (Ma et al. 4). For the average graduate it is

entirely possible to repay loans within a reasonable amount of time. The time it takes to pay off

loans is worth the amount of income and other benefits a college graduate will enjoy later in life.

Another concern many have is how much their job will pay after college. Some also wonder if a

job out of high school would set them up for more financial stability in comparison. Although

this may be true in some cases, median earnings for someone with a bachelor’s degree in the

STEM field climb to around 3 million dollars across their entire life span. Even someone in the

health support field with the same bachelor’s degree can expect to earn around 1.2 million

dollars in their lifetime. When comparing the earnings of these two fields, they earn far more

than someone with only a high school education (Oreopoulos and Petronijevic 5). The main

takeaway from this data is that even lower paying college degrees still beat out high school

degrees in terms of lifetime earnings. People typically get caught up in the short term when

thinking about the positives and negatives of college. They don’t always consider what will

benefit them most decades down the road. Some graduates may have debts to repay in their

transition out of college, but after those debts are repaid the numbers clearly show they will

make more money and live better lives on average. Additionally, for those still concerned about

debts and the overall opportunity cost of college, it is important to note that in 2018 of those

aged 25 and older only 4% with a bachelor’s were impoverished, while nearly 13% with a high

school degree were living in below the poverty line (Ma et al. 5). Again, while upfront costs are

greater for college students, there is a measurable difference in the financial outcomes for both

groups. As a college graduate, one can expect to be at a lower risk of being impoverished and
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have more monetary stability. It is also important to note that there is a higher percentage of job

openings for those with a college degree. Carnevale et al. states that of the 55 million job

openings in the US within the past decade, 35 percent required a bachelor’s degree, 30 percent

required a college or associates degree, and 36 percent required a high school degree (6). In total,

65 percent of job openings require a college degree, meaning college graduates have almost

twice as many job opportunities when compared to high school graduates. This is something else

to consider when debating the risks and rewards of a college education. All in all, the risks of

attending a university are time and cost. However, benefits include higher employment, greater

lifetime earnings, better health, more community involvement, greater job satisfaction, and many

more. Outcomes for college graduates are just simply better than those of high school graduates,

and when planning for the future it is clear that a college education means greater success.

The question of “what’s next?” for high school graduates can be a difficult one to answer.

Students must decide on a career path, and chose to either enter the workforce or pursue a

college education. Each have different long-term outcomes when it comes to both monetary and

non-monetary benefits. A college diploma opens the door to more opportunities and experiences

that can set graduates up for greater success in the future. While the upfront costs and time

commitment of college can be daunting, the investment in one’s education will put them in a

much better position later in life. A college degree is worth the investment for many people due

to the opportunity of future wages, job satisfaction, and job benefits.

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Works Cited

Carnevale, Anthony, et al. “Recovery Job and Education Requirements Through 202.” 2020, pp.
1–14.

Ma, Jennifer, et al. Trends in Higher Education Series, Education Pays 2019. College Board,

2019, research.collegeboard.org/media/pdf/education-pays-2019-full-report.pdf.

Emmons, William R., and Ana H. Kent. “Is College Still Worth It? The New Calculus of Falling

Returns.” Economic Research - Federal Reserve Bank of St. Louis, vol. 101, no. 4, 15 Oct.

2019, research.stlouisfed.org/publications/review/2019/10/15/is-college-still-worth-it-the-

new-calculus-of-falling-returns. Accessed 5 March 2022.

Oreopoulos, Philip and Uros Petronijevic. "Making College Worth It: A Review of the Returns

to Higher Education." The Future of Children, vol. 23 no. 1, 2013, p. 41-65. Project

MUSE, doi:10.1353/foc.2013.0001.

Rosenbaum, James, and Janet Rosenbaum. “Money Isn't Everything: Job Satisfaction,

Nonmonetary Job Rewards, and Sub-Baccalaureate Credentials.” Research in Higher

Education Journal, U.S. National Library of Medicine, vol. 30, Sep. 2016,

www.ncbi.nlm.nih.gov/pmc/articles/PMC6508652/.

"Is College Worth It? Higher Education." The Economist, vol. 411, no. 8881, 5 Apr. 2014, p.

23(US). Gale In Context: Opposing

Viewpoints, link.gale.com/apps/doc/A363785946/OVIC?u=dayt30401&sid=bookmark-

OVIC&xid=d0f16dcb. Accessed 17 Mar. 2022.