By: Resume Now
Today’s world of work is hyper-competitive. Not surprisingly, everyone wants to crack the code of professional success. Many view education as the cornerstone of a fulfilling career and financial stability. But is it indeed so? Let’s find out.
Here are some recent data on this important topic.
- According to the U.S. Bureau of Labor Statistics 2021 Employment Projections, educational background and income are closely correlated, with higher degrees typically leading to higher salaries and lower unemployment rates.
- As the Association of American Colleges and Universities 2021 Employer Report shows, 87% of executives and hiring managers do care about your higher education credentials.
- Research from Georgetown University calculated that the lifetime earning potential of a worker with a Bachelor’s degree is $2.8 million. Without a degree, the expected earning power is $1.6 million.
In August 2023, ResumeNow conducted a study on over 1,000 U.S.-based workers to examine the link between education and a successful career. Do educational achievements guarantee prosperous careers? Can we be sure that having a college degree will pay off one day? Does a diploma open the door open doors to a brighter future? Keep reading to discover what the study revealed.
College degree & professional fulfillment
At first, participants were asked whether educational achievements were necessary for a future career.
Almost 9 in 10 (87%) believed that education was essential to be successful at work.
Digging deeper—
The answers differed depending on the respondents’ educational level. The higher the education, the stronger their conviction that a college degree is necessary.
Education was considered essential for professional life by:
- 65% of those without a college degree
- 88% of Bachelor’s or Associate degree holders
- 92% with a Master’s degree or higher
Survey takers also claimed that more education led to…
- better job stability – 85%
- better job performance – 84%
- higher earnings – 81%
- greater job satisfaction – 81%
- having a more prestigious job – 80%
Additionally, college degree holders were viewed as more likely to…
- work in managerial roles than those with lower education levels – 83%
- become bosses’ pets than those with lower education levels – 80%
- get promoted than those with lower education levels – 78%
Now, let’s move on to see what participants with a college degree think.
Is it worth having higher education?
ResumeNow also examined how degree holders felt about having a higher education.
- 87% were proud of their educational achievements.
- 85% claimed an academic degree boosted their self-confidence at work.
- 83% believed higher education allows them to follow their professional dreams.
Also, almost 9 in 10 (88%) declared that a college degree was worth the money. Sticking to the topic of money, 66% of participants without higher education thought they would earn more money if they were better educated.
Education costs are high, but they’re a lifetime investment.
Some more study findings to mention here:
- Only 36% of survey takers claimed they ended up working in the area of their degree specialization. 64% followed a different career path.
- 72% regretted choosing their area of specialization.
- 83% stated their current job required higher education.
Is getting a college degree worth it, then? It seems so.
Still, we all have the right to decide how to live our lives. There are different dreams to follow and career paths to choose.
