By Alina Dizik
Paying for a degree can seem like big bucks to shell out each semester. But in almost each instance salaries are significantly higher after getting a degree. Additionally, earning a higher salary year after year can quickly make up the difference of what you initially paid.
Not only does education earn you more money, it also provides better career opportunities for those that continue to invest in education. Many hiring managers look to candidates who have participated in continuing education courses as a sign that they know how to succeed and move up the ladder. While others scan résumés for degrees earned. With so much competition for jobs, those with the most advanced levels of education often win out on career opportunities.
Here’s what to expect with each degree:
Associate’s Degree
Many workplaces won’t consider candidates without at least an associate’s degree, so spending two years to get this type of degree becomes crucial. Investing in an associate’s degree can instantly boost your pay. If you’re attending a community college tuition costs are significantly lower than at a university. According to the U.S. Census Bureau, people with an associate’s degree and a full-time job earned a median of $43,142 compared to $35,346 to those who just graduated from high school.
Bachelor’s Degree
Even with so many different types of bachelor’s degrees, it’s fair to say that most undergrad degrees will earn you a salary jump (and many are also a required résumé credential). Those with a bachelor’s degree earn a median salary of $56,687 according to the U.S. Census Bureau, which is 38 percent higher than full-time employees who only graduated from high school.
Master’s Degree
While not all careers require a master’s degree to move up the ladder, people that invest in this type of degree can earn a median salary of $68,058 — a 17 percent increase from those who simply have a bachelor’s degree according to the U.S. Census Bureau. Additionally, many master’s programs offer teaching positions, which can decrease the amount paid for education and better the return on investment.
Doctorate Degree
Investing in a PhD is a significant time commitment of at least several years. Though the knowledge gained from a PhD program can result in a significant increase in salary and the opportunities to teach at the college-level as well as consult. PhDs also earn a median salary of $93,613, which is a 27 percent jump from those who only possess a master’s degree.
Professional Degree
Those who continue their studies to get a Masters of Business Administration (MBA), Juris Doctor (law) or a medical school degree come out on top when it comes to pay scale. A graduate from law, medical or business school earns a median salary of $100,000 according to the U.S. Census Bureau. Though it’s worth noting that many professional degree programs also charge six-figure tuitions, so it’s important to understand your individual return on investment before applying.
Certificate Programs
Investing in a week or month-long certification program can make you seem more appealing to employers. While you won’t get a salary bump from going through a short program, it can help you learn valuable skills in your field and a new certification is bound to help your résumé. “Certifications are usually what jump out to a lot of the hiring managers,” says Andrew Reina, a regional director for Ajilon Finance Solutions, New York-based recruiting firm.
Continuing Education Courses
Signing up to attend courses or seminars as part of ramping up the skill set required for your profession doesn’t always yield more money. Though it’s another way to impress hiring managers and may sometimes be paid for by employers. These courses are also an important part of conveying your willingness to succeed.