More education:
Lower unemployment,
higher pay
S
taying in school can do more than improve
your mind. It can also improve your chances of
being employed and having high earnings.
As the data show, the unemployment rate falls
and earnings rise for people who have more education. The differences are stark between the highest and lowest educational levels. But completing
a program, whether it’s finishing high school or
getting a degree, is important at every level. This
may be because employers view the ability to earn
an academic credential as an indicator of assets—
such as organizational skills and aptitude—that a
potential worker will bring to the job.
Educational attainment is not the only factor
affecting employment and earnings, though. At
every educational level, whether jobseekers are
successfully employed may hinge on issues ranging
from an occupation’s size to geographic location.
And workers’ earnings vary by type of training and
choice of occupation, among other things.
Unemployment and earnings for full-time workers aged 25 and over,
by educational attainment, 2003
Unemployment rate
Education
Less than a high
school diploma
8.8%
High school diploma,
including GED
5.5
Some college, no
degree
5.2
4.8% - National unemployment rate
Associate degree
3.3
Bachelor’s degree
2.9
Master’s degree
1.7
2.1
Source: Current Population Statistics
32 Occupational Outlook Quarterly • Fall 2004
2
$396
554
622
National median weekly earnings - $662
4.0
01
Median weekly earnings
0
672
900
1,064
Professional degree
1,307
Doctoral degree
1,349