Does a College Degree Help You Earn More Money?

In recent months, national journalists and academic leaders have discussed a waning confidence among some Americans in the value of a college education (see examples in The New York Times Magazine, The Wall Street Journal, and The Atlantic). Rising sticker prices at both public and private institutions and student loan debt increasingly are raising questions about whether the benefits of a college degree outweigh the costs.

Labor market projections examined by the Wisconsin Policy Forum provide a helpful perspective. The Forum, a member of the Wisconsin Coalition on Student Debt, examined data from the state Department of Workforce Development’s long-term occupational employment projections for 2020 to 2030 to see what education and skills are needed for the jobs of the future. 

Looking at jobs that currently pay median wages of $50,000 or more a year, 58.1% of those jobs opening each year through 2030 will be in occupations that typically require a bachelor’s or advanced degree for entry. Another 5.9% require an associate degree or postsecondary non-degree award, such as a certificate or technical diploma from a community college.

Looking at occupations that currently pay a median wage of $75,000 or more annually, 91% of the projected openings in those jobs will require a bachelor’s or advanced degree. For more on this topic, read the Forum’s brief.