Saturday, July 14, 2007

Weekend Bonus: The Salaries of a Good Education

Once upon a time, when I was standing at a point where I was researching and mapping out my educational landscape and my future, I figured that my salary potential could essentially double with each subsequent degree: Whereas an Associate’s degree could earn me a potential of $25,000 USD per year, a Bachelors degree could earn me $50,000 USD. Going up the “degree ladder” offers initial diminishing returns, but higher potential in the long-term: Whereas the non-Ivy League MBA, for example, can earn you 35 percent more and an Ivy League MBA can earn you up to an immediate six figure salary with the potential for a five figure sign on bonus. The amounts earned by Ph.D.s vary based on discipline and sector.

A recent study shows that earnings have been increasing for college graduates: The results suggest that the increased hiring is translating directly into higher average starting salary offers.

Leave it to free market economics to increase the salaries of job seekers with the right qualifications in a booming economy. While salary trends multiple disciplines increased, business degrees warranted some of the best earnings increases: New economics graduates earned $47.239, new accounting graduates earned $46,718, new management graduates earned $43,701 annually, while the highest increase was to new marketing graduates who earned $40,161. The second highest increase that was able to be measured was a 4.2 percent increase in management information systems, with a salary of $47,648.

Engineering majors posted an average salary of $54,698 across all sub-disciplines: Mechanical, chemical, civil, electrical, and computer engineering.

Others:

Discipline

Salary

Percent Increase

Psychology

$31,631

3.5

Political Science

$34,590

5.9

English

$32,553

5.3

Sociology

$32,033

3.5

History

$33,768

3.3

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