Education Affects Unemployment and Income

Jonathan Bollag, Owner and FounderLeave a Comment

One can say that knowledge is power. The importance of a good education can be observed not only in the increased occupational opportunities one gains, but also in the personal growth one obtains through studying text, attending lectures and experiential learning such as internships and hands-on studies.  The positive correlation between a higher education and higher income and occupational status cannot be denied.

As referenced in the Table below, according to The United States Department of Labor, it is clear that the more education you obtain throughout your life, the less likely you are to be unemployed. In 2012, a staggering 12.4% of workers without a High School Diploma were out of work. When you compare the income of an individual with an Associates Degree with that of an individual with a Master’s degree, their weekly earnings nearly double. So what does this tell us? Certainly that there is a positive correlation between education levels and income, though is this the whole picture? It makes one wonder about what other types of factors could be involved here. Are more driven individuals more apt to obtain a higher degree, and by doing so enhance on-the-job performance? Can this be one of the factors of higher income? What about one’s motivation to earn higher salaries? Do those that set their eyes on higher learning generally do so for higher paying occupations or for the experience of learning itself?  Perhaps individuals seek higher learning for a combination of both motivating factors. There are numerous issues that fall into play here, though one that really cannot be disputed is the importance of a good education- especially when you lack personal connections in the occupational field. 

One of the fastest growing trends today is the online education system. It is not always affordable (though it can be), though it is practical, and has been developed to adhere to the working individual who does not have the time to attend a traditional brick and mortar University.  Online Universities allow students such as stay at home mothers and fathers as well as full-time employees create their own study and classroom schedule to suit their needs. By no means does this mean that Online Accredited Colleges have an easy course load, they can be quite challenging.  Most Ivy League schools and other top-notch Universities are offering online classes if not online degrees. Harvard is now offering online classes as is Boston University offering degree programs. The University of Southern California (USC) Rossier School of Education, which has been ranked by U.S. News and World Report Magazine as #17 among graduate schools of education, has an Online Masters Degree program in Education, which carries the same weight as a degree from the traditional USC University, and also has the same requirements for admission. PHD and other Doctoral Degrees are offered online which are usually done mostly off-site with some bi- annual residency requirements as well as an in-person oral defense of your dissertation.

So what are some of the best paying jobs? Below is a list of the top 25 paying jobs according to The Department of Labor. The annual median incomes are listed. Not surprisingly, medical fields dominate the top 25 occupations in terms of income. Needless to say, medicinal occupations normally require the most challenging and time consuming educational pursuits, and of course cannot be completed over the Internet.

Anesthesiologists

$232,830

Surgeons

$230,540

Obstetricians and Gynecologists

$216,760

Oral and Maxillofacial Surgeons

$216,440

Internists, General

$191,520

Physicians and Surgeons

$190,060

Orthodontists

$186,320

Physicians and Surgeons, All Other

$184,820

Family and General Practitioners

$180,850

Psychiatrists

$177,520

Chief Executives

$176,840

Prosthodontists

$168,120

Pediatricians, General

$167,640

Dentists

$166,910

Dentists, All Other Specialists

$164,780

Dentists, General

$163,240

Nurse Anesthetists

$154,390

Petroleum Engineers

$147,470

Architectural and Engineering Managers

$133,240

Podiatrists

$132,470

Lawyers

$130,880

Natural Sciences Managers

$130,400

Marketing Managers

$129,870

Lawyers and Judicial Law Clerks

$129,410

Computer and Information Systems   Managers

$129,130

With this said, the importance of education cannot be denied no matter what your occupational pursuits are. Whatever your socioeconomic status may be, attempt to gain an education. Be this through your local City College, traditional brick and mortar University or via an online University, as any education will help you land that better paying and more inspiring occupation. For those of you who are lucky enough to acquire a scholarship, go for it, as this will most likely be the most dramatic decision you will make for your occupational future.  It is never to late to go back and complete a college degree. With the vast availability of adult education there is no reason not to pursue a diploma at any age.

 

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