Five Rules of the College and Career Game

Five Rules of the College and Career Game

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  Five Rules ofthe College and Career Game By: Anthony P. Carnevale and Ban Cheah May 16, 2018
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  Overview •  The investmentstudents and their families make in higher education has become crucial and life-changing. •  College degrees are now worth almost twice as much in the workplace as high school diplomas. •  The increased complexity of the college landscape has diminished transparency about student outcomes. •  College is less about what institution you attend and more about the returns of individual college programs. •  Students and educators need to learn the five rules of the college and career game.
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  Rule 1: Moreeducation is usually better •  Median earnings increase with each additional level of educational attainment. •  The median earnings of a high school diploma holder are $36,000, while a BA holder makes $62,000, and a graduate degree holder earns $80,000.
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  Rule 2: Majorsmatter more •  The difference in annual median earnings between the highest and lowest paying majors is $39,000.
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  •  The top25 percent of liberal arts majors ($81,000) make more than the bottom 25 percent of architecture and engineering majors ($60,000). Rule 3: Majors are important, but they do not control one’s destiny
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  Rule 4: Lesseducation can be worth more •  Twenty-eight percent of associate’s degree holders, and many workers with one-year certificates, earn more than the average BA holder. •  Some bachelor’s degrees holders earn more than the average worker with a graduate degree.
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  Rule 5: Mosthumanities and liberal arts majors never catch up with the highest-earning majors such as STEM, healthcare, and business •  Earnings for majors such as business, biology and life sciences, and physical sciences can overtake earnings of social science majors at later ages.
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  Conclusion •  American highereducation is a risky undertaking for both students and taxpayers because of low overall graduation rates. •  It has also gotten more complicated with the increasing number of programs and occupations. •  Since the 1980s, 60 percent to 70 percent of the increase in earnings inequality has been due to differences in access to college programs with labor market value. •  The five rules in the college and career game are sometimes contradictory, but enable students, their families, and educators to make informed decisions.
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