Education remains one of the strongest predictors of lifetime earnings in America. Here’s exactly how much each degree level and field of study is worth.
Table of Contents
Median Income by Education Level
Education Level
Median Annual Income
vs. High School
Unemployment Rate
Less than high school
$30,000
-21%
5.4%
High school diploma
$38,000
Baseline
3.7%
Some college, no degree
$42,000
+11%
3.3%
Associate’s degree
$45,000
+18%
2.8%
Bachelor’s degree
$68,000
+79%
2.2%
Master’s degree
$80,000
+111%
2.0%
Professional degree (MD, JD, MBA)
$104,000
+174%
1.6%
Doctoral degree (PhD)
$95,000
+150%
1.1%
Higher education correlates with both higher earnings AND lower unemployment.
Lifetime Earnings by Education
Education Level
Lifetime Earnings (Age 25-64)
Premium Over HS
Annual Premium
Less than high school
$1,100,000
-$340,000
-$8,700
High school diploma
$1,440,000
Baseline
Baseline
Associate’s degree
$1,680,000
+$240,000
+$6,200
Bachelor’s degree
$2,520,000
+$1,080,000
+$27,700
Master’s degree
$3,060,000
+$1,620,000
+$41,500
Professional degree
$3,900,000
+$2,460,000
+$63,100
Doctoral degree
$3,480,000
+$2,040,000
+$52,300
Earnings by Bachelor’s Degree Field
Degree Field
Median Starting Salary
Mid-Career Median
Lifetime Premium (vs. Avg. BA)
Computer science
$75,000
$115,000
+$640,000
Engineering
$72,000
$120,000
+$720,000
Nursing (BSN)
$65,000
$80,000
+$120,000
Finance
$58,000
$95,000
+$360,000
Accounting
$55,000
$82,000
+$200,000
Business administration
$52,000
$78,000
+$140,000
Economics
$56,000
$100,000
+$440,000
Biology/life sciences
$42,000
$68,000
-$60,000
Communications
$40,000
$62,000
-$120,000
Psychology
$38,000
$58,000
-$200,000
Education
$40,000
$55,000
-$260,000
Social work
$38,000
$52,000
-$320,000
Fine arts
$35,000
$50,000
-$360,000
Is College Worth the Cost?
ROI by Degree Type
Degree
Average Cost (4 years)
Lifetime Earnings Premium
ROI (Net Benefit)
Payback Period
Engineering (public, in-state)
$92,000
+$1,800,000
+$1,708,000
3-4 years
Computer science (public)
$92,000
+$1,720,000
+$1,628,000
2-3 years
Business (public)
$92,000
+$1,220,000
+$1,128,000
4-5 years
Nursing (public)
$92,000
+$1,200,000
+$1,108,000
3-4 years
Education (public)
$92,000
+$820,000
+$728,000
7-8 years
Psychology (public)
$92,000
+$880,000
+$788,000
7-8 years
Fine arts (private, $220K)
$220,000
+$720,000
+$500,000
15+ years
Any degree (expensive private)
$220,000+
Varies
Much lower
Variable
When College May NOT Be Worth It
Scenario
Alternative Path
Low-ROI degree at expensive private school
In-state public university
Would require excessive student debt (>$50K)
Community college first, then transfer
Interested in trades (electrician, plumber, HVAC)
Apprenticeship: $0 cost, earn while learning
Tech career
Bootcamp ($15K) or self-taught
Already have a clear trade career path
Trade school (1-2 years, $5K-$15K)
Trade and Vocational Careers
Career
Median Income
Education Required
Time to Enter
Cost of Training
Electrician
$60,000
Apprenticeship
4-5 years
Minimal (earn while learning)
Plumber
$62,000
Apprenticeship
4-5 years
Minimal
HVAC technician
$55,000
Trade school + OJT
1-2 years
$5,000-$15,000
Dental hygienist
$82,000
Associate’s degree
2-3 years
$20,000-$50,000
Registered nurse (ADN)
$65,000
Associate’s degree
2-3 years
$20,000-$40,000
Welder
$52,000
Certification
6-12 months
$5,000-$15,000
CDL truck driver
$55,000
CDL training
3-6 months
$3,000-$7,000
Real estate agent
$52,000+
License
3-6 months
$1,000-$3,000
Many trades offer high pay with minimal educational debt — an increasingly attractive option.
