Recent studies by the U.S. Bureau of Labor Statistics, using 1996 annual data, show that education does pay, literally. As Figure 1 shows, median earnings in 1996 for high school graduates was $7,000 more than for those with less than a high school diploma. Even more dramatic is the $23,000 difference between college graduates and those with less than a high school diploma. Figure 1 also shows that education helps in just being able to land a job. The unemployment rate for those with less than a high school diploma was 8.7 percent, by far greater than any of the other categories. Education shows an employer that you have some basic skills and that you are trainable.

No matter what level of education you aspire to, there is going to be some level of job growth. However, aspiring to a level requiring a formal education would be the best option. In the near future, the number of jobs requiring a bachelor’s degree is predicted to increase by 25 percent (See Figure 2) and those requiring an associate’s degree by 22 percent.

Training does not always have to come from taking college courses either. Figure 3 shows that workers in all levels of formal education can benefit from additional skills training. For example, among high school graduates, those who had training earned $396 per week compared to $314 per week for those who did not receive training.

Increased education gives you more career options and can increase the salary you earn for your career choice. If you have a bachelor’s degree in Engineering and you want to work as an Engineer or a Cashier, you can do either. If you don’t even have a high school diploma, you might not even get hired as a cashier. The facts show that a good education pays. But don’t forget that continually improving your skills is beneficial to everyone.