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Originally posted by M-11:
I should be so (financially) lucky!

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As Figure 1 shows, median lifetime earnings rise steadily for workers with increasing educational
attainment. Overall, the median lifetime earnings for all workers are $1.7 million, which is just
under $42,000 per year ($20 per hour). Over a 40-year career, those who didn’t earn a high school
diploma or GED are expected to bring in less than $1 million, which translates into slightly more
than $24,000 a year ($11.70 per hour). Obtaining a high school diploma adds 33 percent more to
lifetime earnings; the average annual earnings of people with a high school diploma are $32,600
($15.67 per hour). Clearly, then, the economic penalty for not fi nishing high school is steep —
almost $9,000 a year.

Having some postsecondary education, even without earning a degree, adds nearly onequarter of a million dollars to lifetime earnings. Annual earnings rise to $38,700 ($18.69 per
hour). Getting an Associate’s degree adds another bump of nearly $200,000 in lifetime earnings.
At $43,200 a year ($20.77 per hour), those with Associate’s degrees earn nearly one-third more
than those with just a high school diploma. Th ese numbers demonstrate conclusively the
advantage of non-baccalaureate postsecondary education.
Getting a Bachelor’s degree adds another large increase in lifetime earnings. With median
earnings of $56,700 ($27.26 per hour), or $2.3 million over a lifetime, Bachelor’s degree holders
earn 31 percent more than workers with an Associate’s degree and 74 percent more than those
with just a high school diploma. Further, obtaining a Bachelor’s is also the gateway to entering
and completing graduate education. About one-third of Bachelor’s degree holders obtain a
graduate degree.
All graduate degree holders can expect lifetime earnings at least double that of those with
only a high school diploma. For those with a Master’s degree (which includes those with Master’s
degrees in elementary teaching and in business administration), typical lifetime earnings are $2.7
million ($66,800 a year or $32 per hour).4
Moreover, earnings rise substantially for those with
Doctoral and Professional degrees: Doctoral degree holders have lifetime earnings of $3.3 million
($81,300 per year; $39 per hour) while those with Professional degrees (mainly doctors and
lawyers) have the highest earnings, making over $3.6 million over the course of a lifetime
($91,200 per year; $44 per hour). Th is is a 61 percent increase (nearly 1.4 million) over
Bachelor’s degree holders.