What Job Makes The Most Money In The Us

These assessments are based on findings from a new nationally representative Pew Research Center survey of 2,002 adults supplemented by a Pew Research analysis of economic data from the U. 17,500 more—than employed young adults holding only a high school diploma. The pay gap was significantly smaller in previous generations. But do these benefits outweigh the financial burden imposed by four or more years of college? Of course, the economic and career benefits of what Job Makes The Most Money In The Us college degree are not limited to Millennials.

Overall, the survey and economic analysis consistently find that college graduates regardless of generation are doing better than those with less education. To be sure, the Great Recession and the subsequent slow recovery hit the Millennial generation particularly hard. 4 Neither college graduates nor those with less education were spared. But today’s high school graduates are doing even worse, both in comparison to their college-educated peers and when measured against other generations of high school graduates at a similar point in their lives. To measure how the economic outcomes of older Millennials compare with those of other generations at a comparable age, the Pew Research demographic analysis drew from data collected in the government’s Current Population Survey.

The CPS is a large-sample survey that has been conducted monthly by the U. Census Bureau for more than six decades. At the same time the share of college graduates has grown, the value of their degrees has increased. Taken together, these two facts—the growing economic return to a college degree and the larger share of college graduates in the Millennial generation—might suggest that the Millennial generation should be earning more than earlier generations of young adults. The steadily widening earnings gap by educational attainment is further highlighted when the analysis shifts to track the difference over time in median earnings of college graduates versus those with a high school diploma.

7,499 more than those with a high school diploma. 17,500 among Millennials ages 25 to 32. Other Labor Market Outcomes To be sure, the Great Recession and painfully slow recovery have taken their toll on the Millennial generation, including the college-educated. Young college graduates are having more difficulty landing work than earlier cohorts. They are more likely to be unemployed and have to search longer for a job than earlier generations of young adults. But the picture is consistently bleaker for less-educated workers: On a range of measures, they not only fare worse than the college-educated, but they are doing worse than earlier generations at a similar age.

But the unemployment rate for Millennials with only a high school diploma is even higher: 12. 8 percentage points more than for college graduates and almost triple the unemployment rate of Silents with a high school diploma in 1965. The same pattern resurfaces when the measure shifts to the length of time the typical job seeker spends looking for work. Again, today’s young high school graduates fare worse on this measure than the college-educated or their peers in earlier generations. Similarly, in terms of hours worked, likelihood of full-time employment and overall wealth, today’s young college graduates fare worse than their peers in earlier generations. But again, Millennials without a college degree fare worse, not only in comparison to their college-educated contemporaries but also when compared with similarly educated young adults in earlier generations. The Value of a College Major As the previous sections show, having a college degree is helpful in today’s job market.

What Job Makes The Most Money In The Us

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What Job Makes The Most Money In The Us

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But depending on their major field of study, some are more relevant on the job than others, the Pew Research survey finds. To measure the value of their college studies, all college graduates were asked their major or, if they held a graduate or professional degree, their field of study. The remainder said they were studying or training for a vocational occupation. At the same time, those who majored in science or engineering are less likely than social science, liberal arts or education majors to say in response to another survey question that they should have chosen a different major as an undergraduate to better prepare them for the job they wanted. About three-quarters of all college graduates say taking at least one of those four steps would have enhanced their chances to land their ideal job.

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What Job Makes The Most Money In The Us

Leading the should-have-done list: getting more work experience while still in school. Half say taking this step would have put them in a better position to get the kind of job they wanted. The survey also found that Millennials are more likely than Boomers to have multiple regrets about their college days. Boomers say they should have done three or all four things differently in order to prepare themselves for the job they wanted.

The remainder of this report is organized in the following way. The first chapter uses Census Bureau data to compare how Millennials ages 25 to 32 with varying levels of education are faring economically. It also examines how economic outcomes by level of education have changed over time by comparing the economic fortunes of Millennials with those of similarly educated Gen Xers, Baby Boomers and Silents at comparable ages. The second chapter is based exclusively on data from a recent Pew Research Center survey.

What Job Makes The Most Money In The Us

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