Does Having a Degree vs. No Degree Affect Employment Opportunities?

<p>According to a report by the U.S. Bureau of Labor Statistics (BLS, <i>www.bls.gov</i>) in February 2023, 24.3% of all unemployed Americans are in the 25 to 34 age range. The U.S. Census Bureau, on the other hand, reports that in 2017, 11.1% of individuals between the ages of 25 and 34 were currently not working, a figure that was much higher than the national jobless rate of 5.3% at that time (<i>www.census.gov</i>). </p> <p>Despite these troubling statistics, one demographic is holding up well despite the economic downturn: college graduates. The U.S. Census Bureau reported in 2017 that only 2.6% of college graduates were unemployed, far less than the national average. When compared with other education levels, individuals with a college degree were the only group that had better job prospects in 2017 than when the recession started. </p> <p>A college degree, however, is not a guarantee. Your area of study will almost certainly affect your ability to get a job, according to a report by the National Center for Education Statistics (NCES, <i>nces.ed.gov</i>). For example, only 1% of students with a degree in general education were unemployed in 2018. Conversely, those who choose to study the liberal arts and humanities have much dimmer prospects, with a 5.8% unemployment rate after graduation. </p> <h3 id="section---ImportantFactsAboutEmploymentOpportunitiesWithADegreeVs.NoDegree">Important Facts About Employment Opportunities with a Degree vs. No Degree</h3> <p /> <table border="1"><tr><th></th><th>Wind Turbine Service Technician </th><th>Physical Therapist </th><th> Home Health Aide</th></tr> <tr><td>Required Education </td><td> Some college</td><td>Doctoral/Professional degree</td><td>No formal education requirement</td></tr> <tr><td>Work Environment </td><td> On-site </td><td> Healthcare facilities</td><td> Client's residence</td></tr> <tr><td>Median Salary (2021) </td><td> $56,260 </td><td> $95,620 </td><td> $29,430</td></tr> <tr><td>Projected Job Growth (2021-2031) </td><td> 44% </td><td>17%</td><td>25%</td></tr> </table><p><i>Source: U.S. Bureau of Labor Statistics</i> </p> <h3 id="section---JobOpeningsIn2021And2031">Job Openings in 2021 and 2031</h3> <p>The BLS reported in 2021 that the number of jobs available for those who held a high school diploma or equivalent was about 60.9 million. The number of jobs for those with an associate's degree was roughly 3.3 million and with a bachelor's degree were almost 38.3 million. Jobs for master's degree holders were almost 2.9 million and those with a doctoral or professional degree had about 4.2 million jobs available. The largest projected job growth for 2021-2031, about 13.6%, was expected in jobs that required a master's degree. </p> <h3 id="section---JobOpportunitiesInTopGrowingOccupations">Job Opportunities in Top Growing Occupations</h3> <p>The BLS also reported on the top growing occupations for 2021-2031, with the report showing that most of the fastest growing jobs required some form of postsecondary education. Some of the occupations on the report that require a college education included physical therapist assistants, nurse practitioners, and statisticians. Some occupations on the list, such as home health aides, did not require a degree, making it a possible choice for professionals with only a high school degree.</p>