Does Higher Education Guarantees Higher Income? The essay on the subject mainly focuses on the US perspective regarding higher education in relation to income thereof. The higher education in relation to higher income is a serious debate in the united States at the academia level since couple of years. Considering the rolling urn-employment rate and high cost on the graduate and PhD programs many people have serious observations whether or not to opt for the higher education. Many people even after having Masters and PhD degrees do not mind good Jobs and are forced to work for less attractive Jobs.
In such scenario there arises a serious question whether higher education guarantees higher income? In the following paragraphs the question has been analyzed by various directions. Before analyzing the specific question. It is Important to describe the higher education. In the United States the higher education is referred to as study carried out at the university level for graduate, masters and doctoral programs. The apparent objective of higher education seems more knowledge. It is an established act that technology has become the driving force in the world and It Is being advanced every new day.
The innovation in the technology and putting new ideas is difficult unless you have an in depth knowledge of the subject. The higher education Is research oriented and can equip the Individual with new Ideas. So people having mastery in their subject are the team members of the driving force. These are the people who have got the ability to shape the destiny of the people on the globe. Addition to that, the world has become so compact that international companies are operating across the globe.
The focus of the major powers has shifted from the concept and theories of cold war to economic progression and competition. The multinational companies, international organizations, corporations and other institutions all require people fully equipped with the relevant knowledge so as to compete in the world market. In such a scenario the simple philosophy is that the more educated or knowledgeable you are the more opportunities for higher income you get. Higher education plays an important role in the personality and professional placement of an individual.
The individual equipped with higher education is recognized globally and can explore better opportunities for higher income. Now coming to the point of higher income due to higher education more specifically I would like to refer the report titled “The benefits of higher education for individuals and society coauthored by Sandy Bum, Senior Policy Analyst at the College Board and Professor of Economics at Kidders College and Kathleen Payee, Consultant to the College Board, published In 2005, which describes the variation In earning income between different individuals having different educational background. Over their working lives, typical college graduates earn about 73 percent more than typical high school graduates, and those with advanced degrees earn two to three times as much as high school graduates (p. AY’ 1 OFF In ten above quoted report teen nave Turner Loretta t 003, ten average full-time year-round worker in the United States with a four-year college degree earned $49,900, 62 percent more than the $30,800 earned by the average full-time ear-round worker with only a high school diploma.
Those with master’s degrees earned almost twice as much, and those with professional degrees earned over three times as much per year as high school graduates. Median earnings for those with some college but no degree were 16 percent higher than those for high school graduates, and adults with associate degrees earned 22 percent more than high school graduates. The average college graduate working full-time year round pays over 100 percent more in federal income taxes and about 78 percent more in total deader, state, and local taxes than the average high school graduate.
Those who earned professional degrees pay almost $20,000 a year more in total taxes than high school graduates”(p. 10). On the other side, there are people who have serious observations on the question and are of the view that the higher education does not necessarily guarantee the higher income. Instead they are of the view that skilled people with reasonable qualification can easily find Jobs and earn good income compared to the highly qualified people.
The point of view does have a say to the extent that the people with knowledge and skill together have got a bigger space in the Job market compared to the specialized people having Masters and PhD degrees and expanding lot of money. Whereas the Job opportunities for highly qualified people are limited as they cannot apply their knowledge on ordinary positions. There is no doubt that higher education in the United States is very expansive and ordinary people cannot afford it.
The argument does have a say to the extent of affordability of higher education, which is a separate question beyond the scope of this essay and deed to be explored separately but that cannot over ride the arguments offered in favor of the question. If we compare the expenses on the higher education and analyze the monetary return after having done with, apparently, there appears to be no policy in the United States which can guarantee the individual to get a Job with good package.