4 Tips to Getting a Degree That Will Result in Good Wages after Graduation
In 2015, 25% of Australian graduates were jobless four months after their graduation. Moreover, the average salary for those who found jobs was lower than it was for previous years.
In the US, a recent study showed that degree inflation is undermining the country’s global competitiveness. EU countries are experiencing similar problems as well.
Avoiding these unfortunate outcomes is possible. You can do that by following these 4 tips to getting a degree that will result in good wages after graduation.
1. Median Pay
Median pay refers to the salary that most people earn after completing a particular course and then going into a specific profession. For example, the median annual pay for sociologists in the US is $79,650.
In contrast, registered nurses earn a median income of $70,000 per year. That means sociologists earn more than registered nurses do. The extra earnings might seem like a small figure, but $9,650 translates into slightly less than $100,000 in ten years.
An average home in the US costs $200,000. That means it is possible for sociologists to pay 50% of this cost with their extra earnings.
2. Job Outlook
Examining the outlook of the profession that you are considering is a useful way of determining its competitiveness in the future. Remember, the high reward for going into a specific profession may last for a short while.
That may happen because some low-paying jobs become high-paying jobs in the future. For example, the demand for registered nurses is likely to increase by 15% in the next 18 years. At the same, the demand for sociologists over the same period is likely to increase by 1% only.
The expected increase in the demand for nurses means that their pay will increase steadily over the coming years. It is unlikely that sociologists will receive a median pay increase over the same period.
3. Upward Mobility
A degree may help you secure an entry-level position in a specific organization. How likely is it that you will move up the ranks within that organization? Will your pay reflect that rise in position?
Examining the degrees most commonly held by billionaires and millionaires reveals the ones that promote upward mobility. One of them is a BSc. in Business Administration. Warren Buffet completed it when he was 19 years old.
Other degrees most commonly held by millionaires deal with politics, finance, computer sciences, law, and economics. Rich people also hold degrees in accounting, business administration, commerce, and engineering.
4. Technological Advancements
Technology affects the competitiveness of our degrees. Remember, studying for a degree gives you the power to read literary materials on particular issues. Then you can interpret those materials to others accurately.
You lose relevance when people get this information through the internet and then they interpret it accurately without your help. That also happens when technological devices do the practical work that your lecturers trained you to do.
Ensuring that technology does not interfere with the competitiveness of your degree is possible if you study technology-based courses. In other words, enroll in colleges offering computer information degrees.