People with bachelor’s degrees will make more money over the course of their lifetimes than those with a high school diploma – in some cases, more than $1 million more. Buffered by recent research indicating that 66% of Americans believe that public four-year colleges are worth the cost, if you’ve considered going back to school to get or finish your bachelor’s degree, such as a bachelor’s degree in business administration (BSBA), now is the time.
A 2023 survey by New America, Varying Degrees, notes that a majority of Americans believe that people with undergraduate credentials (including certificates, associate degrees or bachelor’s degrees) are more financially stable than those without. More than 70 percent think individuals with undergraduate credentials contribute to greater civic engagement, lower unemployment rates, and better public health within their communities.
According to the Association of Public and Land Grant Universities:
- College graduates are half as likely to be unemployed as their peers who only have a high school degree.
- Typical median earnings for bachelor’s degree holders are 84 percent higher than those whose highest degree is a high school diploma.
- College graduates on average make $1.2 million more over their lifetime.
Men with bachelor’s degrees can expect to earn $900,000 more in median lifetime earnings than high school graduates, according to the Social Security Administration. Women with bachelor’s degrees earn $630,000 more over the course of their lifetimes.
If you already have an associate degree and are wondering if a bachelor’s degree is right for you, consider this: Not only will you have more marketable skills, you’ll also be positioned to earn more throughout your career. While workers with “some college” (meaning some college credits completed) will make more than a high school graduate, the biggest salary increase happens when workers complete a bachelor’s degree over an associates degree. For the average 25 to 34 year old, you can expect to earn $15,500 more per year, says Forbes magazine.
In 2022, workers aged 25 and older with an associate degree made $1,005 per week on average, compared to workers with a bachelor’s degree, who made $1,423 per week, according to the Bureau of Labor Statistics.
According to a recent report by the Wisconsin Policy Forum, among higher-paying jobs expected to open each year in Wisconsin through 2030, more than half (54,802, or 58.1%) will be in occupations that typically require a bachelor’s or advanced degree for entry (see Figure 1). Another 5.9% require an associate degree or postsecondary non-degree award, such as a certificate or technical diploma from a community college.
Given Wisconsin’s job market over the last 10 years and the projected changes through 2030, a college degree will be an imperative for those seeking to fill many of the state’s higher-paying job openings. Consequently, while the cost-benefit calculus for each potential job seeker will differ, it does appear that higher education will hold value for many young Wisconsinites in the years to come.
With the 100 percent online University of Wisconsin-Parkside Bachelor of Science in Business Administration offered through UW Flexible Option, you’ll learn fundamental business skills you can apply immediately on the job while earning your degree on your own schedule, increasing your earning potential and opportunities for advancement.
Beginning careers for business graduates include: advertising and promotions managers; budget analysts; financial examiners; compensation, benefits and job analysis managers; insurance sales agents; market research analysts; public relations managers; sales managers; and securities, commodities, and financial services sales agents. The median annual wage for business and financial occupations is $76,850, as of May 2022, all of which require a bachelor’s degree.
Shannon Fitzgerald, a graduate of the UW Flexible Option BSBA program and technical accounts manager for UniFirst, enrolled after speaking with an adviser, who was able to help him transfer some of his credits from Lakeland College and UW-Manitowoc, a two-year branch campus of UW-Green Bay. Once he completed the associate’s degree program, he continued with the online UW Flexible Option Bachelor of Science in Business Administration program with UW-Parkside.
“I feel like the associate degree program set the table and the bachelor’s degree program fed me dinner. As far as course content that directly applied to my job with the associate degree, there was some, but when I got into the bachelor’s degree program, which is what I’m doing right now, that’s where I find nearly every course that I’m taking in some way applies to what I’m doing.”
If you’re interested in taking the next step toward building a better career, but don’t have the credentials, consider the UW Flexible Option Associate Degree program, which is 100% online and a stepping stone to the Bachelor’s Degree in Business Administration. Whether you’re starting completely from scratch or already have some college credits, this program is designed for adult learners balancing busy work schedules and family responsibilities who are self-motivated and want to complete their degree.
To learn more about UW Flexible Option programs, or to speak to an enrollment adviser, click here.