Some say obtaining a 4-year-degree is overrated, but a new report says absolutely not. The report, titled "The New Bachelor's Payoff", was published by Inside Higher Ed and shows the job market's needs have outpaced colleges' production of bachelor's degrees and that means those holding these degrees are soon to be in even higher demand.
One reason employers desire a four-year-degree, is because jobs are becoming more technological and complex. Also, jobs that may not have required a degree in the past, do today because employers want workers to be able to handle a variety of positions.
Beyond an employers need to fill jobs, the report also points out the importance of a bachelor's degree to income level and employment in general. The report cites a Pew Research Center study from last year that shows full-time workers age 25-32 with a bachelor’s degree or more, earn a median annual income of $45,500. Two-year-degree holders or workers with some college credits but no degree earn $30,000, while high school graduates earn $28,000. It also cites last month's federal jobs report that shows the unemployment rate for people with at least a bachelor's degree at 2.8%, which is much lower than the overall rate of 5.7%.
The full report can be found here.
