Calculating the ROI of a Bachelor’s Degree: 5 Ways a College Education Maximizes Your Earning Potential

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Seeking out employment can be daunting—especially if you’re unsure of your career goals. For some, finding a career within a specialized field may be the end goal. For others, personal connections may be the most significant incentive. However, for most workforce newbies, generous salaries play a prominent role in job selection. 

Nowadays, planning an occupational route with the potential to increase your lifetime earnings is critical to success. Ultimately, you control your income trajectory by making smart decisions early on and taking calculated risks throughout your professional career. Diligently networking, asking for raises, mastering a skill/trade, or obtaining a degree are all highly effective routes to boosting earning potential over the course of your career.

Although some believe the importance of college degrees is on the decline, numerous economic experts cite higher education as a significant factor in securing a profitable career in today’s market. Having a degree under your belt provides you access to specialized skills, giving you a leg up in competitive job markets and significantly increasing your earning potential. However, before jumping into an expensive program, learn the ins-and-outs of applying and degree selection to maximize earrings.

Navigating the college application process

As you dive head-first into your education career, diligent planning will be necessary to avoid expensive setbacks. One of the biggest mistakes students make is committing to a low-earning degree early on. By selecting a lucrative major—like finance, engineering, or business administration—you drastically increase your chances of landing a high-paying position and open up opportunities through professional networking.

Alongside careful degree selection is picking a high-quality institution. Guarantee entrance to a top-tier university by dedicating ample time and energy to increasing ACT/SAT scores, obtaining glowing recommendation letters, and applying to a diverse set of colleges. For easy, all-in-one college admission help, utilize tools like the Common Application to apply to multiple institutions in one go.

Ways higher education boosts earning potential

Once you finish up your schooling —hopefully from your top-choice university—get ready to reap the financial benefits of your well-earned bachelor’s degree.

Increased salary

While most college graduates don’t immediately land a high-paying position at an uber-successful company, they undoubtedly make more money and gain access to exclusive opportunities than those without a bachelor’s degree. According to the Bureau of Labor Statistics, entering the workforce with a degree-in-hand doubles your potential salary. Although it may take a few years to gain experience and get your footing, you drastically increase your chance of rapid success by obtaining a lucrative degree.

Invaluable personal connections 

One of the most valuable aspects of higher education is student-teacher networking opportunities. As you soar through your degree, make pit stops to connect with professors, introduce yourself to your college’s dean, and tend to peer relationships that can help you in your future employment. Bonding with professional experts gives you access to invaluable information, skillsets, and positive recommendations as you transition from your college career to your full-time professional responsibilities.

Earn credentials and learn specialized skills

Young adults attend universities to broaden their knowledge base, acquire invaluable skills, and investigate specific fields’ ins-and-outs. Going into a career with no prior educational experience can be challenging as you scramble to keep up with experienced employees and educated graduates. Not only will a college degree equip you with essential know-how and insight, but it will also give you a leg up in competitive hiring processes, increasing your chances of landing a lucrative position.

The bottom line

While it may be tempting to skip out on college life and launch headfirst into your career, the benefits of obtaining a degree are inarguable. Set yourself up for success and maximize lifelong earnings by acquiring a bachelor’s degree from a high-quality college.

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.