by Clare Kaufman, FindtheRightSchool.com
A tight economy has sent even former big spenders in search of coupons to clip and two-cent-per-gallon savings on gas. Now more than ever, people investing in a college education want to know what return they can expect for their money. Like cars and appliances, degrees feature a wide spread in overall value. At the upper end of the spectrum, the following five degrees set the standard for high return on investment, or ROI.
1. Master of Business Administration (MBA)
The gold standard of the business world, the MBA degree easily offers the most bang for your educational buck. MBA graduates see their paychecks leap by an average of 35 percent upon completing the degree, according to the Graduate Management Admission Council. In ROI terms, Business Week's top-ranked MBA program offers an estimated $96,500 post-MBA salary increase and pays for itself in a little over a year and a half.
Most MBA students boost their ROI even further by keeping their day job. According to the U.S. Department of Education, three out of four MBA students work at least thirty-five hours per week while completing the degree. Online degrees make this powerful work-study strategy possible. In addition to offering flexible, self-paced programs, online MBAs encourage students to bring their real-world experience into the classroom. The synergy between professional and academic work makes the MBA a natural choice for value-conscious students.
2. Bachelor's Degree in Engineering
Engineers top the U.S. Bureau of Labor Statistics' (BLS) list of bachelor degrees with the highest earning power. Four years in college can net you an entry-level salary of more than $50,000. Overall, median salaries in engineering range from $65,000 to $100,000, depending on the specialty.
To maximize your ROI, choose a high-paying field such as petroleum or nuclear engineering. Environmental engineers can expect soaring demand as energy and climate research heats up. With more private and government investment in these fields, salaries are likely to rise as well.
3. Associate's or Bachelor's Degree in Nursing
An aging population of baby boomers is producing historic career opportunity in the health care sector. Nurses are experiencing job growth of 23 percent across the industry, and up to 39 percent in physician offices. To attract qualified professionals, health care employers are offering higher salaries, benefits, signing bonuses, and other perks.
From an ROI standpoint, one of the most promising developments is loan forgiveness programs. The U.S. Department of Health and Human Services offers a Nursing Education Loan Repayment Program (NELRP), which covers 60 percent of educational costs in return for two years employment at a "critical shortage" facility. Meanwhile, the median nursing salary of $62,480, as reported by the BLS, makes it easy to erase the two-year associate's or four-year bachelor's degree tuition from your balance sheet.
4. Bachelor's Degree in Accounting
One segment of the workforce stands to flourish in the wake of the financial crisis: accountants. Qualified accountants can count on healthy demand all around -- first as agents of the economy-wide financial restructuring, thereafter as administrators of the new federal regulations. One report on the finance sector observes that the credit crisis has escalated demand for accountants, producing favorable returns for qualified professionals: "To combat the skills shortages in investment banking, retail banking, and investment management, some organizations offer the highest base salary possible while others strive for better 'mixed' packages (bonus, pensions, etc.)."
According to the BLS, accountants experienced a median salary of $63,180 in 2007. CPAs earn considerable more; a 2007 survey found an average salary of $91,608, which represents a 9 percent increase over '06. While the rest of the economy faces pay cuts and layoffs, accountants can expect "an overall salary increase of 3.4 percent in 2009," reports Robert Half International.
5. Associate's Degree in Computer Science
If you have two years to spare, an associate's degree in computer science will get you well on your way to a lucrative career in the IT sector. A perennial high-demand credential, a computer science degree offers entry into network administration, database administration, systems analysis, and computer security career paths.
To optimize the return on your investment, complete the associate's degree online as you work. Computer support specialists earned $45,300 in 2007; a step higher up the career ladder, network and computer systems administrators brought home $67,850.
ROI All Around
Whether or not you choose these high-performing degree paths, your decision to get a college degree will pay deep dividends for years to come. According to the U.S. Department of Education's Education Resources Information Center (ERIC), college degrees of all stripes offer double-digit increases in earning power. An associate's degree delivers a 25 percent increase in expected lifetime earnings. And a bachelor's degree offers a stunning 88 percent salary advantage over a high school diploma. With the bottom line at the forefront of everyone's priorities, these dramatic returns are bound to speak louder than ever.
Clare Kaufman is a freelance writer who covers education and career-related topics. She has a graduate degree in English.
A tight economy has sent even former big spenders in search of coupons to clip and two-cent-per-gallon savings on gas. Now more than ever, people investing in a college education want to know what return they can expect for their money. Like cars and appliances, degrees feature a wide spread in overall value. At the upper end of the spectrum, the following five degrees set the standard for high return on investment, or ROI.
1. Master of Business Administration (MBA)
The gold standard of the business world, the MBA degree easily offers the most bang for your educational buck. MBA graduates see their paychecks leap by an average of 35 percent upon completing the degree, according to the Graduate Management Admission Council. In ROI terms, Business Week's top-ranked MBA program offers an estimated $96,500 post-MBA salary increase and pays for itself in a little over a year and a half.
Most MBA students boost their ROI even further by keeping their day job. According to the U.S. Department of Education, three out of four MBA students work at least thirty-five hours per week while completing the degree. Online degrees make this powerful work-study strategy possible. In addition to offering flexible, self-paced programs, online MBAs encourage students to bring their real-world experience into the classroom. The synergy between professional and academic work makes the MBA a natural choice for value-conscious students.
2. Bachelor's Degree in Engineering
Engineers top the U.S. Bureau of Labor Statistics' (BLS) list of bachelor degrees with the highest earning power. Four years in college can net you an entry-level salary of more than $50,000. Overall, median salaries in engineering range from $65,000 to $100,000, depending on the specialty.
To maximize your ROI, choose a high-paying field such as petroleum or nuclear engineering. Environmental engineers can expect soaring demand as energy and climate research heats up. With more private and government investment in these fields, salaries are likely to rise as well.
3. Associate's or Bachelor's Degree in Nursing
An aging population of baby boomers is producing historic career opportunity in the health care sector. Nurses are experiencing job growth of 23 percent across the industry, and up to 39 percent in physician offices. To attract qualified professionals, health care employers are offering higher salaries, benefits, signing bonuses, and other perks.
From an ROI standpoint, one of the most promising developments is loan forgiveness programs. The U.S. Department of Health and Human Services offers a Nursing Education Loan Repayment Program (NELRP), which covers 60 percent of educational costs in return for two years employment at a "critical shortage" facility. Meanwhile, the median nursing salary of $62,480, as reported by the BLS, makes it easy to erase the two-year associate's or four-year bachelor's degree tuition from your balance sheet.
4. Bachelor's Degree in Accounting
One segment of the workforce stands to flourish in the wake of the financial crisis: accountants. Qualified accountants can count on healthy demand all around -- first as agents of the economy-wide financial restructuring, thereafter as administrators of the new federal regulations. One report on the finance sector observes that the credit crisis has escalated demand for accountants, producing favorable returns for qualified professionals: "To combat the skills shortages in investment banking, retail banking, and investment management, some organizations offer the highest base salary possible while others strive for better 'mixed' packages (bonus, pensions, etc.)."
According to the BLS, accountants experienced a median salary of $63,180 in 2007. CPAs earn considerable more; a 2007 survey found an average salary of $91,608, which represents a 9 percent increase over '06. While the rest of the economy faces pay cuts and layoffs, accountants can expect "an overall salary increase of 3.4 percent in 2009," reports Robert Half International.
5. Associate's Degree in Computer Science
If you have two years to spare, an associate's degree in computer science will get you well on your way to a lucrative career in the IT sector. A perennial high-demand credential, a computer science degree offers entry into network administration, database administration, systems analysis, and computer security career paths.
To optimize the return on your investment, complete the associate's degree online as you work. Computer support specialists earned $45,300 in 2007; a step higher up the career ladder, network and computer systems administrators brought home $67,850.
ROI All Around
Whether or not you choose these high-performing degree paths, your decision to get a college degree will pay deep dividends for years to come. According to the U.S. Department of Education's Education Resources Information Center (ERIC), college degrees of all stripes offer double-digit increases in earning power. An associate's degree delivers a 25 percent increase in expected lifetime earnings. And a bachelor's degree offers a stunning 88 percent salary advantage over a high school diploma. With the bottom line at the forefront of everyone's priorities, these dramatic returns are bound to speak louder than ever.
Clare Kaufman is a freelance writer who covers education and career-related topics. She has a graduate degree in English.
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