Education is supposed to increase earnings. What is the increase in earnings per different levels of educational achievement? And does a gender difference in earnings exist across all levels of education?
Objective of project and data: The project describes how educational attainment (highest level of education) supports earnings in all ways. Depending on what the educational level is, earnings could hit either high increased value, or a regular value. Earnings increase with the increase of level of education. Professional degrees and Doctoral degrees are rated as having three times level of earnings of the lower levels. Also, same thing goes for bachelor’s degrees that have lower earnings than the above mentioned (PhD or Dr degrees). People with bachelor’s degrees earn more than high school graduates, but the ones with masters earn way more.
Why does this application have interest or why is it important?
This application interests me because I am currently a supply chain student that plans on pursuing a master’s degree in the future to reach a high earning and to better support myself and my family in the long run. As time goes by, I would like to make more money and open different businesses that can not only expand in the US, but also globally… As I am applying for my internship now, I have been noticing that many companies care about the educational attainment as they prefer students with high level of education, and this interested me in surfing the internet about this topic and research about it so I can be familiar with my future goals at an early stage of my life.
What question(s) are you investigating?
1. Does the gender affect your lifetime earnings and make a difference across all levels of educations or is only in a specific field of education?
2. What is the increase in earnings per different levels of educational achievement?
3. Which educational field helps you achieve the most lifetime earning
4. How can I enhance a better future with my high level of education in my supply chain field?
Define the data; be specific, include elements and variables of interest.
• Lifetime earning is the sum of what the person makes over a time of 40-50 years after they reach 20 years old.
• Educational attainment is the highest level that the person reaches from education; this could vary from a high school diploma to a Doctoral degree.
• Elements and variables of interest: Earnings, educational levels, lifetime returns, social security benefits, wealth and income changes, assets that can support you in the future, and how savings can differ and in what form they can be.
Which categorical variables are included?
Levels of degrees attained by students are considered categorial variables: Highschool Diploma, Bachelor’s degree, Master’s degree, Professional degree, and Doctoral degree.
A listing of the data sources should be described in the proposal
Tamborini, Christopher R., ChangHwan Kim, and Arthur Sakamoto. 2015. “Education and Lifetime Earnings in the United States.” Demography 52: 1383–1407.
https://www.bls.gov/careeroutlook/2018/data-on-display/education-pays.htm
https://www.ssa.gov/policy/docs/research-summaries/education-earnings.html
Average Salary by Education Level: The Value of a College Degree
https://www.bls.gov/emp/chart-unemployment-earnings-education.htm
