How to Turn Your Study into a Profitable Investment?

College is expensive and time-consuming, no matter how long a person spends in college to earn a degree. A two-year diploma after high school graduation is sufficient for some students, but a college degree is the most common option for others. It usually takes four years to obtain an undergraduate degree.

However, some students continue to study after a university degree to obtain a master's degree or doctorate for a total of eight to ten years spent at the university.

The question is: Which of these scores is the best for you? Which is a better investment?

It is difficult to answer this question, as each area of work is different, but with a bit of research, it is possible to determine the degree that will bring you the best benefits over time compared to the costs and time invested.

Average costs of obtaining a degree

The costs of earning a degree can vary greatly, and we will show the average costs of earning a degree now.

However, it should be noted that the cost of obtaining a degree from private universities and institutes is always higher than that of obtaining a degree from public ones.

For a start, knowing the average cost of obtaining a certificate is best. First, it takes only two years to obtain a diploma, which means that the certificate holder can enter the labor market, and then this person can get a job and make an income faster.

This is what makes diploma studies desirable for many. This is why a diploma is a good investment for some students, given that the average total cost of a two-year diploma in any discipline was $15,962 in 2018 for students living on campus, with a significant drop to $9,757 for students living off-campus with their families.

Diploma holders are expected to get jobs with an hourly wage of $48,17 or an annual income of $36.358.

For diploma holders who manage to land a fixed-paying job rather than an hourly job - such as a manager's job - the median income is about $53,000 a year.

On the other hand, obtaining a university degree requires a study of no less than four years in most cases. The average costs in any discipline for people living on campus were $494,33, and $377,23 for people living off-campus with their families.

But in terms of hourly wages, college degree holders earn an average of $18.89 per hour ($39.291 per year), and if they get a fixed-paying job, they earn an average of $61,000 per year.

Thus, the average income of those with a university degree is higher than those with a diploma.

The cost of a master's degree and a doctorate is higher than people generally expect. Unfortunately, the National Center for Education Statistics (USA) has not provided information explaining the cost of graduate programs, making it difficult to provide precise details about expenses.

However, Ph.D. costs can range from $50,000 to $60,000 for students from another state, which means there are much higher costs than just a college degree.

Of course, the costs are lower for people with only a master's degree, but in contrast, the income of people with higher degrees is much higher than that of people with less education.

An hourly wage for a person with a master's degree can be as high as $24.31, or $50,564 per year, while their annual income is as high as $74,000 if they get a fixed-paying job.

PH.D.S can expect to work a paid job on an hourly basis of up to $16,45, or $933,93 per year, or a steady job with an average salary of $97,000 per year.

There are considerable differences in income according to the disparity in the degree level, in the sense that the degree will determine the salary amount based on the labor sectors' demand for the workforce in the field in which the person aspires to work.

After this explanation, we will provide some practical guidelines to help the student determine the degree that will benefit them best compared to the costs and time invested in studying.

Secondary Education Certificate and Diploma

With all the information we've provided for the costs of studying, you might be wondering which degree pays the best salary. Luckily, the U.S. Bureau of Labor Statistics provides this kind of information.

However, since it is difficult to determine the average costs of postgraduate studies, we will only provide the expenses of a diploma and university degree.

According to the Bureau of Labor Statistics, the median annual wage for diploma holders was $52,830, while the median yearly income for high school diploma holders was only $36,100 per year. However, the office indicates that there is a large discrepancy in income among people who have this certificate.

The Office has identified some key areas where diploma holders can aspire to a high-income job, including:

• Informatics and Engineering.
• Education, the legal field, and office work.
• Healthcare.
• Healthcare Technologies.
• Transportation and maintenance.

Each of these fields has many job opportunities. In informatics and engineering, people specializing in software can aspire to high salaries, as the average annual wage for this job was $ 52,270 in May 2019.

But things other than salary must be considered when considering what yields a good return compared to the investment. The size of the job opportunities in the specialty must be considered. People who study computer science can expect a good number of jobs in addition to high income. At the same time, website developers have achieved a much higher annual income averaging $67,990, but with a desired number of employment of only 14,600 new jobs by 2026.

One common career field is education, law, and office work. Profits in these fields are expected to be lower than in computer science. Still, these fields provide a much greater number of jobs, which means that people who want to get a job immediately after completing the diploma may find these very suitable.

For example, the median annual income for bookkeeping and accounting jobs was $39,240, but 186,400 jobs are expected to be available by 2026.

For people who aspire to higher salaries, the median annual income for paralegals was $50,410, with 34,700 vacancies expected by 2026.

For those who prefer practical professions over the office, the field of work in transportation and maintenance may suit them.

In heavy truck and tractor driving, a person can expect to make an average annual income of $42,480 with  213,500 jobs available by 2026.

These expectations have made the driving profession likely to experience one of the highest growth rates while maintaining an excellent average wage.

As in other occupational areas, higher-paying jobs are often the least developed. The Bureau found that the average wages for telecommunications equipment maintenance and installation workers were $53,380, with only 21,900 new jobs available in 2026.

This view of the diploma and its relationship to income and the ability to find a job in the labor market needs to be more comprehensive; rather, it is intended to provide an idea of the wages and job opportunities a person can expect when completing the diploma.

In addition to the salary elements and the number of vacancies, a personal satisfaction factor is added to the elements required to know the return on study costs on investment.

It is good that the Bureau of Labor Statistics included in its study almost all areas, mentioning the jobs that will witness the highest growth rate, from office work to technical maintenance, which allows the person to consider the criterion of personal satisfaction.

University Degree

The Bureau of Labor Statistics also tracks college-leaver wages and job growth rates.

The Bureau estimated that the average annual wage of a person with a college degree was $72,830.

This difference shows that the average salaries of university graduates are much higher than the average wages of those with a high school diploma or diploma.

The Office identified nine critical areas of work in which significant growth was projected for undergraduate jobs:

• Business job.
• The social services.
• Engineering and architecture.
• Accounting and Finance.
• Healthcare and Biology.
• Information Technology.
• Management.
• Sports, Communication, and Design.
• Education.

It is natural to expect that the average wage of an individual with a college degree - even in areas with high growth - will remain higher than most cases of the average salary of an individual with a high school or diploma. For example, a business has a lot of high-paying jobs and high growth rates.

The market and interdisciplinary studies field will see a growth of 77,100 jobs by 2026, by which time the average annual wage is expected to be $63,230 for this type of job.

The office predicted that universities working in logistics would earn an average annual wage of $74,590, but there would be no significant growth. By 2026, the number of new jobs in the field will be around 15,600.

Let's look at the relationship between high annual income and a college degree, even with high growth rates; we should look at the financial business sector.

The average annual salary in accounting and auditing is expected to be $69,350, despite the growth of 141,800 new jobs by 2026.

The average wage in personal financial consulting - the least developed area of the financial sector  - is expected to be $90,640 per year. In contrast, this service area will grow to just 25,500 new jobs by 2026.

However, figures from the financial sector show that the “growth effect of higher wages” is lower in jobs with a university degree than in careers with a diploma.

When considering ROI, it's also essential to recognize jobs that may need a better ROI.

Considering the costs of earning a college degree, it may be wise to slow down when considering careers such as coaching, scouting, social services, or working in religious facilities.

These areas should not be worked for a salary it is only if a person has a strong passion; the reason is the low average annual wages in these jobs.

In the area of coaching and scouting, the Bureau of Labor Statistics projected 42,100 new jobs by  2026, average annual income of just $32,270, and  38,300 new jobs in social services by 2026, with an average yearly income of just $44,380.

Finally, the Office forecasts that the field of work in religious facilities will grow to create 29,200 new jobs by 2026, with an average annual income of $47,100.

In this type of job, we find a combination of low job growth and medium to low wages, which does not make them an excellent option to achieve a good return on investment in costs and the period required to obtain a university degree.

Certificates of experience and specialization

One way to achieve a higher income can be to obtain an additional certificate, and many professional fields are well-paid. People can deepen their specialization, specialize in a particular area, and get a certificate proving their experience.

This specialization increases the return on investment in the certificate. For example, medical programmers need to take patient information and convert it into numbers and letters to benefit from it in medical records.

While the average annual salary for this job is about $41,000, with a professional and certified medical programmer, this average can be increased to $44,026 annually.

People who work in interdepartmental and project coordination are more likely to earn higher profits with additional certification.

People responsible for product development and project management at companies can make up to $67,820 per year as part of their annual income.

In general, a person who obtains a certificate of experience in this field can increase their annual income by about $30,000; that is, in this case, it may reach a yearly income of $100,000.

For people who work in the field of quality control, their annual income can increase from $ 58,000 to $81,400 if they get certified as certified quality inspectors.

If you love your job and want to make more money, you can take the time to get a degree or experience.

In conclusion

Predicting whether a degree will achieve a good return on investment is difficult. Based on data from the Labor Statistics Office, the costs of obtaining a certificate can vary significantly. Then the return on investment will vary based on the cost of studying to obtain the certificate. This cost depends on circumstances that increase or reduce studying costs, for example, studying in your place of living or traveling to a remote place and whether you live on campus or with your family.

Job growth in your industry is another factor determining your return on investment, which translates into the possibility of finding a job. Higher wages are usually associated with lower job growth, although you have a better chance of getting a well-paid job when you get a university degree.

Finally, no matter what job you do, you may increase your annual income by obtaining a certificate of experience or specialization, which can significantly improve your return on investment.