Women and Minorities Earn Less with Higher Education
Women and minorities earn less than their male or Caucasian counterparts. A recent study from the College Payoff report from Georgetown University found that women and minorities, excluding Asians, with master’s degrees, doctoral degrees or professional degrees benefit less from having a higher education.
“Latinos and African-Americans with master’s degrees earn nearly the same in their lifetimes—roughly $2.5 million—as white workers who have bachelor’s degrees,” the study revealed.
Women must attain a Ph.D to make more than men with bachelor’s degrees. They earn roughly $2.86 million in their lifetime, while men with bachelor’s degrees earn $2.6 million in their lifetime.
Additionally, men with little college experience and no degree earn about the same as a woman with a bachelor’s degree, the study found.
Anthony Carnevale, the College Payoff director, said that if women want to earn more money, they’ll either have to earn more degrees or switch to an industry that will likely pay more.
“You can close the gap by getting more education, and that does seem to be the strategy, at least implicitly, that women are following,” he said. “If you want to make more than lots of men, and you’re a woman, then go into engineering.”
While the report found that women and minorities benefit less from having master’s degrees, doctoral degrees and professional degrees, it also found that the education gap is closing for both genders and all races. While those with such degrees still earn more than those with bachelor’s degrees, the earning difference isn’t as great as it once was. Those who attain bachelor’s degrees earn $2.27 million. Those with even higher educations earn about $2.67 million, $3.25 million, and $3.65 million.
“It’s still true that, on average, it’s better to get the higher degree; it’s better to keep climbing—but it’s less and less true,” Carnevale said.
Via US News
Women Earn More Doctoral Degrees Than Men