What is the importance of education and getting formal degree?
As per US Census data, following chart illustrates that if you have less than "college degree" then the jumps in your salary is very less as you progress in your age
Notice the big jump in median salary with better than college degrees.
This is a perfect example of how a single visualization can tell so many interesting facts.
- If you have anything less than a Bachelors Degree then the median salary does not cross above 50K
- The salary increments are very small compared to when you have above Bachelors Degree
- All the salary increments seem to plateau off at the age of 45 and 49
- Professional degrees have highest median salary increments.
Viz2 tells us that if you have Associates Degree, High school diploma or Bachelor's degree, then by the age 35 the cumulative median earnings reaches $400,000. Although the cumulative earnings of Bachelor's Degree ramp up at a faster pace.
Viz3 tells us Females are consistently paid less no matter what level of education they have.
Viz4 : Income levels by Degree, Race and Gender