College Degree Return on Investment

Report Highlights. An average bachelor’s degree has a 681.95% lifetime return on investment^* with a median lifetime return up to 1,041.85%.

• In the first decade, an average bachelor’s degree has a negative return on investment (-4.09%); it takes an average of 11 years in the workforce to regain the investment for a bachelor’s degree.
• The projected average starting salary for someone with a bachelor’s degree in 2025 is $68,392; the projected median salary among working bachelor’s degree holders aged 25 to 64 is $85,296.
• Professional degrees have the highest potential return on investment at 2,249%; this projection assumes the graduate also has a bachelor’s degree and a 40-year career.
• As of 2023, the initial investment for a typical bachelor’s degree totals $255,217,^** including the cost of tuition ($143,268), indirect costs of attendance (such as room and board), and student loan interest.
• Based on median salaries for degree holders between age 25 to 64, bachelor’s holders will make an estimated $25,356 (42.3%) more than associate’s holders in 2025.

^*Returns are based on average or ideal investment scenarios. See Calculating ROI for further details.

^**The average graduate takes about five (5) years to earn their bachelor’s degree; degree timelines have increased steadily since 1972 when the average time to graduation was 4.3 years.

Bachelor’s Degree Return on Investment

The average ROI for a bachelor’s degree is 681.95%. For the median ROI for a bachelor’s degree, see Return by Degree Level.

• The average ROI for a bachelor’s degree is based on a starting salary of $64,433 and an initial investment of $255,217.
• $143,268 is the average cost of tuition and fees to earn a bachelor’s degree; this represents 56.14% of the total initial investment.
• A recent graduate with a bachelor’s degree can expect to earn a lifetime total of $7.271 million.
• A 2025 graduate with a bachelor’s degree can expect to earn a lifetime $7.951 million.
• Among workers aged 25 to 64 with a bachelor’s degree, median earnings for 2022 totaled $74,150.
• Also for 2022, men with bachelor’s degrees made a median of $89,300; women with the same degree made a median of $63,230.
• An advanced degree boosts median earnings 29.68% (to $86,120) over a bachelor’s alone ($66,410).

Bachelor’s Degree ROI by Major

The average return on investment for a bachelor’s degree can be vastly different from one major to another. Variations also exist based on the degree holder’s personal circumstances, such as age, location, gender, etc.

• The most cost-efficient degree is a business degree in finance, with a lifetime ROI of 1,842.38%.
• Computer and information sciences (1,752.59%),(#1) ((#3) #4) computer engineering (1,743.81%), and economics (1,707.80%) also have high returns.
• Despite having a lower ROI, a computer engineer’s lifetime returns exceed a business finance major’s by $1.182 million.
• A Bachelor’s of Education offers the lowest lifetime ROI at -55.43%, representing a $149,407 loss in degree-based earnings.
• Other negative-value degrees include liberal arts and humanities (-42.78%) and family and consumer science (-38.95%).

Agriculture Degree Return on Investment

The lifetime ROI for a typical bachelor’s degree in agriculture or agricultural business is 306.37%; the degree pays for itself after 13 years in the workforce.

• The ROI for a Bachelor’s of Agriculture is based on a starting salary of $56,339 and an initial investment of $266,339.
• $153,260 is the average cost of tuition and fees to earn a Bachelor’s of Agriculture; this represents 57.54% of the total initial investment.
• A recent graduate with a Bachelor’s of Agriculture can expect to earn a lifetime total of $7.202 million.
• A 2025 graduate with a Bachelor’s of Science in Agriculture can expect to earn a lifetime total of $7.788 million.
• Compared to all bachelor’s degree holders aged 25 to 29 years old, agriculture majors’ median earnings are equivalent to 87.4%, meaning they make 12.6% less than their peers.
• Unemployment is 11.1% lower among agriculture majors compared to all bachelor’s degree holders.
• 1.15% of bachelor’s degree holders majored in agriculture.

Architecture Degree Return on Investment

The average ROI for a bachelor’s degree in architecture is 502.01%; the degree pays for itself after 18 years in the workforce.

• The ROI for a Bachelor’s of Architecture is based on a starting salary of $61,936 and an initial investment of $284,701.
• $169,756 is the average cost of tuition and fees to earn a Bachelor’s of Architecture; this represents 59.63% of the total initial investment.
• A recent graduate with a Bachelor’s of Architecture can expect to earn a lifetime total of $6.989 million.
• A 2025 graduate with a Bachelor’s of Architecture can expect to earn a lifetime $7.551 million.
• Compared to all bachelor’s degree holders aged 25 to 29 years old, architecture majors’ median earnings are equivalent to 96.1%, meaning they make 3.87% less than their peers.
• Unemployment is 29.6% higher among architecture majors compared to all bachelor’s degree holders aged 25 to 29.
• 0.66% of recent bachelor’s degree earners majored in architecture.

Business Degree Return on Investment

The average ROI for a bachelor’s degree in business is 1,033.41%; the degree pays for itself after eight (8) years in the workforce.

• The ROI for a Bachelor’s of Business is based on a starting salary of $69,514 and an initial investment of $226,666.
• $117,619 is the average cost of tuition and fees to earn a Bachelor’s of Business; this represents 51.89% of the total initial investment.
• A recent graduate with a Bachelor’s of Business can expect to earn a lifetime total of $7.844 million.
• A 2025 graduate with a Bachelor’s of Business can expect to earn a lifetime $8.579 million.
• Among workers aged 25 to 64 with a Bachelor’s of Business, median earnings for 2022 totaled $80,120.
• Also for 2022, men who earned Bachelor’s of Business made a median of $90,080; women with the same degree made a median of $66,690.
• Compared to all bachelor’s degree holders aged 25 to 29 years old, business majors’ median earnings are equivalent to 107.9% (meaning they make 7.89% more than their peers).
• With a Bachelor’s of Business, an advanced degree boosts median earnings 29.1% (to $96,280) over a bachelor’s alone ($74,570).
• Unemployment is 11.1% lower among business majors compared to all bachelor’s degree holders aged 25 to 29.
• 17.8% of recent bachelor’s degree earners majored in business.

Accounting Degree Return on Investment

The average ROI for a bachelor’s degree in accounting or business accounting is 1,286.62%; the degree pays for itself after seven (7) years in the workforce.

• The ROI for a Bachelor’s of Accounting is based on a starting salary of $74,600 and an initial investment of $226,666.
• A recent graduate with a Bachelor’s of Accounting can expect to earn a lifetime total of $8.418 million.
• A 2025 graduate with a Bachelor’s of Accounting can expect to earn a lifetime $9.228 million.
• Among workers aged 25 to 64 with a Bachelor’s of Accounting, median earnings for 2022 totaled $84,880.
• Also for 2022, men who earned Bachelor’s of Accounting made a median of $100,000; women with the same degree made a median of $75,010.
• Compared to all bachelor’s degree holders aged 25 to 29 years old, accounting majors’ median earnings are equivalent to 115.8% (meaning they make 15.78% more than their peers).
• With a Bachelor’s of Accounting, an advanced degree boosts median earnings 32.12% (to $102,000) over a bachelor’s alone ($77,200).
• Unemployment is 18.5% lower among accounting majors compared to all bachelor’s degree holders aged 25 to 29.
• 2.65% of recent bachelor’s degree earners majored in accounting.

Finance Degree Return on Investment

The average ROI for a bachelor’s degree in finance or business finance is 1,842.38%; the degree pays for itself after five (5) years in the workforce.

• The ROI for a Bachelor’s of Finance is based on a starting salary of $85,763 and an initial investment of $226,666.
• A recent graduate with a Bachelor’s of Finance can expect to earn a lifetime total of $9.678 million.
• A 2025 graduate with a Bachelor’s of Finance can expect to earn a lifetime $10.833 million.
• Among workers aged 25 to 64 with a Bachelor’s of Finance, median earnings for 2022 totaled $99,900.
• Also for 2022, men who earned Bachelor’s of Finance made a median of $106,400; women with the same degree made a median of $79,940.
• Compared to all bachelor’s degree holders aged 25 to 29 years old, finance majors’ median earnings are equivalent to 133.1% (meaning they make 33.1% more than their peers).
• With a Bachelor’s of Finance, an advanced degree boosts median earnings 27.02% (to $116,100) over a bachelor’s alone ($91,400).
• Unemployment is 18.5% lower among finance majors compared to all bachelor’s degree holders aged 25 to 29.
• 2.53% of recent bachelor’s degree earners majored in finance.

Systems and Statistics Degree Return on Investment

The average ROI for a bachelor’s degree in business information systems management and statistics is 1,282.58%; the degree pays for itself after seven (7) years in the workforce.

• The ROI for a Bachelor’s of Management Information Systems and Statistics is based on a starting salary of $74,519 and an initial investment of $226,666.
• A recent graduate with a Bachelor’s of Systems and Statistics can expect to earn a lifetime total of $8.409 million.
• A 2025 graduate with a Bachelor’s of Systems and Statistics can expect to earn a lifetime $9.019 million.
• Compared to all bachelor’s degree holders aged 25 to 29 years old, systems management majors’ median earnings are equivalent to 115.7% (meaning they make 15.65% more than their peers).
• 0.36% of recent bachelor’s degree earners majored in systems management and statistics.

Commercial Art Degree Return on Investment

The average ROI for a bachelor’s degree in commercial art and graphic design is 244.19%; the degree pays for itself after 20 years in the workforce.

• The ROI for a Bachelor’s of Commercial Art is based on a starting salary of $55,301 and an initial investment of $280,410.
• $165,900 is the average cost of tuition and fees to earn a Bachelor’s of Commercial Art; this represents 59.16% of the total initial investment.
• A recent graduate with a Bachelor’s of Commercial Art can expect to earn a lifetime total of $6.241 million.
• A 2025 graduate with a Bachelor’s of Commercial Art can expect to earn a lifetime $6.770 million.
• Among graduates with Bachelor’s of Commercial Art and Graphic Design, median earnings for 2022 totaled $59,770.
• Also for 2022, men with Bachelor’s of Commercial Art and Graphic Design made a median of $69,930; women with the same degree made a median of $54,350.
• Compared to all bachelor’s degree holders aged 25 to 29 years old, commercial art majors’ median earnings are equivalent to 85.8%, meaning they make 14.2% less than their peers.
• With a Bachelor’s of Commercial Art and Graphic Design, an advanced degree boosts median earnings 18.5% (to $69,310) over a bachelor’s alone ($58,490).
• Unemployment is 70.4% higher among commercial art majors compared to all bachelor’s degree holders aged 25 to 29.
• 1.27% of recent bachelor’s degree earners majored in commercial art.

Communications Degree Return on Investment

The average ROI for a bachelor’s degree in communications and communications technologies is 441.82%; the degree pays for itself after 15 years in the workforce.

• The ROI for a Bachelor’s of Communications is based on a starting salary of $58,364 and an initial investment of $241,920.
• $131,323 is the average cost of tuition and fees to earn a Bachelor’s of Communications; this represents 54.28% of the total initial investment.
• A recent graduate with a Bachelor’s of Communications can expect to earn a lifetime total of $6.586 million.
• A 2025 graduate with a Bachelor’s of Communications can expect to earn a lifetime $7.175 million.
• Among workers aged 25 to 64 with a Bachelor’s of Communications, median earnings for 2022 totaled $67,840.
• Also for 2022, men who earned Bachelor’s of Communications made a median of $75,400; women with the same degree made a median of $64,130.
• Compared to all bachelor’s degree holders aged 25 to 29 years old, communications majors’ median earnings are equivalent to 90.58%, meaning they make 9.42% less than their peers.
• With a Bachelor’s of Communications, an advanced degree boosts median earnings 18.22% (to $76,560) over a bachelor’s alone ($64,760).
• Unemployment is 29.6% higher among communications majors compared to all bachelor’s degree holders aged 25 to 29.
• 5.28% of recent bachelor’s degree earners majored in communications.

Computer and Information Sciences Degree Return on Investment

The average ROI for a bachelor’s degree in computer and information sciences is 1,752.59%; the degree pays for itself after five (5) years in the workforce.

• The ROI for a Bachelor’s of Computer and Information Sciences is based on a starting salary of $85,961 and an initial investment of $238,858.
• $128,572 is the average cost of tuition and fees to earn a Bachelor’s of Computer and Information Sciences; this represents 53.83% of the total initial investment.
• A recent graduate with a Bachelor’s of Computer and Information Sciences can expect to earn a lifetime total of $9.700 million.
• A 2025 graduate with a Bachelor’s of Computer and Information Sciences can expect to earn a lifetime $10.695 million.
• Among workers aged 25 to 64 with a Bachelor’s of Computer Science, median earnings for 2022 totaled $108,500.
• Also for 2022, men who earned Bachelor’s of Computer Science made a median of $115,500; women with the same degree made a median of $91,990.
• Compared to all bachelor’s degree holders aged 25 to 29 years old, computer and information sciences majors’ median earnings are equivalent to 133.4% (meaning they make 33.41% more than their peers).
• With a Bachelor’s of Computer Science, an advanced degree boosts median earnings 26.77% (to $128,800) over a bachelor’s alone ($101,600).
• Unemployment is the same among computer and information sciences majors as it is among all bachelor’s degree holders aged 25 to 29.
• 4.95% of recent bachelor’s degree earners majored in computer and information sciences.

Construction, Electrical, and Transportation Technologies Degree Return on Investment

The average ROI for a bachelor’s degree in construction, electrical, and transportation technologies is 1,042.91%; the degree pays for itself after eight (8) years in the workforce.

• The ROI for a Bachelor’s of Construction, Electrical, and Transportation Technologies is based on a starting salary of $68,831 and an initial investment of $218,037.
• $109,867 is the average cost of tuition and fees to earn a Bachelor’s of Construction, Electrical, and Transportation Technologies; this represents 50.39% of the total initial investment.
• A recent graduate with a Bachelor’s of Construction, Electrical, and Transportation Technologies can expect to earn a lifetime total of $7.767 million.
• A 2025 graduate with a Bachelor’s of Construction, Electrical, and Transportation Technologies can expect to earn a lifetime $8.373 million.
• Compared to all bachelor’s degree holders aged 25 to 29 years old, construction majors’ median earnings are equivalent to 106.8% (meaning they make 6.83% more than their peers).
• 0.52% of recent bachelor’s degree earners majored in construction.

Criminal Justice Degree Return on Investment

The average ROI for a bachelor’s degree in criminal justice is 182.91%; the degree pays for itself after 23 years in the workforce.

• The ROI for a Bachelor’s of Criminal Justice is based on a starting salary of $53,050 and an initial investment of $251,381.
• $139,822 is the average cost of tuition and fees to earn a Bachelor’s of Criminal Justice; this represents 55.62% of the total initial investment.
• A recent graduate with a Bachelor’s of Criminal Justice can expect to earn a lifetime total of $5.987 million.
• A 2025 graduate with a Bachelor’s of Criminal Justice can expect to earn a lifetime $6.416 million.
• Among workers aged 25 to 64 with a Bachelor’s of Criminal Justice and Fire Protection, median earnings for 2022 totaled $64,690.
• Also for 2022, men who earned Bachelor’s of Criminal Justice and Fire Protection made a median of $74,250; women with the same degree made a median of $54,150.
• Compared to all bachelor’s degree holders aged 25 to 29 years old, criminal justice majors’ median earnings are equivalent to 82.33%, meaning they make 17.67% less than their peers.
• With a Bachelor’s of Criminal Justice and Fire Protection, an advanced degree boosts median earnings 24.11% (to $76,740) over a bachelor’s alone ($61,830).
• Unemployment is 14.8% higher among criminal justice majors compared to all bachelor’s degree holders aged 25 to 29.
• 2.45% of recent bachelor’s degree earners majored in criminal justice.

Education Degree Return on Investment

The average ROI for a bachelor’s degree in education is -54.67%. Relative to the cost of tuition alone, the average lifetime return is -22.33%.

• The ROI for a Bachelor’s of Education is based on a starting salary of $47,846 and an initial investment of $273,295.
• $159,508 is the average cost of tuition and fees to earn a Bachelor’s of Education; this represents 58.36% of the total initial investment.
• A recent graduate with a Bachelor’s of Education can expect to earn a lifetime total of $5.399 million.
• A 2025 graduate with a Bachelor’s of Education can expect to earn a lifetime $5.685 million.
• Among workers aged 25 to 64 with a Bachelor’s of Education, median earnings for 2022 totaled $58,000.
• Also for 2022, men who earned Bachelor’s of Education made a median of $68,420; women with the same degree made a median of $55,030.
• Compared to all bachelor’s degree holders aged 25 to 29 years old, education majors’ median earnings are equivalent to 74.26%, meaning they make 25.74% less than their peers.
• With a Bachelor’s of Education, an advanced degree boosts median earnings 32.46% (to $66,880) over a bachelor’s alone ($50,490).
• Unemployment is 37.04% lower among education majors compared to all bachelor’s degree holders aged 25 to 29.
• 5.82% of recent bachelor’s degree earners majored in education.

Engineering Degree Return on Investment

The average ROI for a bachelor’s degree in engineering is 1,082.32%; the degree pays for itself after six (6) years in the workforce.

• The ROI for a Bachelor’s of Engineering is based on a starting salary of $85,329 and an initial investment of $368,237.
• $244,800 is the average cost of tuition and fees to earn a Bachelor’s of Engineering; this represents 66.48% of the total initial investment.
• A recent graduate with a Bachelor’s of Engineering can expect to earn a lifetime total of $9.629 million.
• A 2025 graduate with a Bachelor’s of Engineering can expect to earn a lifetime $10.421 million.
• Among workers aged 25 to 64 with a Bachelor’s of Engineering, median earnings for 2022 totaled $100,600.
• Also for 2022, men who earned Bachelor’s of Engineering made a median of $103,300; women with the same degree made a median of $76,160.
• Compared to all bachelor’s degree holders aged 25 to 29 years old, engineering majors’ median earnings are equivalent to 132.4% (meaning they make 32.43% more than their peers).
• With a Bachelor’s of Engineering, an advanced degree boosts median earnings 28.30% (to $116,100) over a bachelor’s alone ($90,490).
• Unemployment is 22.2% lower among engineering majors compared to all bachelor’s degree holders aged 25 to 29.
• 9.40% of recent bachelor’s degree earners majored in engineering.

Chemical Engineering Degree Return on Investment

The average ROI for a bachelor’s degree in chemical engineering is 1,226.32%; the degree pays for itself after seven (7) years in the workforce.

• The ROI for a Bachelor’s of Chemical Engineering is based on a starting salary of $90,028 and an initial investment of $368,237.
• $244,800 is the average cost of tuition and fees to earn a Bachelor’s of Chemical Engineering; this represents 66.48% of the total initial investment.
• A recent graduate with a Bachelor’s of Chemical Engineering can expect to earn a lifetime total of $10.159 million.
• A 2025 graduate with a Bachelor’s of Chemical Engineering can expect to earn a lifetime $10.930 million.
• Compared to all bachelor’s degree holders aged 25 to 29 years old, chemical engineering majors’ median earnings are equivalent to 139.7% (meaning they make 39.72% than their peers).
• Unemployment is 62.96% lower among chemical engineering majors compared to all bachelor’s degree holders aged 25 to 29.
• 0.72% of recent bachelor’s degree earners majored in chemical engineering.

Computer Engineering Degree Return on Investment

The average ROI for a bachelor’s degree in computer engineering is 1,743.81%; the degree pays for itself after five (5) years in the workforce.

• The ROI for a Bachelor’s of Computer Engineering is based on a starting salary of $96,236 and an initial investment of $302,882.
• $186,088 is the average cost of tuition and fees to earn a Bachelor’s of Computer Engineering; this represents 61.44% of the total initial investment.
• A recent graduate with a Bachelor’s of Computer Engineering can expect to earn a lifetime total of $10.860 million.
• A 2025 graduate with a Bachelor’s of Computer Engineering can expect to earn a lifetime $11.876 million.
• Compared to all bachelor’s degree holders aged 25 to 29 years old, computer engineering majors’ median earnings are equivalent to 149.4% (meaning they make 49.36% more than their peers).
• Unemployment is 7.41% lower among computer engineering majors compared to all bachelor’s degree holders aged 25 to 29.
• 0.95% of recent bachelor’s degree earners majored in computer engineering.

Electrical Engineering Degree Return on Investment

The average ROI for a bachelor’s degree in electrical engineering is 1,515.15%; the degree pays for itself after six (6) years in the workforce.

• The ROI for a Bachelor’s of Electrical Engineering is based on a starting salary of $90,099 and an initial investment of $302,882.
• $186,088 is the average cost of tuition and fees to earn a Bachelor’s of Electrical Engineering; this represents 61.44% of the total initial investment.
• A recent graduate with a Bachelor’s of Electrical Engineering can expect to earn a lifetime total of $10.167 million.
• A 2025 graduate with a Bachelor’s of Electrical Engineering can expect to earn a lifetime $10.961 million.
• Among workers aged 25 to 64 with a Bachelor’s of Electrical Engineering, median earnings for 2022 totaled $121,600.
• Also for 2022, men who earned Bachelor’s of Electrical Engineering made a median of $123,800; women with the same degree made a median of $105,200.
• Compared to all bachelor’s degree holders aged 25 to 29 years old, electrical engineering majors’ median earnings are equivalent to 139.8% (meaning they make 39.83% than their peers).
• With a Bachelor’s of Electrical Engineering, an advanced degree boosts median earnings 30.77% (to $139,400) over a bachelor’s alone ($106,600).
• Unemployment is 11.11% higher among electrical engineering majors compared to all bachelor’s degree holders aged 25 to 29.
• 1.39% of recent bachelor’s degree earners majored in electrical engineering.

English Degree Return on Investment

The average ROI for a bachelor’s degree in English is 208.23%; the degree pays for itself after 22 years in the workforce.

• The ROI for a Bachelor’s of English is based on a starting salary of $53,399 and an initial investment of $243,491.
• $132,734 is the average cost of tuition and fees to earn a Bachelor’s of English; this represents 54.51% of the total initial investment.
• A recent graduate with a Bachelor’s of English can expect to earn a lifetime total of $6.026 million.
• A 2025 graduate with a Bachelor’s of English can expect to earn a lifetime $6.514 million.
• Among workers aged 25 to 64 with a Bachelor’s of English, median earnings for 2022 totaled $65,060.
• Also for 2022, men who earned Bachelor’s of English made a median of $75,850; women with the same degree made a median of $61,150.
• Compared to all bachelor’s degree holders aged 25 to 29 years old, English majors’ median earnings are equivalent to 82.88%, meaning they make 17.12% less than their peers.
• With a Bachelor’s of English, an advanced degree boosts median earnings 34.16% (to $75,370) over a bachelor’s alone ($56,180).
• Unemployment is 92.59% higher among English majors compared to all bachelor’s degree holders aged 25 to 29.
• 2.20% of recent bachelor’s degree earners majored in English.

Family and Consumer Sciences Degree Return on Investment

The average ROI for a bachelor’s degree in family and consumer sciences is -38.95%; relative to the cost of tuition alone, the average lifetime return is 21.15%.  

• The ROI for a Bachelor’s of Family and Consumer Sciences is based on a starting salary of $47,927 and an initial investment of $218,037.
• $109,867 is the average cost of tuition and fees to earn a Bachelor’s of Family and Consumer Sciences; this represents 50.39% of the total initial investment.
• A recent graduate with a Bachelor’s of Family and Consumer Sciences can expect to earn a lifetime total of $5.408 million.
• A 2025 graduate with a Bachelor’s of Family and Consumer Sciences can expect to earn a lifetime $5.775 million.
• Among workers aged 25 to 64 with a Bachelor’s of Family and Consumer Sciences, median earnings for 2022 totaled $52,850.
• Also for 2022, men who earned Bachelor’s of Family and Consumer Sciences made a median of $70,440; women with the same degree made a median of $51,590.
• Compared to all bachelor’s degree holders aged 25 to 29 years old, family and consumer sciences majors’ median earnings are equivalent to 74.38%, meaning they make 25.62% less than their peers.
• With a Bachelor’s of Family and Consumer Sciences, an advanced degree boosts median earnings 36.41% (to $63,800) over a bachelor’s alone ($46,770).
• Unemployment is 22.2% lower among family and consumer sciences majors compared to all bachelor’s degree holders aged 25 to 29.
• 0.85% of recent bachelor’s degree earners majored in family and consumer sciences.

Health Degree Return on Investment

The average ROI for a bachelor’s degree in health is 658.26%; the degree pays for itself after 11 years in the workforce.

• The ROI for a Bachelor’s of Health is based on a starting salary of $66,644 and an initial investment of $296,097.
• $179,993 is the average cost of tuition and fees to earn a Bachelor’s of Health; this represents 60.79% of the total initial investment.
• A recent graduate with a Bachelor’s of Health can expect to earn a lifetime total of $7.521 million.
• A 2025 graduate with a Bachelor’s of Health can expect to earn a lifetime $8.024 million.
• Compared to all bachelor’s degree holders aged 25 to 29 years old, health majors’ median earnings are equivalent to 103.4% (meaning they make 3.43% more than their peers).
• Unemployment is 33.33% lower among health majors compared to all bachelor’s degree holders aged 25 to 29.
• 9.22% of recent bachelor’s degree earners majored in health.

General Medical and Health Degree Return on Investment

The average ROI for a bachelor’s degree in general medical and health services is 457.56%; the degree pays for itself after 14 years in the workforce.

• The ROI for a Bachelor’s of General Medical and Health is based on a starting salary of $61,378 and an initial investment of $296,097.
• $179,993 is the average cost of tuition and fees to earn a Bachelor’s of General Medical and Health; this represents 60.79% of the total initial investment.
• A recent graduate with a Bachelor’s of General Medical and Health can expect to earn a lifetime total of $6.926 million.
• A 2025 graduate with a Bachelor’s of General Medical and Health can expect to earn a lifetime $7.392 million.
• Compared to all bachelor’s degree holders aged 25 to 29 years old, general medical and health services majors’ median earnings are equivalent to 95.26%, meaning they make 4.74% less than their peers.
• Unemployment is 14.81% lower among general medical and health services majors compared to all bachelor’s degree holders aged 25 to 29.
• 4.82% of recent bachelor’s degree earners majored in general medical and health services.

Nursing Degree Return on Investment

The average ROI for a bachelor’s degree in nursing is 935.90%; the degree pays for itself after nine (9) years in the workforce.

• The ROI for a Bachelor’s of Nursing is based on a starting salary of $72,334 and an initial investment of $278,725.
• $164,386 is the average cost of tuition and fees to earn a Bachelor’s of Nursing; this represents 58.98% of the total initial investment.
• A recent graduate with a Bachelor’s of Nursing can expect to earn a lifetime total of $8.163 million.
• A 2025 graduate with a Bachelor’s of Nursing can expect to earn a lifetime $8.757 million.
• Among workers aged 25 to 64 with a Bachelor’s of Nursing, median earnings for 2022 totaled $79,600.
• Also for 2022, men who earned Bachelor’s of Nursing made a median of $90,890; women with the same degree made a median of $77,640.
• Compared to all bachelor’s degree holders aged 25 to 29 years old, nursing majors’ median earnings are equivalent to 112.3% (meaning they make 12.26% more than their peers).
• With a Bachelor’s of Nursing, an advanced degree boosts median earnings 34.67% (to $99,060) over a bachelor’s alone ($73,560).
• Unemployment is 55.56% lower among nursing majors compared to all bachelor’s degree holders aged 25 to 29.
• 4.41% of recent bachelor’s degree earners majored in nursing.

History Degree Return on Investment

The average ROI for a bachelor’s degree in history is 186.98%; the degree pays for itself after 23 years in the workforce.

• The ROI for a Bachelor’s of History is based on a starting salary of $52,934 and an initial investment of $243,252.
• $132,520 is the average cost of tuition and fees to earn a Bachelor’s of History; this represents 54.48% of the total initial investment.
• A recent graduate with a Bachelor’s of History can expect to earn a lifetime total of $5.973 million.
• A 2025 graduate with a Bachelor’s of History can expect to earn a lifetime $6.334 million.
• Among workers aged 25 to 64 with a Bachelor’s of History, median earnings for 2022 totaled $73,560.
• Also for 2022, men who earned Bachelor’s of History made a median of $81,270; women with the same degree made a median of $62,980.
• Compared to all bachelor’s degree holders aged 25 to 29 years old, history majors’ median earnings are equivalent to 82.15%, meaning they make 17.8% less than their peers.
• With a Bachelor’s of History, an advanced degree boosts median earnings 36.61% (to $85,160) over a bachelor’s alone ($62,340).
• Unemployment is 66.7% higher among history majors compared to all bachelor’s degree holders aged 25 to 29.
• 1.41% of recent bachelor’s degree earners majored in history.

Liberal Arts and Humanities Degree Return on Investment

The average ROI for a bachelor’s degree in liberal arts and humanities is -42.78%; relative to the cost of tuition alone, the average lifetime return is 13.56%.

• The ROI for a Bachelor’s of Liberal Arts and Humanities is based on a starting salary of $47,854 and an initial investment of $218,037.
• $109,867 is the average cost of tuition and fees to earn a Bachelor’s of Liberal Arts and Humanities; this represents 50.39% of the total initial investment.
• A recent graduate with a Bachelor’s of Liberal Arts and Humanities can expect to earn a lifetime total of $5.400 million.
• A 2025 graduate with a Bachelor’s of Liberal Arts and Humanities can expect to earn a lifetime $5.624 million.
• Among workers aged 25 to 64 with a Bachelor’s of Liberal Arts and Humanities, median earnings for 2022 totaled $61,380.
• Also for 2022, men who earned Bachelor’s of Liberal Arts and Humanities made a median of $70,850; women with the same degree made a median of $55,790.
• Compared to all bachelor’s degree holders aged 25 to 29 years old, liberal arts and humanities majors’ median earnings are equivalent to 74.27%, meaning they make 25.73% less than their peers.
• With a Bachelor’s of Liberal Arts and Humanities, an advanced degree boosts median earnings 41.70% (to $77,310) over a bachelor’s alone ($54,560).
• Unemployment is 66.7% higher among liberal arts and humanities majors compared to all bachelor’s degree holders aged 25 to 29.
• 0.85% of recent bachelor’s degree earners majored in liberal arts and humanities.

Linguistics and Comparative Languages Degree Return on Investment

The average ROI for a bachelor’s degree in linguistics and comparative languages is 146.30%; the degree pays for itself after 25 years in the workforce.

• The ROI for a Bachelor’s of Linguistics and Comparative Languages is based on a starting salary of $52,484 and an initial investment of $262,810.
• $150,089 is the average cost of tuition and fees to earn a Bachelor’s of Linguistics and Comparative Languages; this represents 57.11% of the total initial investment.
• A recent graduate with a Bachelor’s of Linguistics and Comparative Languages can expect to earn a lifetime total of $5.923 million.
• A 2025 graduate with a Bachelor’s of Linguistics and Comparative Languages can expect to earn a lifetime $6.376 million.
• Compared to all bachelor’s degree holders aged 25 to 29 years old, linguistics and comparative languages majors’ median earnings are equivalent to 81.46%, meaning they make 18.54% less than their peers.
• Unemployment is 33.3% higher among linguistics and comparative languages majors compared to all bachelor’s degree holders aged 25 to 29.
• 0.75% of recent bachelor’s degree earners majored in linguistics and comparative languages.

Mathematics Degree Return on Investment

The average ROI for a bachelor’s degree in mathematics is 1,133.59%; the degree pays for itself after seven (7) years in the workforce.

• The ROI for a Bachelor’s of Mathematics is based on a starting salary of $74,732 and an initial investment of $255,991.
• $143,963 is the average cost of tuition and fees to earn a Bachelor’s of Mathematics; this represents 56.24% of the total initial investment.
• A recent graduate with a Bachelor’s of Mathematics can expect to earn a lifetime total of $8.433 million.
• A 2025 graduate with a Bachelor’s of Mathematics can expect to earn a lifetime $9.248 million.
• Among workers aged 25 to 64 with a Bachelor’s of Mathematics, median earnings for 2022 totaled $86,560.
• Also for 2022, men who earned Bachelor’s of Mathematics made a median of $99,050; women with the same degree made a median of $73,500.
• Compared to all bachelor’s degree holders aged 25 to 29 years old, mathematics majors’ median earnings are equivalent to 116.0% (meaning they make 15.98% more than their peers).
• With a Bachelor’s of Mathematics, an advanced degree boosts median earnings 26.43% (to $96,530) over a bachelor’s alone ($76,350).
• Unemployment is 40.74% lower among mathematics majors compared to all bachelor’s degree holders aged 25 to 29.
• 1.43% of recent bachelor’s degree earners majored in mathematics.

Interdisciplinary Studies Degree Return on Investment

The average ROI for a bachelor’s degree in interdisciplinary studies is 402.53%; the degree pays for itself after 15 years in the workforce.

• The ROI for a Bachelor’s of Interdisciplinary Studies is based on a starting salary of $58,590 and an initial investment of $265,929.
• $152,891 is the average cost of tuition and fees to earn a Bachelor’s of Interdisciplinary Studies; this represents 57.49% of the total initial investment.
• A recent graduate with a Bachelor’s of Interdisciplinary Studies can expect to earn a lifetime total of $6.612 million.
• A 2025 graduate with a Bachelor’s of Interdisciplinary Studies can expect to earn a lifetime $7.230 million.
• Compared to all bachelor’s degree holders aged 25 to 29 years old, interdisciplinary studies majors’ median earnings are equivalent to 90.93%, meaning they make 9.07% less than their peers.
• Unemployment is 33.3% lower among interdisciplinary studies majors compared to all bachelor’s degree holders aged 25 to 29.
• 1.22% of recent bachelor’s degree earners majored in interdisciplinary studies.

Natural Sciences Degree Return on Investment

The average ROI for a bachelor’s degree in natural sciences is 486.21%; the degree pays for itself after 14 years in the workforce.

• The ROI for a Bachelor’s of Natural Sciences is based on a starting salary of $59,490 and an initial investment of $245,290.
• $134,350 is the average cost of tuition and fees to earn a Bachelor’s of Natural Sciences; this represents 54.77% of the total initial investment.
• A recent graduate with a Bachelor’s of Natural Sciences can expect to earn a lifetime total of $6.713 million.
• A 2025 graduate with a Bachelor’s of Natural Sciences can expect to earn a lifetime $7.263 million.
• Compared to all bachelor’s degree holders aged 25 to 29 years old, natural sciences majors’ median earnings are equivalent to 92.33%, meaning they make 7.67% less than their peers.
• Unemployment is the same among natural sciences majors compared to all bachelor’s degree holders aged 25 to 29.
• 11.09% of recent bachelor’s degree earners majored in natural sciences.

Biology Degree Return on Investment

The average ROI for a bachelor’s degree in biology is 486.04%; the degree pays for itself after 14 years in the workforce.

• The ROI for a Bachelor’s of Biology is based on a starting salary of $60,185 and an initial investment of $258,746.
• $146,438 is the average cost of tuition and fees to earn a Bachelor’s of Biology; this represents 56.60% of the total initial investment.
• A recent graduate with a Bachelor’s of Biology can expect to earn a lifetime total of $6.792 million.
• A 2025 graduate with a Bachelor’s of Biology can expect to earn a lifetime $7.328 million.
• Among workers aged 25 to 64 with a Bachelor’s of Biology, median earnings for 2022 totaled $81,550.
• Also for 2022, men who earned Bachelor’s of Biology made a median of $96,620; women with the same degree made a median of $72,200.
• Compared to all bachelor’s degree holders aged 25 to 29 years old, biology majors’ median earnings are equivalent to 93.41%, meaning they make 6.59% less than their peers.
• With a Bachelor’s of Biology, an advanced degree boosts median earnings 70.23% (to $102,800) over a bachelor’s alone ($60,390).
• Unemployment is 7.41% lower among biology majors compared to all bachelor’s degree holders aged 25 to 29.
• 7.17% of recent bachelor’s degree earners majored in biology.

Physical Sciences Degree Return on Investment

The average ROI for a bachelor’s degree in physical sciences is 535.70%; the degree pays for itself after 13 years in the workforce.

• The ROI for a Bachelor’s of Physical Sciences is based on a starting salary of $63,515 and an initial investment of $297,645.
• $181,383 is the average cost of tuition and fees to earn a Bachelor’s of Physical Sciences; this represents 60.94% of the total initial investment.
• A recent graduate with a Bachelor’s of Physical Sciences can expect to earn a lifetime total of $7.167 million.
• A 2025 graduate with a Bachelor’s of Physical Sciences can expect to earn a lifetime $7.876 million.
• Compared to all bachelor’s degree holders aged 25 to 29 years old, physical sciences majors’ median earnings are equivalent to 98.58%, meaning they make 1.42% less than their peers.
• Unemployment is 3.70% lower among physical sciences majors compared to all bachelor’s degree holders aged 25 to 29.
• 2.76% of recent bachelor’s degree earners majored in physical sciences.

Physical Fitness Degree Return on Investment

The average ROI for a bachelor’s degree in physical fitness is 191.72%; the degree pays for itself after 22 years in the workforce.

• The ROI for a Bachelor’s of Physical Fitness is based on a starting salary of $53,221 and an initial investment of $250,413.
• $138,952 is the average cost of tuition and fees to earn a Bachelor’s of Physical Fitness; this represents 55.49% of the total initial investment.
• A recent graduate with a Bachelor’s of Physical Fitness can expect to earn a lifetime total of $6.006 million.
• A 2025 graduate with a Bachelor’s of Physical Fitness can expect to earn a lifetime $6.406 million.
• Among workers aged 25 to 64 with a Bachelor’s of Physical Fitness, median earnings for 2022 totaled $61,580.
• Also for 2022, men who earned Bachelor’s of Physical Fitness made a median of $65,120; women with the same degree made a median of $55,600.
• Compared to all bachelor’s degree holders aged 25 to 29 years old, physical fitness majors’ median earnings are equivalent to 82.60%, meaning they make 17.40% less than their peers.
• With a Bachelor’s of Physical Fitness, an advanced degree boosts median earnings 33.01% (to $73,180) over a bachelor’s alone ($55,020).
• Unemployment is 3.70% higher among physical fitness majors compared to all bachelor’s degree holders aged 25 to 29.
• 2.49% of recent bachelor’s degree earners majored in physical fitness.

Philosophy Degree Return on Investment

The average ROI for a bachelor’s degree in philosophy is 467.38%; the degree pays for itself after 14 years in the workforce.

• The ROI for a Bachelor’s of Philosophy is based on a starting salary of $58,930 and an initial investment of $242,285.
• $131,650 is the average cost of tuition and fees to earn a Bachelor’s of Philosophy; this represents 54.34% of the total initial investment.
• A recent graduate with a Bachelor’s of Philosophy can expect to earn a lifetime total of $6.650 million.
• A 2025 graduate with a Bachelor’s of Philosophy can expect to earn a lifetime $7.260 million.
• Compared to all bachelor’s degree holders aged 25 to 29 years old, philosophy majors’ median earnings are equivalent to 91.46%, meaning they make 8.54% less than their peers.
• Unemployment is 3.70% higher among philosophy majors compared to all bachelor’s degree holders aged 25 to 29.
• 0.51% of recent bachelor’s degree earners majored in philosophy.

Psychology Degree Return on Investment

The average ROI for a bachelor’s degree in psychology is 207.80%; the degree pays for itself after 22 years in the workforce.

• The ROI for a Bachelor’s of Psychology is based on a starting salary of $53,144 and an initial investment of $234,498.
• $124,655 is the average cost of tuition and fees to earn a Bachelor’s of Psychology; this represents 53.16% of the total initial investment.
• A recent graduate with a Bachelor’s of Psychology can expect to earn a lifetime total of $5.997 million.
• A 2025 graduate with a Bachelor’s of Psychology can expect to earn a lifetime $6.510 million.
• Among workers aged 25 to 64 with a Bachelor’s of Psychology, median earnings for 2022 totaled $62,270.
• Also for 2022, men who earned Bachelor’s of Psychology made a median of $76,090; women with the same degree made a median of $58,490.
• Compared to all bachelor’s degree holders aged 25 to 29 years old, psychology majors’ median earnings are equivalent to 82.48%, meaning they make 17.52% less than their peers.
• With a Bachelor’s of Psychology, an advanced degree boosts median earnings 38.18% (to $72,490) over a bachelor’s alone ($52,460).
• Unemployment is 22.2% higher among psychology majors compared to all bachelor’s degree holders aged 25 to 29.
• 5.92% of recent bachelor’s degree earners majored in psychology.

Public Administration Degree Return on Investment

The average ROI for a bachelor’s degree in public administration and public policy is 426.63%; the degree pays for itself after 15 years in the workforce.

• The ROI for a Bachelor’s of Public Administration is based on a starting salary of $58,560 and an initial investment of $253,100.
• $141,366 is the average cost of tuition and fees to earn a Bachelor’s of Public Administration; this represents 55.85% of the total initial investment.
• A recent graduate with a Bachelor’s of Public Administration can expect to earn a lifetime total of $6.608 million.
• A 2025 graduate with a Bachelor’s of Public Administration can expect to earn a lifetime $6.851 million.
• Compared to all bachelor’s degree holders aged 25 to 29 years old, public administration and public policy majors’ median earnings are equivalent to 90.88%, meaning they make 9.12% less than their peers.
• 0.22% of recent bachelor’s degree earners majored in public administration and public policy.

Social Sciences Degree Return on Investment

The average ROI for a bachelor’s degree in social sciences is 946.78%; the degree pays for itself after eight (8) years in the workforce.

• The ROI for a Bachelor’s of Social Sciences is based on a starting salary of $67,025 and an initial investment of $218,595.
• $110,368 is the average cost of tuition and fees to earn a Bachelor’s of Social Sciences; this represents 50.49% of the total initial investment.
• A recent graduate with a Bachelor’s of Social Sciences can expect to earn a lifetime total of $7.564 million.
• A 2025 graduate with a Bachelor’s of Social Sciences can expect to earn a lifetime $8.285 million.
• Compared to all bachelor’s degree holders aged 25 to 29 years old, social sciences majors’ median earnings are equivalent to 104.0% (meaning they make 4.02% more than their peers).
• Unemployment is 7.41% higher among social sciences majors compared to all bachelor’s degree holders aged 25 to 29.
• 6.72% of recent bachelor’s degree earners majored in social sciences.

Economics Degree Return on Investment

The average ROI for a bachelor’s degree in economics is 1,707.80%; the degree pays for itself after five (5) years in the workforce.

• The ROI for a Bachelor’s of Economics is based on a starting salary of $85,717 and an initial investment of $243,252.
• $132,520 is the average cost of tuition and fees to earn a Bachelor’s of Economics; this represents 54.48% of the total initial investment.
• A recent graduate with a Bachelor’s of Economics can expect to earn a lifetime total of $9.673 million.
• A 2025 graduate with a Bachelor’s of Economics can expect to earn a lifetime $10.837 million.
• Among workers aged 25 to 64 with a Bachelor’s of Economics, median earnings for 2022 totaled $101,400.
• Also for 2022, men who earned Bachelor’s of Economics made a median of $107,300; women with the same degree made a median of $84,750.
• Compared to all bachelor’s degree holders aged 25 to 29 years old, economics majors’ median earnings are equivalent to 133.0% (meaning they make 33.03% more than their peers).
• With a Bachelor’s of Economics, an advanced degree boosts median earnings 36.32% (to $122,100) over a bachelor’s alone ($89,570).
• Unemployment is 3.70% higher among economics majors compared to all bachelor’s degree holders aged 25 to 29.
• 1.95% of recent bachelor’s degree earners majored in economics.

International Relations Degree Return on Investment

The average ROI for a bachelor’s degree in international relations is 1,111.25%; the degree pays for itself after seven (7) years in the workforce.

• The ROI for a Bachelor’s of International Relations is based on a starting salary of $70,151 and an initial investment of $218,037.
• $109,867 is the average cost of tuition and fees to earn a Bachelor’s of International Relations; this represents 50.39% of the total initial investment.
• A recent graduate with a Bachelor’s of International Relations can expect to earn a lifetime total of $7.916 million.
• A 2025 graduate with a Bachelor’s of International Relations can expect to earn a lifetime $8.597 million.
• Compared to all bachelor’s degree holders aged 25 to 29 years old, international relations majors’ median earnings are equivalent to 108.9% (meaning they make 8.88% more than their peers).
• Unemployment is 14.81% higher among international relations majors compared to all bachelor’s degree holders aged 25 to 29.
• 0.32% of recent bachelor’s degree earners majored in international relations.

Social Work Degree Return on Investment

The average ROI for a bachelor’s degree in social work and human services is 172.25%; the degree pays for itself after 23 years in the workforce.

• The ROI for a Bachelor’s of Social Work is based on a starting salary of $52,008 and an initial investment of $218,037.
• $109,867 is the average cost of tuition and fees to earn a Bachelor’s of Social Work; this represents 50.39% of the total initial investment.
• A recent graduate with a Bachelor’s of Social Work can expect to earn a lifetime total of $5.869 million.
• A 2025 graduate with a Bachelor’s of Social Work can expect to earn a lifetime $6.430 million.
• Among workers aged 25 to 64 with a Bachelor’s of Social Work, median earnings for 2022 totaled $55,060.
• Also for 2022, men who earned Bachelor’s of Social Work made a median of $60,090; women with the same degree made a median of $54,380.
• Compared to all bachelor’s degree holders aged 25 to 29 years old, social work and human services majors’ median earnings are equivalent to 80.72%, meaning they make 19.28% less than their peers.
• With a Bachelor’s of Social Work, an advanced degree boosts median earnings 33.85% (to $62,510) over a bachelor’s alone ($46,700).
• Unemployment is 55.6% lower among social work and human services majors compared to all bachelor’s degree holders aged 25 to 29.
• 1.20% of recent bachelor’s degree earners majored in social work and human services.

Wage Growth by Education Level

In general, the average individual income increases corresponding to one’s education level or educational attainment.

• The difference between a high school diploma and an associate’s degree is a 17.7% increase in average weekly earnings.
• Between a high school diploma and a bachelor’s degree there is a 66.1% increase in weekly earnings; between an associate’s degree and a bachelor’s, there is a 41.1% increase in average earnings.
• From bachelor’s to master’s, the median wage increases 16.3%. 
• Between a bachelor’s and a professional degree, there is a 47.8% increase in weekly earnings.
• There is a 27.0% increase in earnings between a master’s and a professional degree.
• Between a master’s and a doctorate, there is a 21.4% increase in earnings.

Return on Investment Contributing Factors

Average wages do not address the discrepancies in pay between certain groups. In addition to inequitable academic funding, there can be drastic differences in income and employment based on gender, race, ethnicity, sexuality, immigration status, etc.

• Among males with at least a bachelor’s degree, 91.8% participate in the workforce  (i.e. they either have a job or are searching for one).
• Females with bachelor’s degrees participate in the workforce at a rate of 83.3%.
• Among people with a high school diploma as their highest level of educational attainment, 71.6% participate in the labor force; the unemployment rate is 7.3% among them.
• 25- to 34-year-old degree holders with a bachelor’s or higher participate in the workforce at a rate of 91.1%; their unemployment rate is 3.6%.
• Bachelor’s degree holders (including those with advanced degrees) between the ages of 35 and 44 have a workforce participation rate of 90.0% and an unemployment rate of 3.0%.
• 45- to 54-year-old bachelor’s degree holders (including those with advanced degrees) have a workforce participation rate of 89.6% and an unemployment rate of 3.0%.
• Between the ages of 55 and 64, bachelor’s degree holders have a workforce participation rate of 75.5% and an unemployment rate of 4.0%.
• Among 25- to 34-year-olds with an associate’s as their highest level degree, the workforce participation rate is 85.8%; their unemployment rate is 5.8%.

Return on Investment by Education Level

In this section, return on investment calculations are based on the cost of tuition, median salaries, loan interest, employment projections, and estimated potential income lost from not participating in the workforce. Bachelor’s degree estimates in this section will not necessarily match the previous section, which used starting salaries, average annual raises, the total cost of attendance, and loan interest to measure ROIs.

Associate’s Degree Return on Investment

Based on median earnings among workers aged 25 to 64, an associate’s degree has a high lifetime ROI (492% from 1983-2023) that is projected to increase 10.77% over 40 years (545% from 2023-2063).

• A 2022 graduate with an associate’s degree can expect to make a lifetime total of $6.027 million over a 40-year career.
• $1.058 million of lifetime earnings are attributable to the associate’s degree, representing 17.55% of income.
• As of 2023, 15.03% of an associate’s degree holder’s income is attributable to the degree.
• Median earnings among associate’s degree holders are equivalent to 90.4% of the median earnings among all workers.
• The unemployment rate among associate’s degree holders is 10.0% lower than the average unemployment rate.
• 81.3% of associate’s degree holders participate in the work force (i.e. they either have a job or are searching for one).
• The 2023 job market employed 3.44 million associate’s degree holders.
• By 2033, 3.65 million associate’s degree holders will have employment, up 6.26% over 10 years.
• It will take 13 years and 11 months for a new graduate to see a return on their associate’s degree.
• Earning an associate’s degree takes an average of three (3) years^†; for a new graduate:
  • The cost of an average associate’s degree totals $36,149 in tuition and fees alone (excluding the cost of room and board).
  • Potential income lost while earning an associate’s degree totals $127,036.
  • The initial investment for an associate’s degree is $163,970.

^†Although most associate’s programs are designated 2-year, it takes the average graduate three (3) years to earn their associate’s degree.

Bachelor’s Degree Return on Investment

Based on median earnings among workers aged 25 to 64, a bachelor’s degree has a high lifetime ROI (781% from 1983-2023) that is projected to increase 7.82% over 40 years (842% from 2023-2063).

• A 2022 graduate with a bachelor’s degree can expect to make a lifetime total of $9.481 million over a 40-year career.
• $3.463 million of lifetime earnings are attributable to a bachelor’s degree, representing 36.52% of income.
• As of 2023, 39.79% of a bachelor’s degree holder’s income is attributable to the degree.
• Median earnings among bachelor’s degree holders are equivalent to 127.6% of the median earnings among all workers.
• The unemployment rate among bachelor’s degree holders is 26.7% lower than the average unemployment rate.
• 87.2% of bachelor’s degree holders participate in the work force (i.e. they either have a job or are searching for one).
• The 2023 job market employed 41.4 million bachelor’s degree holders.
• By 2033, 44.4 million bachelor’s degree holders will have employment, up 7.19% over 10 years.
• It will take 10 years, 8 months, and 8 days for a 2022 graduate to see a return on their bachelor’s degree.
• Earning a bachelor’s degree takes an average of five (5) years; for a new graduate:
  • The cost of an average bachelor’s degree totals $146,795 in tuition and fees alone (excluding the cost of room and board).
  • Potential income lost while earning a bachelor’s degree totals $204,282.
  • The initial investment for a bachelor’s degree is $367,686.

See Bachelor’s Degree ROI by Major for more details.

Master’s Degree Return on Investment

Based on median earnings among workers aged 25 to 64, a bachelor’s degree has a high lifetime ROI (762% from 1983-2023) that is projected to decline 38.0% over 40 years (472% from 2023-2063).

• A 2022 graduate with a master’s degree can expect to make a lifetime total of $11.920 million over a 40-year career.
• $1.282 million of lifetime earnings are attributable to a master’s degree, representing 10.76% of income.
• As of 2023, 14.05% of a master’s degree holder’s income is attributable to the degree.
• Median earnings among master’s degree holders are equivalent to 148.5% of the median earnings among all workers.
• The unemployment rate among master’s degree holders is 2.0%, 33.3% lower than the average unemployment rate.
• The 2023 job market employed 3.67 million master’s degree holders.
• By 2033, 4.11 million master’s degree holders will have employment, up 12.1% over 10 years.
• It will take 12 years, 9 months, and 2 weeks for a 2022 graduate to see a return on their master’s degree.
• Earning a master’s degree ideally takes two (2) years; for a new graduate:
  • The cost of an average master’s degree totals $40,264 in tuition and fees alone (excluding the cost of room and board).
  • Potential income lost while earning a master’s degree totals $143,832.
  • The initial investment for a master’s degree is $224,122.

Doctoral Degree Return on Investment

Based on median earnings among workers aged 25 to 64, a bachelor’s degree has a high lifetime ROI (172.74% from 1983-2023) that is projected to increase 261% over 40 years (623.59% from 2023-2063).

• A 2022 graduate with a doctoral degree can expect to make a lifetime total of $14.913 million over a 40-year career.
• $2.993 million of lifetime earnings are attributable to a doctoral degree, representing 20.07% of income.
• As of 2023, 17.64% of a doctoral degree holder’s income is attributable to the degree.
• Median earnings among doctoral degree holders are equivalent to 180.3% of the median earnings among all workers.
• The unemployment rate among doctoral degree holders is 1.6%, 46.7% lower than the average unemployment rate.
• The 2023 job market supported 4.49 million doctorate or professional degree holders.
• By 2033, 4.80 million doctoral or professional degree holders will have employment, up 7.09% over 10 years.
• It will take 14 years, 5 months, and 8 days for a 2022 graduate to see a return on their ’s degree.
• Earning a doctoral degree takes an average of 5.7 years; for a new graduate:
  • The cost of an average doctoral degree totals $110,599 in tuition and fees alone (excluding the cost of room and board).
  • Potential income lost while earning a doctoral degree totals $446,428.
  • Income regained through work study and teaching assistantships totals $262,058.
  • The initial investment for a doctoral degree is $413,633.

Professional Degree Return on Investment

Based on median earnings among workers aged 25 to 64, a bachelor’s degree has a high lifetime ROI (1,226% from 1983-2023) that is projected to increase 83.3% over 40 years (2,249% from 2023-2063).

• A 2022 graduate with a professional degree can expect to make a lifetime total of $14.245 million over a 40-year career.
• Assuming a graduate has no other advanced degrees, $4.764 million of lifetime earnings are attributable to a professional degree, representing 33.44% of total income.
• As of 2023, 32.32% of a professional degree holder’s income is attributable to the degree.
• Median earnings among professional degree holders are equivalent to 188.5% of the median earnings among all workers.
• The unemployment rate among professional degree holders is 1.2%, 60.0% lower than the average unemployment rate.
• The 2023 job market supported 4.49 million doctorate or professional degree holders.
• By 2033, 4.80 million doctoral or professional degree holders will have employment, up 7.09% over 10 years.
• It will take 3 years, 10 months, and 6 days for a 2022 graduate to see a return on their professional degree.
• Ideally, a typical professional program takes three (3) years; for a new graduate:
  • The cost of an average professional degree totals $60,059 in tuition and fees alone (excluding the cost of room and board).
  • Potential income lost while earning a professional degree totals $211,692.
  • Income regained through work study, assistantships, and internships totals $137,925
  • The initial investment for a professional degree is $202,847.

Calculating ROI

In this context, return on investment or ROI refers to the lifetime cost of a degree against the lifetime earnings dependent upon that degree. While these calculations include a number of variables (such as average tuition and starting salaries), infinite combinations of these variables yield a unique ROI.

For example, a bachelor’s degree earner may earn more or less than the average starting salary depending on their industry, where they earned their degree, degree-related experience such as internships, and even the physical location of their job’s home office. Statistics indicate that even things like sex and gender or race and ethnicity can have an effect on pay rates.

Student loan interest is based on average borrowing, federal interest rates, and average repayment periods (when the average is unavailable, EDI uses ideal repayment periods).

Calculated earnings assume an average 4.5% annual raise based on data from the U.S. Bureau of Labor Statistics and independent, nonpartisan nonprofit The Conference Board. Degree-based earnings exclude the median earnings of next-lowest diploma or degree level. For example, bachelor’s degree-based earnings are calculated by excluding the median earnings of the average high school graduate (or equivalent); median earnings among workers with some college or non-degree credentials are not considered.

For degrees by major, the initial degree investment is equivalent to the cost of attendance (including tuition and fees) as well as estimated student loan interest. For returns by education level, the initial investment takes into account average tuition and fees and the value of potential income lost during school. Among master’s, professional, and doctoral degree holders, the calculated cost of their degree does not include the cost of prerequisite degrees.

For more detailed reports about the potential cost of an advanced degree, see the Average Cost of College, Average Cost of a Master’s Degree, and Average Cost of a Doctorate.

Sources

1. U.S. Bureau of Labor Statistics
2. U.S. Department of Education National Center of Education Statistics
3. U.S. Department of Education Office of Federal Student Aid
4. The Conference Board, U.S. Salary Increase Budgets
5. National Bureau of Economic Research, The Costs Of and Net Returns to College Major
6. U.S. Census, American Community Survey
7. Urban Institute, Understanding College Affordability: Borrowing
8. One Wisconsin Now, Twenty to Life: Higher Education Turning Into Multi-Decade Debt Sentence
9. U.S. Department of Education, Education Resources Information Center
10. National Student Clearinghouse Research Center, Completing College
11. National Center for Science and Engineering Statistics, Survey of Earned Doctorates