If you are only interested in viewing statistics and salaries in a specific career field, then choose one from below, or continue scrolling down for more interesting facts about salaries and income in United States. However, if one can afford the financial costs of obtaining a higher degree, the return on investment is likely to be worthwhile, with the ability to recoup the costs in approximately a year. Ultimately, deciding whether or not to pursue advanced education depends on a variety of factors, including the personal situation and experience. On average, individuals who change jobs after earning a higher degree receive a salary increase of about 10% more than the typical annual raise. Many individuals pursue advanced education as a means of transitioning to higher-paying positions, and the statistics indicate that this is an effective strategy. Salary reviews are typically conducted after completing the program and obtaining the degree. It's important to note that during this period, any salary increases are unlikely, assuming ongoing employment. Is investing in a Master's degree or an MBA worth it? Is pursuing higher education worth the investment?Įarning a Master's degree or any post-graduate qualification in United States is a substantial financial commitment, with tuition fees ranging from 39,600 USD to 119,000 USD and a duration of around two years. Professionals with a Master's Degree earned 29% more than those with a Bachelor's Degree.įinally, those who held a PhD earned an average of 23% more than those with a Master's Degree while performing the same job. Those who obtained a Bachelor's Degree earned 24% more than their counterparts with a certificate or diploma. Our results showed that individuals with a certificate or diploma earned an average of 17% more than those who only completed high school. We conducted a study in Chicago comparing the salaries of professionals with different levels of college degrees who held similar positions in various industries.
The correlation between higher education and higher salary is widely acknowledged, but how much of an income increase can one expect from obtaining a degree? To view accurate figures, choose a specific job title. The data displayed here is the combined average of multiple jobs. Only 5% of people grossed 221,000 USD or more.Ĭhange in salary based on education varies drastically from one location to another and depends hugely on the career field as well. Ten percent of wages are from 173,000 USD to 221,000 USD. Approximately 20% fall under the 67,200 USD cap. Around 65% of all reported figures are in the range 67,200 USD to 173,000 USD. This method is more accurate than just the average salary and gives more insights into how salaries are actually distributed in Chicago. We grouped the most common and recurring salaries into brackets to give more insight into what salary to expect.
Also from the diagram, 75% of the population earn less than 154,000 USD while 25% earn more than that.
Reading from the salary distribution diagram, 25% of the population in Chicago earn less than 73,300 USD while 75% of them earn more. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.Ĭlosely related to the median are two values: the 25th and the 75th percentiles. The median represents the middle salary value. The median salary is 102,000 USD, which means that 50% of the population in Chicago earns less than that while the other half earns more. This is not the minimum wage as per the law, only the lowest reported number in the salary survey that had thousands of participants and professionals from all over the country. Salaries in Chicago range from 27,700 USD (starting salary) to 489,000 USD (maximum average salary, actual maximum is higher). Salary Range, Minimum Wage, and Starting Salary.All salary figures displayed here are per year except when noted otherwise.
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