A college education is about to become even more important for American workers, a recent study has concluded.
Of the estimated 55 million job vacancies that will be created through 2020, 65% will call for applicants who have at least some postsecondary education, according to the Georgetown University Center on Education and the Workforce.
An associate’s degree will be required for 7 million of those openings, while 13 million will require a bachelor’s degree and 6 million will need candidates with a master’s or other graduate-level degree.
Postsecondary qualifications will be vital for individuals hoping to secure employment in high-demand professions, the study found. Four out of every five jobs in government, healthcare and information technology will require educational attainment beyond a high school diploma.
Since the 1970s, the percentage of American workers who have continued their education beyond high school has more than doubled, the Georgetown study noted. About 28% of jobs in 1973 were held by employees who had attended or graduated from college. By 2010, such workers accounted for 59% of positions nationwide.
“The United States is more educated than ever,” the researchers wrote in the June 2013 report, Recovery: Job Growth and Education Requirements through 2020.
Even so, the study projects that demand for college-educated workers will outstrip demand by 5 million candidates by the end of the decade.
The researchers forecast that 24 million new jobs will be created between 2010 and 2020, while the retirements of baby boomers will produce 31 million vacancies, pushing the total number of jobs up to 165 million.
As manufacturing plays a diminishing role in the nation’s economy, the attributes sought by employers are shifting – from physical skills to those involving problem-solving, communication, leadership and teamwork, the Georgetown study noted.
Generally, a college degree increases an individual’s employment and earnings potential. In 2012, employees with a bachelor’s degree had an unemployment rate of 4.5% compared with 8.3% for those with a high school diploma, the U.S. Bureau of Labor Statistics (BLS) reported.
Bachelor’s degree holders had median weekly earnings of $1,066 in 2012. For high school grads, the median was $652, according to the BLS.
The Georgetown study also found that employees with a bachelor’s degree or better have seen higher job growth since the recent recession.
“Employers are still willing to pay more for the college degree – a symbol of a worker’s attainment of the knowledge, skills, and abilities that improve productivity,” the researchers wrote.
Please Leave A Comment
Related posts:
Almost Every Good Job Has Gone to a College Graduate
Study: Higher Education Leads to Lower Unemployment Rates and Higher Earning Potential
Study: Benefits of College are Worth the Cost
The Salary Gap Between College-Educated Workers and Those Without a Degree is Largest Ever
A College Degree Leads to Better Pay, Report Says