A new report from the U.S. Census Bureau has found that the number of advanced degree holders in the United States has increased rapidly in the last 10 years.
The report showed increases in every type of college degree from 2002 to 2012, but doctorate and master’s degrees experienced the most growth. The number of doctorates grew by 45 percent and master’s degrees went up 43 percent. No less than 1 million people earned a doctorate in the last 10 years and at least 5 million earned a master’s degree.
The Census Bureau collected information from 100,000 United States addresses in 2012 to create its “Current Population Survey’s Annual Social and Economic Supplement.”
The Census Bureau painted the picture of a United States that has achieved educational gains since 2002. The number of people without a high school diploma or GED diploma fell by 13 percent to 25 million, and a total of 41 million Americans now have a bachelor’s degree as their highest degree. Associate degree holders increased by 31 percent in the last 10 years and bachelor’s degrees holders increased by 25 percent.
College degrees continue to pay off, according to the Census report. For those with business degrees, it found that bachelor’s degree holders make $2.56 million in their lifetimes, master’s degree holders make $3.26 million, doctorate degree holders make $3.54 million and professional degree holders make $4.01 million.
The Census data is exhaustive, showing the earnings for each degree level for different college majors. It shows the lifetime earnings of the 1.7 million bachelor’s degree holders who majored in education is $1.8 million, for instance. The 455,000 people with a professional degree in the biological sciences earn an average of $5.4 million over their careers.
Women have made big educational gains on all degree levels since 2002. Women’s educational attainment already outnumbers that of men for bachelor’s degrees and master’s degrees, and “the gap between the number of men and women with professional degrees shrank,” the report indicated. Currently, men lead in professional degrees, 1.8 million to 1.2 million, and in doctorates, with 2 million for men compared with 1.2 million for women.
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