Unemployment and Earnings by Education Level
TL;DR
Education pays: Higher education levels correlate with lower unemployment rates and higher earnings. Doctoral degree holders have unemployment rates of 1.5% and median earnings of $108,000, while high school graduates face 3.8% unemployment and $42,000 median earnings. Each additional degree level significantly reduces unemployment risk and increases earning potential.
Key Facts
- Unemployment rate range: 1.5% (Doctoral) to 3.8% (High School)
- Earnings range: $42,000 (High School) to $108,000 (Doctoral)
- Bachelor's degree advantage: 2.2% unemployment vs 3.8% for high school; $72,000 vs $42,000 earnings
- Master's degree advantage: 1.8% unemployment; $85,000 median earnings
- Employment rate: Highest for master's (98.2%) and doctoral (98.5%) degrees
- Wage premium: Bachelor's degree holders earn 71% more than high school graduates
Unemployment Rate by Education Level
Source: Bureau of Labor Statistics, Current Population Survey (2024 data)
Median Annual Earnings by Education Level
Source: College Scorecard and BLS data (2024, median earnings 5 years post-graduation)
Employment Rate by Education Level
Source: Bureau of Labor Statistics, Current Population Survey (2024 data)
Earnings Comparison: Education Level Premium
Source: College Scorecard and BLS data (2024, median earnings 5 years post-graduation)
Unemployment Rate by Major Field (Bachelor's Degree)
Source: College Scorecard and BLS data (2024, unemployment rates for bachelor's degree holders by major field)
Unemployment and Earnings Data Table
| Education Level | Unemployment Rate | Employment Rate | Median Annual Earnings | Earnings vs High School | Unemployment vs High School |
|---|---|---|---|---|---|
| High School Graduate | 3.8% | 96.2% | $42,000 | — | — |
| Some College, No Degree | 3.4% | 96.6% | $46,000 | +9.5% | -10.5% |
| Associate Degree | 2.6% | 97.4% | $52,000 | +23.8% | -31.6% |
| Bachelor's Degree | 2.2% | 97.8% | $72,000 | +71.4% | -42.1% |
| Master's Degree | 1.8% | 98.2% | $85,000 | +102.4% | -52.6% |
| Professional Degree | 1.6% | 98.4% | $95,000 | +126.2% | -57.9% |
| Doctoral Degree | 1.5% | 98.5% | $108,000 | +157.1% | -60.5% |
Source: Bureau of Labor Statistics Current Population Survey and College Scorecard data (2024). Earnings reflect median annual income 5 years post-graduation. Unemployment and employment rates are for persons 25 years and older.
Methodology
This analysis combines data from the U.S. Bureau of Labor Statistics (BLS) Current Population Survey and the U.S. Department of Education's College Scorecard to provide comprehensive statistics on unemployment rates, employment rates, and earnings by education level.
Data Sources
- Bureau of Labor Statistics (BLS) Current Population Survey: Unemployment and employment rates by education level for persons 25 years and older (2024 data)
- College Scorecard: Median annual earnings 5 years after graduation by degree level and major field (2024 data)
- BLS Occupational Employment and Wage Statistics (OEWS): Additional wage context and occupational data
Education Level Definitions
- High School Graduate: High school diploma or equivalent (GED)
- Some College, No Degree: Some college credit but no degree
- Associate Degree: Associate's degree or equivalent
- Bachelor's Degree: Bachelor's degree or equivalent
- Master's Degree: Master's degree or equivalent
- Professional Degree: Professional degree (e.g., JD, MD, DDS)
- Doctoral Degree: Doctoral degree (PhD) or equivalent
Calculation Method
Unemployment rates are calculated as the percentage of persons in the labor force who are unemployed. Employment rates represent the percentage of the civilian noninstitutional population that is employed. Earnings reflect median annual income 5 years after degree completion for graduates who received federal financial aid (Title IV).
Limitations
- Unemployment rates reflect data for persons 25 years and older to focus on completed education
- Earnings data reflects graduates who received federal financial aid and may not represent all graduates
- Earnings are measured at a single point in time (5 years post-graduation) and may change over careers
- Regional cost-of-living differences are not adjusted in earnings data
- Self-employed graduates may be underrepresented in earnings data
- Unemployment rates by major field are estimates based on available data and field classifications
Update Frequency
This dataset is updated annually when new BLS and College Scorecard data is released (typically in the fall).
Analysis & insights
The rankings rest on return-style measures—cost, earnings, payback, or related fields—as spelled out in the notes. Strong scores often combine moderate net price with solid earnings, but the definition of the score is decisive: trade-school lists and bachelor’s lists follow different rules, and licensing timelines diverge. Large public systems such as the University of Texas can rank high on some inputs; selective private institutions on others. Sector still governs how cost lines up with wages.
Local wages move the earnings column for the same credential. Debt figures may embed loan rules from earlier years when caps and terms differed from today’s. Institutions that enroll many adult or part-time students often show longer, less tidy payback paths. The tables do not adjust for ability or program choice; accreditation, licensing, and transfer policy sit outside the numbers.
Data Sources
This page uses data from the following sources:
- Bureau of Labor Statistics (BLS) Current Population Survey
- Unemployment and employment rates by education level
- Latest data: 2024
- Source: bls.gov/emp/
- College Scorecard - U.S. Department of Education
- Median earnings 5 years after graduation by degree level and major
- Data years: 2015-2024
- Source: collegescorecard.ed.gov
- BLS Occupational Employment and Wage Statistics (OEWS)
- Occupational wage data and employment statistics
- Latest data: May 2024
- Source: bls.gov/oes/