How does the average salary of college graduates generally compare to the average salary of high school graduates in the United States?

Data on displayEducation pays, 2020

| June 2021

To see this chart in Spanish, visit CareerOneStop.

Even in the best of economic times, data show that workers who have higher levels of education typically earn more and have lower rates of unemployment compared with workers who have less education. In the challenging economy created by the COVID-19 pandemic, the data tell a similar story.

The chart highlights differences in 2020 earnings and unemployment rates by education, using data from the U.S. Bureau of Labor Statistics (BLS) Current Population Survey. For example, workers with a bachelor’s degree had median weekly earnings of $1,305 in 2020, compared with $781 for workers with a high school diploma. And the unemployment rate for bachelor’s-level workers was 5.5 percent, compared with 9.0 percent for those whose highest level of education was a high school diploma.

Unemployment rates were higher in 2020 than in 2019 at all education levels, as the pandemic caused many workers to lose jobs. Weekly earnings also rose at all levels, but the increases may have been due, in part, to the large number of jobs lost by lower paid workers in 2020—which in turn put upward pressure on the 2020 earnings estimates.

The Current Population Survey (CPS) is a monthly survey that collects information about the labor force, including age, employment status, and other characteristics. Additional information on earnings, unemployment, and the effects of the COVID-19 pandemic is available from the CPS program.

Visit the Occupational Outlook Handbook to learn about education requirements, pay, and more for hundreds of occupations. A tool on the homepage allows you to select occupations by factors such as entry-level education, median pay, and number of new jobs projected.

Elka Torpey is an economist in the Office of Occupational Statistics and Employment Projections, BLS.

Suggested citation:

Elka Torpey, "Education pays, 2020," Career Outlook, U.S. Bureau of Labor Statistics, June 2021.

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1. Careers
2. The Wage Gap Between College and High School Grads Just Hit a Record High

Published: Feb 14, 2022 5 min read

Typical young workers with college degrees now outearn their high-school-graduate counterparts by a record-high $22,000 per year.

According to new data from the Federal Reserve Bank of New York, the median annual wage for a full-time worker ages 22 to 27 with a high school diploma is $30,000. For a full-time worker with a bachelor's degree, it's $52,000.

The difference marks a pay gap of $22,000 — the highest on record with the New York Fed, which tracks earnings going back to 1990.

The findings are part of the new report on recent college graduates. The report also looks at unemployment, underemployment and wages for workers with different college majors.

In terms of median wages, every major analyzed by the New York Fed outearned the high school diploma. Of course, there are always exceptions, and some whose educations stopped after high school wind up making more money than college grads. A Georgetown University study found that 16% of workers with only a high school diploma earn more than half of workers with bachelor's degrees.

Overall, though, the return on investment for a college degree is substantial — worth upwards of $800,000 or more in increased earnings over a lifetime.

Perhaps unsurprisingly, the new report shows that some college majors — like those in the STEM fields — fare much better than others in terms of earnings. The difference in earnings among majors highlights a massive income gap of its own.

Highest-paying college majors

The New York Fed compiled data on earnings by major for recent grads and for mid-career grads. Recent grads are defined as 22 to 27 years old, and mid-career grads are between 35 and 45.

For both recent and mid-career grads, engineering majors dominate the top earning positions.

Highest-paying majors for recent grads:

• Computer engineering: $74,000
• Chemical engineering: $70,000
• Aerospace engineering: $70,000
• Electrical engineering: $70,000
• Computer science: $70,000

Unsurprisingly, the further along someone is in their career, the more they earn.

Highest-paying majors for mid-career grads:

• Chemical engineering: $111,000
• Computer engineering: $110,000
• Aerospace engineering: $110,000
• Electrical engineering: $107,000
• Mechanical engineering: $104,000

Lowest-paying college majors

On the other hand, college graduates with certain majors barely earn more than people with only a high school diploma. Here’s a look at the lowest-paying majors, according to the report. Liberal arts majors dominate this list.

Lowest-paying majors for recent grads:

• Family and consumer sciences: $32,000
• General social sciences: $34,000
• Performing arts: $34,000
• Social services: $35,000
• Anthropology: $36,000

Lowest-paying majors for mid-career grads:

• Early childhood education: $43,700
• Elementary education: $45,400
• Social services: $50,000
• General education: $50,000
• Family and consumer sciences: $51,000

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Employment by college major

The Fed’s report also dives into the unemployment and underemployment rates. The underemployment rate shows which majors are likely to result in recent grads taking “non-college" jobs. The Fed defines the term as positions that generally do not require a college degree.

The majors with the lowest unemployment rates — and several are below 2% — highlight the subject areas that are currently in highest demand.

Here are the majors with lowest unemployment rates for recent grads:

• Medical technicians: 0.7%
• Early childhood education: 1.4%
• Construction services: 1.6%
• Elementary education: 1.7%
• Biochemistry 1.7%

Curiously, several majors with low unemployment rates are among the ones that pay the recent grads the least.

The majors with the highest underemployment rates for recent grads include:

• Criminal justice: 71.1%
• Performing arts: 70.2%
• Anthropology: 61.3%
• Leisure and hospitality: 59%
• Miscellaneous technology: 59%

Overall, median wages for early grads range from $32,000 to $74,000, for another income gap of $42,000. This pay-gap-by-major far exceeds the difference in earnings between college and high school grads.

The gap only widens over time: Mid-career bachelor’s degree holders earn between $43,700 and $111,000.

The $67,300 question then becomes not only will you go to college — but what major will you choose?

More from Money:

The Actual Cost of College Is Finally Getting Cheaper

28% of Degree Programs Leave Students 'Financially Worse off' Than Before College: Report

The Payoff for a College Degree Is Smaller if You're a Low-Income Student

Do high school graduates earn more money than college graduates?

What is the average income of a college graduate in the US?

Does education make a difference in salary?

Do graduates with a bachelor's degree typically earn approximately 67% more than those with only a high school degree?