by Jim Brennan, ERI Econonmic Research Institute
Education makes a difference. How does education level play a role in your salary? (For example, how might a starting salary differ based on if someone has a bachelor’s vs master’s degree?)
The role that education level plays in your salary depends on the nature of the job and the relevance of your education.
A PhD in Physics won’t earn you more money as a cab driver, but it will probably put you at the high end of the starting pay scale for physical stress measurement technicians, and it may be merely an essential entry requirement for rocket scientists.
In some jobs, like many commissioned sales positions, education is relatively irrelevant because initial income will be based on outputs (closely-measured productivity results) rather than on inputs (education, experience, process, etc.). At the same time, however, related education can affect the employer’s estimate of how effective a new hire will be immediately, and that can produce a fatter starting pay offer. A candidate for a telemarketing job with a degree in communications should be more productive and the hiring manager could probably justify a premium entry rate for someone expected to possess advanced essential skills and special competencies. If applying for a professional position as a suicide-prevention-line counselor, that same candidate with a bachelor’s degree in communications might merely meet the minimum requirements; they would most likely earn less pay at the beginning than a candidate with superior relevant credentials like a master’s degree in clinical psychology or a PhD in social work.
All else being equal, more formal education or advanced credentials in the specific field of work or occupational area will carry some weight in starting-salary offers. How much difference will depend on the employers and their practices.
Learn more at: SalaryExpert.com
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