How Much Schooling Do You Need To Be Successful?

How Much Schooling Do You Need To Be Successful?

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How Much Schooling Do You Need To Be Successful?

Most students are well-acquainted with the idea that a higher level of education corresponds to a higher salary. As a general rule, this holds true.

Median Weekly Earnings by Education Attained in 2012

Degree Level | Median weekly earnings

Less Than a High School Diploma | $471

High School Diploma | $652

Some College, No Degree | $727

Associate’s Degree | $785

Bachelor’s Degree | $1,066

Master’s Degree | $1,300

Professional Degree | $1,735

Doctoral Degree | $1,624

You’ll also find more job opportunities with a higher education level.

2012 Unemployment Rate by Educational Attainment

Degree Level | Unemployment Rate

Less Than a High School Diploma | 12.4%

High School Diploma | 8.3%

Some College, No Degree | 7.7%

Associate’s Degree | 6.2%

Bachelor’s Degree | 4.5%

Master’s Degree | 3.5%

Professional Degree | 2.1%

Doctoral Degree | 2.5%

Despite these averages, there are many billionaires whose careers fly in the face of traditional beliefs about the correlation between education and success.

Education Level of the Forbes 400 in 2012

Education Level | Number of Forbes 400 Members

High School | 27

Some College, No Degree | 36

College | 160

Graduate School | 161

Law Degree | 35

M.A. | 6

M.B.A. | 84

M.S. | 29

M.D. | 5

Ph.D. | 21

• Nearly 16% of Forbes 400 members did not graduate college

• 40% of people on the list had only a college degree

Forbes Billionaires Without a College Diploma

Bill Gates

Net Worth: $67 Billion (as of March 2013)

Age: 57

#1 on the Forbes 400

Source of Wealth: Microsoft

Education: College Drop-out

Larry Ellison

Net Worth: $43 Billion (as of March 2013)

Age: 68

#3 on the Forbes 400

Source of Wealth: Oracle

Education: College Drop-out

Sheldon Adelson

Net Worth: $26.5 Billion (as of March 2013)

Age: 80

#12 on the Forbes 400

Source of Wealth: Casinos

Education: College Drop-out

Paul Allen

Net Worth: $15 Billion (as of March 2013)

Age: 60

#20 on the Forbes 400

Source of Wealth: Microsoft Investments

Education: College Drop-out

Carl Icahn

Net Worth: $20 Billion

Age: 77

#21 on the Forbes 400

Source of Wealth: Leveraged Buyouts

Education: College Drop-out

Michael Dell

Net Worth: $15.3 Billion (as of March 2013)

Age: 48

#22 on the Forbes 400

Source of Wealth: Dell

Education: College Drop-out

Harold Hamm

Net Worth: $11.3 Billion (as of March 2013)

Age: 67

# 35 on the Forbes 400

Source of Wealth: Oil & Gas

Education: No College

Mark Zuckerberg

Net Worth: $13.3 Billion (as of March 2013)

Age: 29

#36 on the Forbes 400

Source of Wealth: Facebook

Education: College Drop-out

Andrew Beal

Net Worth: $8.5 Billion (as of March 2013)

Age: 60

# 41 on the Forbes 400

Source of Wealth: Banks and Real Estate

Education: College Drop-out

Samuel Newhouse, Jr.

Net Worth: $8.1 Billion (as of March 2013)

Age: 85

#46 on the Forbes 400

Source of Wealth: Conde Nast

Education: No College

With college expenses soaring, some students are left wondering whether a degree is worth it.

However, for many billionaires the cost of college more than paid for itself.

Average Yearly Tuition

2-Year Public College | $2,500

4-Year Public College | $7,400

4-Year Private College | $27,293

• Average student loan debt for college graduates: $34,400

Subheading: Degrees That Paid Off

Warren Buffett

Net Worth: $53.5 Billion (as of March 2013)

Age: 82

#2 in the Forbes 400

Source of Wealth: Berkshire Hathaway

Education: Master of Science from Columbia University; Bachelor of Arts/Science from the

University of Nebraska Lincoln

Charles Koch

Net Worth: $34 Billion (as of March 2013)

Age: 77

#4 in the Forbes 400

Source of Wealth: Diversified

Education: Bachelor of Arts/Science and Master of Science from Massachusetts Institute of

Technology

Jim Walton

Net Worth: $26.7 Billion (as of March 2013)

Age: 65

#7 in the Forbes 400

Source of Wealth: Wal-Mart

Education: Bachelor of Arts/Science from the University of Arkansas

Michael Bloomberg

Net Worth: $27 Billion (as of March 2013)

Age: 71

#10 in the Forbes 400

Source of Wealth: Bloomberg LP

Education: Master of Business Administration from Harvard Business School; Bachelor of Arts/

Science from Johns Hopkins University

Jeff Bezos

Net Worth: $25.2 Billion (as of March 2013)

Age: 49

#11 in the Forbes 400

Source of Wealth: Amazon.com

Education: Bachelor of Arts/Science at Princeton University

Resources

http://www.bls.gov/emp/ep_chart_001.htm

http://www.forbes.com/forbes-400/#page:1_sort:0_direction:asc_search:_filter:All%20industries_filter:All%20states_filter:All%20categories

http://www.statisticbrain.com/college-education-costs-and-statistics/

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