Business Research Guide is pleased to present this graphic:
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.statisticbrain.com/college-education-costs-and-statistics/