What Are the Benefits of a Bachelor's Degree?

Even with the increasing cost of a college education, earning a bachelor's degree can greatly expand a person's career opportunities, and also improve a person's earning potential,

Definition

A bachelor's degree is an academic degree awarded for an undergraduate course of study (called a major) that typically lasts for four years. It is the most common college degree and requires a total of about 120 credits, although that varies by university.

Economic benefits

According to the U.S. Census Bureau, the average lifetime earnings of someone with a bachelor's degree is $2.1 million. A high school graduate can expect to earn $1.2 million over his or her lifetime, while a person holding an associate's degree can expect average lifetime earnings of $1.6 million.

Other benefits

Those with bachelor's degrees have higher savings because of their higher incomes, engage in more hobbies, and participate in more leisure activities, according to "Reaping the Benefits," a report by the Institute of Higher Education Policy. The report said college graduates visited art museums three times more than high school graduates, they went to 20 percent more sporting events, and were 20 percent more likely to play sports and exercise.

Skills

The skills necessary to succeed in college and earn a bachelor's degree are time management, responsibility, critical thinking skills, ability to communicate--translate well into the working world.

Considerations

Degrees from accredited colleges and universities are typically valued higher than degrees from schools that are not accredited because of the standards they must meet.

References

• Boesel, D., and Fredland, E, "College for All? Is There Too Much Emphasis on Getting a Four-Year College Degree?" U.S. Department of Education Office of Education Research and Improvement
• "The Benefit of Higher Education: Sex, Racial/Ethnic and Socioeconomic Group Differences," Laura Perna, University of Maryland
• "Reaping the Benefits."