Solved: Will a New Degree at Your Old Job Get You a Raise? - Bryant & Stratton College (2024)
Most people know and understand that the combination of education and work experience will likely help you earn a better salary. In fact, that is exactly the reason why many adults go back to school after they have been in the workforce.
But, does earning your degree while working guarantee you a raise? No, it does not. However, with the right timing and strategy you just might get a raise when you ask for it.
“Ideally, you should ask about the raise before you get the degree to set the expectations,” said Abby Kohut, award winning, human resource professional, contract recruiter and author.
One approach is to be straight-forward and ask whether earning a degree, will you in turn equate to a raise in pay. However, it’s advisable to take a more strategic approach.
“The best time to hold the conversation is during the normal performance review cycle,” Kohut said. “Begin the conversation by discussing your work performance and accomplishments on the job. Then, explain how the degree has given you additional information that will help you produce even more.”
If you have already earned your degree, share the good news at work.
“Alert your boss that you have recently gotten your degree and invite him or her to the graduation,” Kohut said. “And if you get ‘no’ for an answer when you ask for a raise, don’t be grumpy, disappointed or have a bad attitude on the job. Ask when he or she might be willing to consider it and tell them you will work hard to get it.”
You can ask for a raise at any time, but you will always have to justify why you are asking for it. So, take a deliberate approach where you make the connection between your past accomplishments at work, your recent educational attainment and your future contributions to the company’s goals. Kohut’s final tip:
“Never assume you will get an increase in pay. Get your degree because you want one and to help with your future employment not the current job.”
Two-thirds of bachelor's degrees in the United States are awarded by public universities. College-educated workers enjoy a substantial earnings premium. On an annual basis, median earnings for bachelor's degree holders are $40,500 or 86 percent higher than those whose highest degree is a high school diploma.
“The best time to hold the conversation is during the normal performance review cycle,” Kohut said. “Begin the conversation by discussing your work performance and accomplishments on the job. Then, explain how the degree has given you additional information that will help you produce even more.”
A degree enables you to qualify for these additional opportunities and offers you more flexibility in where you choose to work. Not only are there more jobs available to degree holders than high school graduates, but the existing jobs are also more accessible.
Bryant & Stratton College bachelor's degrees are available to students both on campus and online with day and night class offerings Monday-through-Friday and some Saturdays to fit virtually any schedule. As always, our online courses are accessible 24 hours a day, seven days a week.
Generally speaking, the higher your level of learning, the higher the salary you can expect to earn. Understanding the degree of influence an academic degree has on your earning potential can help you plan out your career.
How Long Should You Work Without A Raise? Every worker is different but most find that they should expect a raise every 1-2 years. However, comparing your salary against those of your coworkers and industry as a whole will highlight whether you are underpaid or not.
A good pay raise ranges from 4.5% to 5%, and anything more than that is considered exceptional. Depending on the reasons you cite for a pay raise and the length of time that has passed since your last raise, you could request a raise in the 10% to 20% range.
24% sometimes check candidates' education credentials. 57% verify education credentials to make sure that candidates can perform well. 52% want to confirm candidates didn't lie in their resumes. 90% have caught candidates lying about their educational backgrounds.
College graduates still enjoy higher earnings than the average U.S. worker. The U.S. Bureau of Labor Statistics (BLS) reports that in 2022, bachelor's degree holders took home a median wage of $1,432 per week, while workers with just a high school diploma earned only $853. That's a difference of 68%.
The short answer is: yes, but with a caveat; it depends on the industry you're attempting to work in. There are certain fields that you absolutely cannot work in without higher education (healthcare, for example). Most hiring executives still value higher education on an applicant's resume.
Bryant & Stratton - Virginia Beach admissions is not selective with an acceptance rate of 100%. The regular admissions application deadline for Bryant & Stratton - Virginia Beach is rolling.
Overall, people with a master's degree tend to earn more money than those with a bachelor's degree, associate degree, or high school diploma but less than those with a doctorate or professional degree. Generally, the higher your education credentials, the more money you stand to make.
Graduating from college can boost your income by 60% compared to high school graduates. An average high school graduate without a college degree works for 40 years and earns $35,000 / year.
Like any decision, investing in education involves an opportunity cost for the worker. Hours spent in the classroom mean less time working and earning income. Employers, however, pay higher wages when the tasks required to complete a job require a higher level of education.
Introduction: My name is Clemencia Bogisich Ret, I am a super, outstanding, graceful, friendly, vast, comfortable, agreeable person who loves writing and wants to share my knowledge and understanding with you.
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