In some cases, education does make a difference in salary. For example, students with better reading, math, and writing skills earn more. Similarly, a person with advanced degrees can earn more. However, it is also important to know that the amount earned depends on the field of study.
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Increased salary for students with better math skills
According to a study by the National Bureau of Economic Research, the increased salary of students with better math skills could add more than $21,000 to their annual salaries. The increase would be spread across 11 million workers, boosting the U.S. economy by $235 billion a year and $4.7 trillion over 20 years. The researchers based their findings on the assumption that the improved math skills of students could lead to an increase of one standard deviation in test scores, equivalent to an increase of 200 points on the SAT.
According to the study, students with better math skills are more likely to get higher-paying jobs, and these jobs usually require more advanced skills. For instance, if a student’s math skills are above average, they may be able to find work in government, journalism, or non-profits. These are all jobs where math skills are essential.
Increased salary for students with better reading and writing skills
Recent studies show that improved reading and writing skills can lead to a significant increase in annual salary. Across the United States, these gains would amount to nearly $421 billion in additional wages each year. But, in areas like California, a higher number of STEM workers would result in a nearly $8.4 trillion increase in wages over the next two decades. Currently, most workers possess basic reading and writing skills. Still, improved reading and writing skills can lead to substantiated increases in wages, a booming economic trend that is also benefiting more people in fields of necessity.