Dear M.M.: Maybe, maybe not. With the cost of a four-year degree constantly rising, researchers at Seattle-based PayScale.com recently set out to analyze exactly what return on investment a graduate is likely to get for his or her tuition. The results are fascinating: It turns out that "at many schools, investing in college costs, even at full price [without financial aid], has been competitive versus getting a job out of high school and putting the money in the stock market or Treasury bonds," the report says.
Talkback: Do you think a college degree pays off? Did yours? Leave your comments at the bottom of this story.
However, that magical and much-quoted $1 million earnings premium, which originated with the Bureau of Labor Statistics some years ago, is apparently the exception rather than the rule. According to PayScale's analysis, out of 554 four-year schools, only 40 (36 private colleges and 4 state universities) -- or fewer than 10% -- have delivered a net return on investment of $1 million or more, over the course of grads' careers, than a high school diploma alone.
Now, about your question: Al Lee, Ph.D., PayScale's director of quantitative analysis, dug into the firm's vast database of salary information and came up with a list of 6 jobs where top performers can earn $100,000 or more per year without first going to college.
6-figure jobs, no degree needed"All of these jobs require a lot of on-the-job training and experience to get to high levels of pay," he notes. "But, if you're the kind of person who can't stand to sit in a classroom, they may be a great way to get there."
All of these jobs are fairly recession-proof as well, Lee notes. "They all involve activities that have to get done no matter what the economic conditions at any given time," he says. "And they come with a regular paycheck, so you can apply technical skills without the risk of running your own business."
All six also share one other appealing characteristic: They can't be outsourced. "As globalization rolls on, there is a lot to be said for any job that has to be done by a person working in a particular physical location," Lee says. He has a point there.
Talkback: Do you think a college degree pays off? Did yours? If you didn't go to college, do you wish you had -- or have you built a successful career without a degree? Tell us on Facebook, below.
Business briefs: Cigna Government Services could add jobs, lose othersGet a job, or go to grad school?
