Earlier quoted context omitted.
> If you look at some CS graduate making $200,000 a year and assume they'd have made $50,000 without the degree This is the problem with assessing how valuable college is: you don't know how well off the person would've been if they had chosen not to go to college. You can't just compare all the people who went to college with all the people who didn't. You end up with a selection bias. You need to compare people who…
> This is the problem with assessing how valuable college is: you don't know how well off the person would've been if they had chosen not to go to college. I think this is absolutely the key. If you just look at some of the figures given in [0], and do some simple math, you find out that someone with a bachelor's degree makes just a hair more than $26k per year more than someone with only a high school diploma. Over…
For men, [1] shows the median lifetime earnings for high school graduates is $882,300. The median lifetime earnings for men with a bachelor's degree is 1,517,200. The lowest field is Fine and Applied Arts at $843,900, which is lower than the median lifetime earnings for those with a high school education, up to the highest median field of engineering with earnings of $1,845,000.
For women, [1] shows median high school lifetime earnings of $458,900, median bachelor's earnings for all fields of $972,500, and lowest median bachelor's earnings of $652,100 (Fine and Applied Arts), and a highest of $1,169,100 (Business Administration). The interesting thing to note is for women there is only 1 of 18 field degree combinations (earnings are provided for bachelor's and associate's) where the woman's lifetime earnings decreases relative to a high school education alone (Fine and Applied Arts associates median earnings are $437,300). For men, 4 of 18 field degree combinations will result in lower lifetime earnings relative to high school education alone.
There is further analysis in [1] of the earnings percentiles by each field showing that men with a business degree earn the most at the 90 percentile. This holds for women with a business degree.
I don't see if this has been restricted to those whose highest education is a bachelor's degree or not, but there is also work that has shown increases in earnings by field for graduate or professional degrees [3]. It's possible that those earnings premiums have been captured in the reporting of [1], but [3] seems to come to the conclusion that most business, arts, and social sciences fields gain a large increase in salary for graduate or professional degrees.
Hopefully those familiar with similar analysis from the US could help to provide that information.
[1] https://www150.statcan.gc.ca/n1/pub/11-626-x/11-626-x2014040...
[2] https://www150.statcan.gc.ca/n1/daily-quotidien/150911/dq150...
[3] https://www150.statcan.gc.ca/n1/pub/75-006-x/2018001/article...