Earning a college degree leads to higher lifetime earnings and lower unemployment rates than those with just a high school diploma, research indicates. There are also nonmonetary advantages, including gaining transferable workforce skills and being more active citizens, experts say.
There are numerous higher education options, from credentials such as badges and certificates to a range of college degree levels. But different jobs or fields strongly encourage or require varying credentials, so students must do their research.
To be an air traffic controller, for instance, an applicant needs at least an associate degree, while a candidate pursuing dentistry must earn a professional degree, such as the Doctor of Dental Surgery (D.D.S.).
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Students "should go into college knowing that there are opportunities to move on and that learning is a lifelong process," says Lynn Pasquerella, president of the American Association of Colleges and Universities, an organization focused on advancing equity within higher education.
"Rapidly changing technology means rapid obsolescence," she says. "Circumstances in peoples' lives change, as we saw with COVID-19. There's always an opportunity to use the education that they've earned as a foundation for more education and greater career opportunities, or just for a more fulfilling life."
The guide below offers a look at college degree programs, from associate to professional degrees.
Associate Degrees
Commonly offered at community colleges and some universities, a full-time student can earn an associate degree – which typically requires 60 credit hours or more – in two years. Colleges that offer associate degrees have fewer or no residential options on campus.
Some degree options include Associate of Arts (A.A.), Associate of Science (A.S.), Associate of Applied Science (A.A.S.) and Associate of General Studies (A.G.S.).
"Often individuals are working toward an associate degree with the long-term goal of earning a four-year degree," says Brian Troyer, dean of undergraduate admissions at Marquette University in Wisconsin. "But associate degrees are often degrees that lead to a successful career in a particular field. They provide outstanding training in a very specific discipline."
According to the National Center for Education Statistics, 49% of Americans between the ages of 25 and 29 had an associate degree or higher in 2021. American workers age 25 and over with an associate degree earned a median weekly income of $963 in 2021 compared with $809 for those with a high school diploma and no college, per figures from the U.S. Bureau of Labor Statistics.
Associate degrees are "usually a very good return on investment because they are inexpensive to begin with" and "targeted toward career preparation," Pasquerella says.
Bachelor's Degrees
A full-time student can expect to finish a bachelor's degree within four years, though that length of time varies by program. A bachelor's degree – which is offered at four-year institutions and a small number of community colleges – typically requires 120 credit hours, sometimes more and occasionally fewer.
Colleges that offer a bachelor's degree are often associated with the more "traditional" residential setting. But that's not always the case, as there are options to commute or attend an online bachelor's program.
Bachelor's degree types include Bachelor of Arts (B.A.), Bachelor of Science (B.S.), Bachelor of Fine Arts (B.F.A.) and other specialty designations.
"You get more of a broad-based approach in taking classes in different subject areas, building both knowledge and skill, as well as critical-thinking and problem-solving skills," says Joe B. Whitehead, Jr., provost and senior vice president of academic and student affairs at Bowling Green State University in Ohio. "Some are more professionally oriented, like a degree in business or engineering."
According to NCES, 39% of Americans between the ages of 25 and 29 had a bachelor's degree or higher in 2021. In 2019, a bachelor's degree was worth nearly $2.8 million in median lifetime earnings, a 2021 report from Georgetown University's Center on Education and the Workforce found.
Unemployment rates in 2021, in the midst of the COVID-19 pandemic, were much higher for American workers age 25 and over with a high school diploma and no college – 6.2%, compared with those with a bachelor's degree, 3.5%, per BLS figures.
Master's Degrees
A master's degree follows a bachelor's degree for many continuing their postsecondary education. But enrolling directly into a master's program after graduating with a bachelor's degree is not always necessary.
Experts advise students to first ask themselves what steps are required to achieve their career goals and why they want to earn a particular degree.
If an advanced degree is required to meet job qualifications, a student may want to consider an accelerated combined degree program, often known as 4+1 programs – an option to earn both a bachelor's and master's degree in five years rather than six years separately.
Going straight into a master's or doctoral program may cause less of an interruption in the life of a student already focused on academic pursuits, says Mildred García, president of the American Association of State Colleges and Universities.
But in other cases, it may be better for a student to enter the workforce first in a field of interest before committing to a master's degree.
"Waiting some time to go back to school to earn a master’s or doctorate can allow the prospective student to gain or deepen their professional experiences, further increase their maturity level and appreciation of the profession they want to enter, and have a higher understanding or focus on the need and use of an advanced degree," García wrote in an email.
Credit hour requirements vary by graduate school, but most require at least 30. A master's degree typically takes an average of two full years to complete, and students often need to submit a final project or thesis to graduate.
Common master's degrees include the Master of Business Administration (MBA), Master of Fine Arts (MFA) and Master of Science (M.S.). An MFA is considered a terminal degree, the highest degree available in that particular field.
Nine percent of Americans between the ages of 25 and 29 had a master's degree or higher in 2021, according to NCES data. Average lifetime earnings for a master's degree recipient in 2019 were $3.2 million, Georgetown's CEW research shows.
Doctorate Degrees
A doctorate is a research-based degree "intended to develop specific academic skills, like how to design, conduct and analyze research activity," García says.
Earning a doctorate degree – the highest traditional academic degree – can be an arduous and lengthy endeavor, taking anywhere from three to seven years, or more, of study. Candidates can choose from various types, most commonly Doctor of Education (Ed.D.) or Doctor of Philosophy (Ph.D.).
Doctoral candidates also are expected to conduct research and write a dissertation, although some programs do not require the extensive research paper.
"Dissertations are publications that showcase a body of work over the students' graduate career," Pasquerella says. "So to get a Ph.D, you often have to pass comprehensive exams – which test you over the first two years – and qualifying exams to qualify to write a thesis. And then you have the thesis itself, where you have to demonstrate that you are making unique and distinctive contributions to the field through your research."
Georgetown's CEW found that average lifetime earnings for doctoral degree holders were $4 million in 2019, with median weekly earnings of $1,909 in 2021, per BLS data.
Professional Degrees
To become licensed to work in professions like medicine or law, students need to earn professional degrees.
Aspiring attorneys generally attend law school to earn a Juris Doctor (J.D.) degree, which typically take three years of full-time study to complete. To become a licensed lawyer, graduates must also pass the bar exam in their jurisdiction.
On the other hand, prospective doctors attend medical school to earn a degree such as Doctor of Medicine (M.D.), Doctor of Osteopathic Medicine (D.O.) or another degree more specific to their field of study.
Medical degrees typically take four years to complete in addition to a residency program – a period of training for graduates to practice first-hand what was taught in the classroom. The length of residency programs varies by specialty but can last between three and seven years.
Those who completed a professional degree have lifetime earnings of more than $4.7 million, Georgetown's CEW found, with average annual earnings of $117,500 – 68% higher than pay for workers with a bachelor's degree.
Deciding on the Right Degree
To find the right degree fit, students should consider several factors, including their professional and personal goals, program costs, salary expectations – both at the beginning and long term – and employment rates of graduates with the same degree, García says.
Troyer advises students to meet with or shadow a professional in their field of interest to learn what it took for that individual to earn their particular degree and job position.
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"These educational opportunities exist for individuals who are arriving to this post-secondary journey perhaps in different stages of their own life, with different priorities and different needs," he says. "So I'm a firm believer that there's no particular degree or there's no specific institution per se that's perfect for any given student. What really matters is what matters to the student and what they are looking for."
It's always advantageous to formally gain more knowledge, depending on "when one does it and when they can do it," Whitehead says.
"Students should aspire to be the best they can be," he adds. "We're becoming a highly technical world, an information economy. So with that said, the more knowledge one can acquire will be beneficial going forward."
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