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Economic Benefits Of Postsecondary Education for Hispanics / Latinos “New rules” of the workforce and how they aﬀect Hispanics / Latinos December 2, 2015 2:00 pm ET #CEWEquity #FutureReady #ReachHigher #HispanicEconomicSuccess #HispanicFuture #La9noEconomicSuccess
Center on Educa9on and the Workforce Presenters Anthony Carnevale Founder & Director Nicole Smith Chief Economist Jennifer Landis-‐Santos Counselor Webinar Moderator
MISSION OF HIGHER EDUCATION: To empower individuals to live fully in their Dme, free from economic or public dependency The mission of higher educaDon endures but Dmes change … and higher educaDon is changing with the Dmes.
Share of jobs by education requirement, 1973-2020 (projected) Jobs requiring high school or less have declined from 72% of all jobs in 1973 to 41% in 2010, to become only 35% in 2020. 16% 32% 27% 12% 29% 27% 35% 30% 72% Some college/AA HS or less 44% 1973 BA+ 41% 35% 1992 2010 2020 4
Since 1983, the US has been under-‐producing college talent: The supply of college-‐educated workers has grown by 1% each year, while demand has grown by 3%. Baby Boom Surge College supply College demand 5
“New Rules” for A new economy
Rule #1: More educa9on is usually is be_er Workers with BAs earn $1 million more than high school-‐educated workers over a lifeDme. Life9me earnings by educa9onal a_ainment (in 2009$) Professional $3,648,000 $3,252,000 PhD MA $2,671,000 $2,268,000 BA AA $1,727,000 $1,547,000 Some college High school diploma Less than HS $1,304,000 $973,000 7
Rule #2 : In some cases less educa9on is worth more Hispanics receive the largest wage premium from certificates Earnings of High School Educated Worker Earnings of Certificate Premium Certificate Holder Over High School Hispanic Women $19,086 $26,911 41% Hispanic Men $27,718 $39,914 44% Source: Survey of Income and Program ParDcipaDon ConDnued …
Rule #2 : In some cases less educa9on is worth more 28% of AAs earn more than the median BA 44% of people with BA’s earn more than the average person with a graduate degree 9
Rule #3: What you make depends on what you take MEDIAN EARNINGS BY MAJOR GROUP* 75,000 Engineering 99,000 70,000 Computer and MathemaDcs Business 60,000 Health 60,000 89,000 80,000 80,000 59,000 Physical Sciences 90,000 55,000 Social Science Agriculture and Natural Resources CommunicaDons and Journalism 50,000 Industrial Arts and Consumer Services 50,000 Law and Public Policy 50,000 Biology and Life Science 80,000 50,000 50,000 70,000 62,000 65,000 70,000 85,000 47,000 HumaniDes and Liberal Arts 44,000 Arts EducaDon 42,000 Psycology and Social Work 42,000 0 20,000 40,000 *Full %me, full year workers with a terminal Bachelor's 65,000 55,000 57,000 Median Earnings for those with only BA Median Earnings for those with Graduate Degree 60,000 60,000 80,000 100,000 120,000 10
Rule # 4: Where you go does ma_er
“New Rules” are especially hard on First genera9on students • They have the least resources – make most mistakes and can take longer to ﬁgure things out compared to peers who have ﬁnancial support from families • “Culture shock” at some insDtuDons, distance from family • Internalized stereotypes and struggles with self-‐ conﬁdence
A_ainment rates have improved drama9cally but s9ll lag na9onal averages • High school dropout rates is sDll 14% for Hispanics (compared to 8% for African Americans and 5% for whites) • Only 13% of Hispanics 25 years old and above have a BA or graduate degree (compared 32% of all US Americans)
Underemployment As educa9on rises, racial dispari9es are less visible The more educaDon the less unequal the races are in underemployment and unemployment High School BA Underemployment rates 2008 -‐ 2015 HISPANIC RATE: 14.4% WHITE RATE: 10.4% Underemployment rates 2008 -‐ 2015 HISPANIC RATE: 8.4% WHITE RATE: 5.2%
Interconnec9vity of various competencies (cogni9ve and non-‐cogni9ve) is required for success in the workforce.
Moving Forward Help students develop 21st century skills: Judgment and decision making Customer and personal service Active Listening Deductive reasoning Critical Thinking Mathematics Oral and written comprehension Monitoring Problem sensitivity Social perceptiveness
Help students ask cri9cal ques9ons about where they go and what they study in order to avoid debt and underemployment Please share via social media or post in public places as a community resource. Also available in Spanish Disponible en Español
Your input shapes our future projects Please ﬁll out brief survey: hgps://www.surveymonkey.com/r/GN8QLMY
Ques9ons and Answers #FutureReady #ReachHigher #HispanicEconomicSuccess #HispanicFuture #La9noEconomicSuccess
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