Completing post-secondary education is still the best route to a well-paying, quality job in Canada.” That according to recent research from CIBC World Marketplaces.
They go to say though that this education superior is dropping slightly. Too few students are graduating from programs that employers value highly. Which mismatch between what students are learning, and what companies are willing to pay more for.
This is not a new situation. Many students choose to check out their bliss and research what they find interesting. There is certainly value in learning for learning’s sake. However, if you are objective on choosing a university education with the best financial payoff, there are those that stand out above the rest.
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University education overall still translates into better wages than the senior high school or university diploma only. A Bachelor’s level buys you greater than a 30 percent “earnings high quality” over senior high school graduates. Tack on the Masters or Ph.D. and earn yet another 15%.
Perhaps unusual then, today’s lack of employment rate among college or university graduates is just 1.7 ratio points less than senior high school grads. This gap was much larger in the 1990s.
The University prime over school diplomas has narrowed as well. It is now a slender 0.7 percentage points. Note that lots of Canadian colleges began granting simultaneous school degree over ten years ago.
Graduate Degrees That Pay Higher Salary
| Graduate Degree | Earnings Premium |
|---|---|
| Medicine/Physician | 184% |
| Dentistry | 157% |
| Accounting | 141% |
| Law | 123% |
| MBA | 102% |
| Public Administration | 87% |
| Education | 86% |
Specialized Undergraduate Programs
| Professional Undergraduate Degree | Earnings Premium |
|---|---|
| Engineering | 117% |
| Computer Sciences | 86% |
| Commerce | 74% |
| Nursing | 71% |
| Architecture | 65% |
| Occupational or Physical Therapist | 60% |
| Pharmacist | 58% |
| Education/Teacher | 53% |
Standard Undergraduate Degrees
| Professional Undergraduate Degree | Earnings Premium |
|---|---|
| Social sciences | 38% |
| Life sciences | 37% |
| Humanities | 23% |
| Fine & Applied Arts | -12% |
