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How Valuable is a Bachelor’s Degree?

Research Shows It’s an Investment That Pays off Through Life

By Mary Jamison Rutherford

In today’s rapidly evolving economy, the value of a bachelor’s degree has never been more apparent. As industries become increasingly competitive and the demand for skilled professionals rises, earning a degree not only enhances career prospects and earning potential, but also equips you with essential critical thinking and problem-solving skills. 

However, many Americans still question whether a bachelor’s degree is worth it for them. Seeking to quantify this sentiment, Pew Research Center found that only 22 percent of Americans surveyed said the cost of getting a four-year college degree is worth it if it requires taking out loans. The cost can vary widely, and with an average national cost of $38,270, tuition can be a roadblock for many. 

Despite this skepticism, there is growing evidence to support the value of an undergraduate degree. Studies show that there are many professional and individual benefits for college graduates. Among these are: 

  • opportunities for more advanced jobs 
  • potential for higher salaries 
  • ability to begin work with experience and certifications 
  • a strong network
  • greater confidence
  • improved skills in areas of critical thinking and communication
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For adult learners seeking to complete their education, bachelor's degree completion programs offer a flexible and affordable pathway to achieve this crucial milestone. By fostering personal and professional growth, these programs empower graduates to unlock new opportunities and adapt to the changing job market, making their educational journey a worthwhile investment in their future.

If you are evaluating whether the investment in an undergraduate degree makes sense for you, this article will provide some data and information about how earning your degree can have a positive impact on your career and your personal growth. 

The UVA School of Continuing and Professional Studies (SCPS) bachelor’s degree programs introduce you to new people, cultures, and places. The breadth of our programs really opens the world to you.  It won’t just broaden your perspective; it will prepare you to be more engaged in your community.”

David Corlett, Senior Program Director, Undergraduate Degrees, UVA SCPS

Undergraduate Degrees Open Doors to Higher Salaries

Earning an undergraduate degree is one of the most effective ways to increase your earning potential. According to 2022 data from the U.S. Bureau of Labor Statistics, individuals with a bachelor's degree earn a median weekly income that is 66% higher than what’s earned by those with only a high school diploma. A recent report from the Pew Research Center also examined the wealth gap between people with and without college degrees. The report found that in 2022, the median net worth for households headed by high school graduates was $30,700 compared to $120,200 for households headed by college graduates. 

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data supporting the value of a bachelor's degree
Sources: Bureau of Labor Statics; Pew Research

The Best-Paying Jobs Increasingly Will Require a Bachelor’s Degree

The rising costs of undergraduate tuition have fueled a recent boom in microcredentials and other non-credit pathways, but labor market data indicates the significance of an undergraduate degree still persists and will continue to in the future. Georgetown University’s Center on Education and the Workforce (CEW) reported that advancements in technology and a contracting labor force will create 15 million decent-paying jobs* by 2031. However, the increase in organizational and business complexity will require quantitative, analytical and critical thinking skills, and 66 percent of those jobs will require at least a bachelor’s degree

Catherine Morris, co-author of the CEW report summarized, “While the value of college faces growing skepticism, our report affirms that the bachelor’s degree pathway will be the dominant route to a good job in 2031, with a majority of good jobs forecasted to lie on the bachelor’s degree pathway.”

College Degrees Offer Financial Protection

While 34 percent of Americans surveyed in the PEW report believe it’s “extremely likely” a person without a college degree could get a job that pays well in today’s economy, Nicole Smith, chief economist at the Georgetown University’s CEW cautioned that the low unemployment rates workers are enjoying now likely won’t last forever.

“In general, people without college degrees are the first out during a recession,” she said. “It’s important to look at the value of a college degree in a recession, booms and slumps to really talk about what the true value is. It’s not only about if you can get a living wage, but whether you can get a sustainable job.”

More Americans are Completing Bachelor’s Degrees, and They Value Their Experience

According to Pew Research Center, most Americans who hold a bachelor’s degree value their experience, with 79 percent saying it was “extremely or very useful” when it came to helping them grow personally and intellectually. Seventy percent said it opened doors to job opportunities, and 65 percent said it helped them develop specific skills and knowledge that could be used in the workplace.

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Students Acquire Invaluable Career Skills during their Bachelor’s Degree Programs 

An undergraduate degree program includes project work that can provide invaluable hands-on experience. Projects like case studies, conducting research studies or developing business plans are great ways to showcase your capabilities to potential employers. They not only improve your resume, they often also directly translate to real-world applications in the workforce. In addition to enhancing your technical skills, collaborative projects also foster essential soft skills such as teamwork, communication and time management. By tackling real-life challenges, students learn to apply theoretical knowledge to practical situations, bridging the gap between classroom learning and industry demands. This project-based approach is instrumental in preparing you to excel in your career, demonstrating your ability to contribute to an organization in meaningful ways.

Through this program, you see that you are impacting more than just yourself in earning a paycheck as a healthcare provider. Now, it’s me in a community of people, and what I do affects all these people.

Tanya Blaine, UVA SCPS BPHM '22

The Benefits of an Undergraduate Degree go Beyond Job Preparation

Pursuing your bachelor’s degree is also about more than attaining a better job and making more money. The practical skills gained for the workforce complement what Steven Mintz, professor of history at the University of Texas at Austin, calls “the hallmarks of a liberal education” – things like critical thinking, ethics and cultural awareness. Combining the two skillsets will make you more resilient, adaptable and compassionate as you navigate changes in the job landscape. You will have the confidence and expanded worldview to apply what you’ve learned to think strategically and understand the bigger picture of your work. The skills you will gain in a well-rounded undergraduate education will give you the flexibility to explore diverse career paths and help you stand out as a potential leader in the eyes of employers. 

Finishing at almost 35 now has given me this sense of confidence in myself that I didn’t have before. And I’m not sure I would have had that same level of belief in myself had I gone to a traditional four year (college) when I was younger.

Brittani Gowen, UVA SCPS BIS, ‘24

New developments like Artificial Intelligence (AI), automation and the gig economy have resulted in predictions that today’s known jobs and required workplace skills will reduce by 40% in the next fifteen years. These changes and disruptions to our current workforce mean that some specialized degrees tied to some specific careers may become less important, while life skills like critical thinking and resilience will come to the forefront. Bachelor’s degrees similar to a Bachelor of Arts are finding new relevance today as they are uniquely positioned to prepare students for an increasingly complex and undefined workforce.

The new premium, forecasts agree, will be on the development of the life-long and life-wide competencies and capacities that are core to the liberal arts: critical and creative thinking; information location and synthesis; knowledge design, creation and management; capacity to navigate uncertainty, intellectual agility, tolerance for ambiguity and, last, self-reflection – namely students’ ability to know themselves, what they can do and who they can be.

James Carson, Head of the School of Humanities, Languages and Social Science, Griffith University

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SCPS Graduation walk in front of UVA Rotunda

Earning your Bachelor’s Degree at UVA’s School of Continuing and Professional Studies

At UVA’s SCPS, we believe providing high-quality, accessible and affordable education can transform lives and advance careers. Our liberal arts-based bachelor’s degree completion program opens the world to students, introducing students to new places, cultures and ways of thinking. The curriculum and learning experience develop students as inquisitive individuals who love learning. Students report that they become better writers and thinkers, and become more engaged in their own communities.  

SCPS’s Bachelor of Interdisciplinary Studies and Bachelor of Professional Studies in Health Sciences Management degree programs are designed to accommodate working adults, with online classes taking place in the evenings. Programs are flexible and tailorable, allowing students to construct their own experience and go at a pace that works for them. 

SCPS courses are taught by professors who are passionate about what they teach and invested in their students’ success. Most of our courses are taught live online, allowing students and professors to engage in discussions as an active community of learners and form bonds that last a lifetime. Classes are diverse in age, experience and culture, and the diversity of perspectives adds to the richness of the learning experience. 

When SCPS students complete their bachelor’s degree, they walk the UVA lawn with every other graduate. 

I fully expected to go into the program heads down -- get my stuff done and that would be it. Instead, I came out with a new family. I have so many friends that I talk to on a daily basis that I made through SCPS that I would not have had the opportunity to even meet outside of the program.” 

Crystal Piercy, UVA SCPS BIS '24

Paths to a Bachelor's Degree at UVA SCPS

There are three pathways designed for working professionals to earn a bachelor’s degree at UVA’s School of Continuing and Professional Studies:

  • The Bachelor of Interdisciplinary Studies (BIS) degree is designed for adults who seek a flexible program that enables them to complete their undergraduate degree while balancing work and family commitments. Rooted in the UVA liberal arts tradition, the BIS degree offers a broad interdisciplinary education that prepares students to advance in their current jobs, transition to a new career, or pursue graduate studies. Students choose a concentration from options in business, technology, healthcare management and the liberal arts.
  • The Bachelor of Professional Studies in Health Sciences Management (BPHM) is an online program for working adults who want to advance into leadership roles in healthcare settings. The program serves students with a wide range of backgrounds including those who may have an allied healthcare associate degree.
  • Enlighten offers individuals who have little to no college experience the opportunity to earn 36 undergraduate credits while developing key professional skills that can immediately enhance job performance. Enlighten classes include a mixture of foundational skills that apply across many industries, like critical thinking, communication and data literacy, and those that are more applicable to the healthcare industry, like biomedical ethics and medical sociology. If you are currently an employee in the healthcare industry, Enlighten can help you advance in your career. Enlighten classes are designed to be transferrable. When you complete Enlighten, you are positioned to apply to one of UVA’s online bachelor completion programs.  

Contact Us to Learn More!

If you would like to learn more about completing your bachelor’s degree online from UVA, our support specialists are happy to provide you with more information and answer your questions.