AFTER GRADUATE and PROFESSIONAL SCHOOL: How Students Fare in the Labor Market Sandy Baum, Ph.D., and Patricia Steele, Ph.D

February 2018

AFTER GRADUATE AND PROFESSIONAL SCHOOL: How Students Fare in the Labor Market Sandy Baum, Ph.D., and Patricia Steele, Ph.D. About the Authors

Sandy Baum, Ph.D., is a fellow in the Education Policy Program at the Urban Institute.

Patricia Steele, Ph.D., is founder and principal consultant of the research and evaluation firm Higher Ed Insight.

Acknowledgments

This brief was funded by AccessLex Institute. AccessLex is a nonprofit organization that fosters broad-based access to quality legal education for talented, purpose-driven students and works to maximize the value and affordability of a law degree through research, policy advocacy and student-focused initiatives.

2 After Graduate and Professional School: How Students Fare in the Job Market Many people enroll in graduate and professional enroll in graduate and professional degree programs degree programs to develop expertise in a particular leave school without earning a degree.2 Among those field, advance their careers and increase their who complete their studies, outcomes vary based on earnings. Advanced degrees open doors to expanded type of degree, field of study and occupation, as well career opportunities and offer monetary and as race, ethnicity and gender. nonmonetary benefits to individuals and society.1 This brief explores employment and earnings outcomes Although on average, advanced degrees are valuable among advanced degree recipients. Examining in the labor market, students pursuing a graduate or these outcomes across degree, occupational and professional degree face considerable uncertainty. demographic categories paints a nuanced picture of Research doctoral and professional degree recipients the payoffs of graduate and professional education. have lower unemployment rates and higher average This information is critical for prospective students and earnings than those with master’s degrees, and there is others seeking to assess the value of these degree wide variation in outcomes, even among students who programs. complete the same type of degree. As noted in the first brief in this series, Who Goes to Graduate School and Who Succeeds?, about a quarter of students who 2 Sandy Baum and Patricia Steele (2017), Who Goes to Graduate School and Who Succeeds?, AccessLex Institute and Urban Institute, https://www. 1 Jennifer Ma, Matea Pender, and Meredith Welch (2016), Education Pays accesslex.org/who-goes-graduate-school-and-who-succeeds, 2016: The Benefits of Higher Education for Individuals and Society, The http://www.urban.org/research/publication/who-goes-graduate-school- College Board, https://trends.collegeboard.org/education-pays. and-who-succeeds.

FIGURE 1: Unemployment Rate by Educational Attainment, 2000–2016

12%

High school diploma 10.3% Bachelor’s degree 10% Master’s degree Professional degree Research doctoral degree

6% 5.4% 5.2%

4.1% 4%

2.4% 2.7% 2.4% 2% 1.6% 2.5% 1.6%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Note: Includes adults ages 25 and older. Source: Federal Reserve Bank of St. Louis (2017). FRED Economic Data, based on data from U.S. Bureau of Labor Statistics (BLS), https://fred.stlouisfed.org/graph/?g=eL9L.

After Graduate and Professional School: How Students Fare in the Job Market 3 Employment and Earnings by educational institutions; half of adults with research Type of Advanced Degree doctoral degrees are at educational institutions. Fourteen percent of professional degree recipients Unemployment were employed in government in 2013, a larger share than for any other type of postsecondary degree Unemployment rates are cyclical for all groups, (Figure 2). rising and falling with the overall economy. But the unemployment rate for bachelor’s degree recipients is Earnings consistently about half as high as the unemployment rate for high school graduates, and advanced degree On average, advanced degrees generate high labor recipients fare even better than four-year college market returns. Median earnings for adults ages 25 to graduates. Unemployment rates for research doctoral 64 with professional degrees are almost twice as high and professional degree recipients are about half as earnings for those with bachelor’s degrees. Master’s the rate for bachelor’s degree recipients. In 2010, at degrees do not lead to the same earnings as other the peak of the recent recession, the unemployment advanced degrees, but in 2015, median earnings for rate for master’s degree recipients was 4.1 percent, master’s degree recipients were $66,000, compared compared with 5.4 percent for bachelor’s degree with $52,390 for bachelor’s degree recipients recipients and 2.4 percent for professional degree (Figure 3). recipients. The unemployment rate for research doctoral degree recipients peaked at 2.5 percent There is a wide range of earnings among adults in 2011. More recently, the unemployment rate for with the same level of educational attainment. In bachelor’s degree recipients has fallen more than that 2015, 46 percent of adults ages 25 and older with for master’s degree recipients, narrowing the gap to professional degrees and 40 percent of those with 0.3 percentage points in 2016 (Figure 1). research doctoral degrees earned $100,000 or more. Twenty-two percent of master’s degree recipients and Employment by Job Sector 16 percent of adults whose highest degree was a bachelor’s degree earned this much. Adults with different types of postsecondary degrees are employed in different economic sectors. Three- At the other end of the distribution, 15 percent of quarters of both bachelor’s and professional degree professional degree and research doctoral degree recipients are employed in the private business sector. recipients earned less than $25,000. Twenty-three Master’s and research doctoral recipients are less likely percent of master’s degree recipients and 29 percent to be in this sector and more likely to be employed by of bachelor’s degree recipients were in this category (Figure 4).

FIGURE 2: Employment Sector by Degree Type, 2013

Educational institution Government Business/Industry

Professional 8% 14% 78% degree Research doctoral 49% 7% 44% degree

Master’s degree 34% 10% 56%

Bachelor’s 15% 10% 75% degree

10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Source: National Science Foundation (NSF), National Survey of College Graduates, 2013.

4 After Graduate and Professional School: How Students Fare in the Job Market Despite differences in median salaries and earnings earnings were in this category.3 Degrees never provide distributions, there is considerable overlap in earnings a guarantee of high earnings. But advanced degrees— among the degree categories. Among adults with particularly research doctoral and professional earnings, about one-quarter of those with professional degrees—significantly increase the chances of high and research doctoral degrees earned less than the earnings. median for those with bachelor’s degrees ($52,390). Thirty-seven percent of master’s degree recipients with Professional Degree Outcomes

Earnings by Race, Ethnicity and Gender FIGURE 3: In 2015, median earnings for professional degree Median Earnings by Education Level for Workers recipients were more than twice as high for Asian men Ages 25 to 64, 2015 ($140,770) as for Hispanic women ($61,920) (Figure $120,000 5). These differences may be partially attributable to fields of study and occupation, as well as age, but they $100,340 $100,000 highlight the variation in earnings among professional $84,940 degree holders and demonstrate the need for caution when forming salary expectations. $80,000 $66,000 Variation Within Professional Degree $60,000 $52,390 Programs

$40,000 Professional degree programs prepare individuals for a wide range of occupations—including chiropractic, $20,000 dentistry, law, medicine, optometry, pharmacy, podiatry and veterinary medicine—and generate different employment opportunities. But even within Bachelor’s Master’s Research doctoral Professional degree degree degree degree these fields, labor market outcomes vary considerably. Consider, for example, law and medical degree Source: U.S. Census Bureau (2016), Current Population Survey (CPS) programs. Annual Social and Economic (ASEC) Supplement, https://www.census. gov/data/tables/time-series/demo/income-poverty/cps-pinc/pinc-03. 3 U.S. Census Bureau (2016), Educational Attainment-People 25 Years html. Old and Over, by Total Money Earnings, Work Experience, Age, Race, Hispanic Origin, and Sex. “Person Income in 2015,” PINC-03.

FIGURE 4: Distribution of Earnings by Educational Attainment, Adults Ages 25 and Older, 2015

No earnings $1–$24,999 $25,000–$49,999 $50,000–$74,999 $75,000–$99,999 $100,000 or more

Research doctoral 8% 7% 11% 20% 13% 40% degree Professional 9% 6% 11% 16% 12% 46% degree

Master’s degree 13% 10% 18% 22% 15% 22%

Bachelor’s degree 15% 14% 25% 20% 11% 16%

10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Source: U.S. Census Bureau (2015), PINC-03.

After Graduate and Professional School: How Students Fare in the Job Market 5 FIGURE 5: Median Earnings of Professional Degree Recipients by Gender and Race/Ethnicity, Workers Ages 25 and Older, 2015

$160,000 Female Male

$140,770 $140,000

$120,000 $115,540

$100,000 $9 0,110 $82,440 $80,000 $75,490 $ 6 7, 8 4 0 $61,920 $60,000

$40,000

$20,000 N/A

White Asian Hispanic Black

Note: Sample size is too small to report on earnings of black males with professional degrees. Source: U.S. Census Bureau (2015), PINC-03.

Law Degrees Some of the variation is based on the industries in which lawyers are employed. For example, in 2016, The distribution of starting salaries among law school average earnings in the air transportation industry graduates is bimodal. About half of the class of 2014 were $214,630, but for lawyers employed in state reported starting salaries between $40,000 and government, the average was $93,320. Earnings also $65,000, and about 20 percent of graduates reported vary widely by state. In 2016, average earnings for salaries of $160,000 or higher.4 For the class of 2016, lawyers were $182,810 in the District of Columbia, some firms in major markets had raised their starting $129,070 in Illinois, and $83,330 in Montana.6 salaries to $180,000, but the median for all law firms was $104,000. The overall national median starting salary for the 2016 cohort was $65,000, with medians TABLE 1: of $59,000 for government jobs, $55,000 for judicial Distribution of Annual Wages for Lawyers, May 2016 clerkships, and $48,500 for public interest positions.5

th th th th 10 25 Median 75 90 Earnings variations persist when measured among percentile percentile percentile percentile practicing lawyers at all stages of their careers. $56,910 $ 7 7, 5 8 0 $118,16 0 $176,580 $208,000 According to the U.S. Bureau of Labor Statistics, or higher the average annual wage for lawyers in 2016 was $139,880. But 25 percent earned less than $77,580, Source: U.S. Bureau of Labor Statistics (BLS) (2017), Occupational Employment Statistics: Lawyers, https://www.bls.gov/oes/current/ and 25 percent earned more than $176,580 (Table 1). o e s231011.h t m .

4 National Association of Law Placement (NALP), (2017), Salary Distribution Curves, http://www.nalp.org/salarydistrib. 5 NALP (2017), Employment Rate Increases After Flat Market in 2015, http://www.nalp.org/uploads/SelectedFindingsClassof2016.pdf. 6 BLS (2017), Occupational Employment Statistics: Lawyers, https://www.bls.gov/oes/current/oes231011.htm.

6 After Graduate and Professional School: How Students Fare in the Job Market Medical Degrees of study, job sector and employer type, and no degree guarantees high earnings. Prospective students should Earnings of physicians vary across specialties. In investigate labor market outcomes for alumni of the 2016, when average earnings for physicians and programs and universities they are considering and surgeons were $210,170, pediatricians earned an take their own interests and characteristics into account average of $184,240, and anesthesiologists earned as they evaluate their plans for professional degree $269,600 (Figure 6). study.

Even within one area of specialization, there may Research Doctoral Degree Outcomes be wide variation in earnings. Figure 7 illustrates this for two medical specialties: family and general Employment and Postgraduate Study practice and obstetrics and gynecology. In both fields, physicians employed by educational institutions earn The share of research doctoral degree recipients less than those working in hospitals and doctors’ graduating with solid job commitments has decreased offices, and those in laboratories have even higher from 49 percent in 1999 to 37 percent in 2014. earnings. Despite considerable variation by field of study, this downward trend is a pattern. For example, the share Professional degrees typically yield relatively high with confirmed employment fell from 56 percent to earnings, but this generalization is not sufficient for 44 percent in the humanities, and from 53 percent to students making decisions about courses of study and 38 percent in engineering (Figure 8). career directions. Earnings vary considerably by field

FIGURE 6: Mean Annual Earnings of Physicians and Surgeons by Specialty, 2016

$300,000 $269,60 0 $252,910 $250,000 $234,310 $210,170 $200,220 $200,810 $201,840 $205,560 $200,000 $184,240

$150,000

$100,000

$50,000

Pediatricians Psychiatrists Family and Internists Other All physicians Obstetricians Surgeons Anesthesiologists general physicians and and and practitioners surgeons surgeons gynecologists

Source: BLS (2017), Occupational Employment Statistics, https://www.bls.gov/oes/current/oes_nat.htm#29-0000.

After Graduate and Professional School: How Students Fare in the Job Market 7 FIGURE 7: Average Annual Earnings Within Medical Specialties, 2016

Colleges, universities and professional schools General medical and surgical hospitals Physician offices Medical and diagnostic laboratories $300,000 $282,750

$ 2 5 7, 6 4 0 $250,000 $239,490 $218,020 $208,600 $196,170 $200,000

$150,000 $130,820

$100,000 $ 8 7, 0 4 0

$50,000

Family and general practitioners Obstetricians and gynecologists

Source: BLS (2017), Occupational Employment Statistics, https://www.bls.gov/oes/current/oes_nat.htm#29-0000.

Meanwhile, more students are moving to postdoctoral employment ranged from 2 percent for employees with study after completing their degrees, with the largest degrees in the humanities to 11 percent for those who increase from 17 percent in 1999 to 25 percent studied social sciences and life sciences. More than in 2014 among social scientists. Although these half of adults with humanities degrees who worked in opportunities can be valuable, they are not as the private sector were employed by nonprofits, while desirable as full-time faculty appointments. almost no physical scientists or engineers worked in this sector. Employment by Job Sector Earnings by Race, Ethnicity and Gender Research doctoral degree recipients are more likely than those with other advanced degrees to work Earnings of adults with research doctoral degrees for educational institutions and less likely to work vary across demographic groups (Figure 10). In 2015, in business and industry (Figure 2). But employment median earnings ranged from $58,070 for black patterns differ by field of study. In 2014, 83 percent of women to over $100,000 for white and Asian men. adults with research doctoral degrees in the humanities Among both men and women, median earnings for were employed in educational institutions, compared black research doctoral degree recipients were about with just 15 percent of those with research doctoral 80 percent of the median for whites with the same degrees in engineering (Figure 9). Government level of education. Among all racial and ethnic groups,

8 After Graduate and Professional School: How Students Fare in the Job Market FIGURE 8: Research Doctoral Degree Recipients with Definite Employment Commitments or Further Study Plans at Graduation, Selected Fields, 1994–2014 1994 1999 2004 2009 2014

47% 49% Employment 45% 43% 37% 20%

All fields 21% Study 25% 26% 24%

54% 56% Employment 56% 55% 44% 4%

Humanities 5% Study 7% 8% 10%

42% 53% Employment 41% 43% 38% 14% 15% Engineering Study 23% 24% 19%

26% 27% Employment 22% 23% 20% 46% 46%

Life sciences Study 48% 45% 38%

31% 39% Employment 31% 32% 32% 33% 34% 40% Study 40% Physical sciences 32%

53% 50% Employment 50% 49% 44% 13% 17% 22% Study Social sciences 24% 25%

10% 20% 30% 40% 50% 60%

Source: American Academy of Arts and Sciences (2011), Humanities Indicators, Supplementary Table III-6, based on data from NSF, National Center for Science and Engineering Statistics (NCSES), https://www.humanitiesindicators.org/content/indicatorDoc.aspx?d=68&hl=employment+commitments&m=0.

After Graduate and Professional School: How Students Fare in the Job Market 9 FIGURE 9: Adults with Research Doctoral Degrees: Employment by Sector, 1994–2014

Educational institution Nonproﬁt Business/Industry Government Other

2014 49% 5% 32% 7% 6%

2009 51% 5% 26% 7% 11%

2004 56% 6% 19% 7% 12%

All ﬁelds 1999 49% 5% 28% 8% 11%

1994 51% 7% 21% 9% 13%

2014 60% 9% 17% 11% 4%

2009 63% 7% 15% 10% 5%

2004 60% 10% 14% 11% 6%

1999 52% 11% 20% 12% 6% Social sciences 1994 53% 13% 16% 12% 7%

2014 29% 2% 61% 6% 2%

2009 35% 3% 52% 7% 3%

2004 44% 4% 42% 8% 2%

1999 33% 2% 56% 8% 1% Physical sciences 1994 39% 2% 48% 9% 2%

2014 47% 10% 31% 11% 2%

2009 50% 8% 25% 12% 5%

2004 52% 7% 24% 14% 3%

Life sciences 1999 48% 7% 30% 13% 3%

1994 49% 8% 25% 15% 3%

2014 15% 3% 72% 10%

2009 14% 2% 73% 9% 2%

2004 22% 4% 62% 11% 1%

1999 14% 2% 74% 10% Engineering

1994 20% 2% 65% 13%

2014 83% 6% 5% 2% 5%

2009 85% 5% 3%2% 5%

2004 84% 5% 4% 2% 5%

1999 82% 6% 6% 2% 4% Humanities 1994 84% 5% 4% 2% 4% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Source: American Academy of Arts and Sciences (2016), Humanities Indicators, Supplementary Table III-6, based on data from NSF, NCSES, table 46, http://www.nsf.gov/statistics/sed/2011/start.cfm.

10 After Graduate and Professional School: How Students Fare in the Job Market FIGURE 10: Earnings of Research Doctoral Degree Recipients by Race/Ethnicity and Gender, Workers Ages 25 and Older, 2015

Female Male $120,000

$100,850 $100,680 $100,000

$81,930 $80,000 $ 7 7, 4 0 0 $71,700 $73,850

$61,130 $58,070 $60,000

$40,000

$20,000

White Asian Hispanic Black

Source: U.S. Census Bureau (2015), PINC-03. women’s median earnings were 70 to 75 percent of The gender gaps among black and Hispanic master’s the earnings of their male counterparts. Understanding degree recipients are smaller than those among whites the causes of these disparities requires more analysis, and Asians. In 2015, median earnings for white and but they are likely attributable to a combination of Asian women were about 70 percent of the median fields of study, types of employment, geography and earnings for their male counterparts. In contrast, the labor market discrimination. median earnings of black and Hispanic women with master’s degrees were about 85 percent of the median Master’s Degrees earnings for black and Hispanic men with the same level of education. Master’s degree recipients have lower unemployment rates and higher earnings than adults with only a Among both men and women, median earnings for bachelor’s degree. But the gaps between master’s master’s degree recipients vary across racial and degree recipients and bachelor’s degree recipients ethnic groups. In 2015, median earnings for Asians are smaller than the gaps between master’s degree were higher than earnings for whites, and men earned recipients and people with research doctoral and more than women. But the earnings gaps between professional degrees. white and black and between white and Hispanic master’s degree recipients were larger among men Earnings by Race, Ethnicity and Gender than among women. Median earnings of black and Hispanic men with master’s degrees were about Earnings among master’s degree recipients vary by 80 percent of the median for white men in 2015. race, ethnicity and gender. In 2015, median earnings Median earnings for black and Hispanic women with ranged from $51,240 for black women with master’s master’s degrees were about 95 percent of the median degrees to $90,650 for Asian men. At least a among white women (Figure 11). portion of this variation is a function of occupational differences.

After Graduate and Professional School: How Students Fare in the Job Market 11 FIGURE 11: Median Earnings of Master’s Degree Recipients by Race/Ethnicity and Gender, Workers Ages 25 and Older, 2015

Female Male $100,000 $90,650 $90,000 $ 7 7, 74 0 $80,000

$70,000 $62,220 $61,810 $61,230 $60,000 $54,470 $52,340 $51,240 $50,000

$40,000

$30,000

$20,000

$10,000

White Asian Hispanic Black

Source: U.S. Census Bureau (2015), PINC-03.

Earnings by Field of Study Some of the variation may be due to the timing of degree completion and years of work experience. But Not all master’s degrees lead to the same earnings, earnings data for those who earned master’s degrees and this variation explains some of the racial, in the same year also show considerable variation by ethnic and gender disparities discussed earlier. field. Among 1992–93 bachelor’s degree recipients who had earned a master’s degree within 10 years of National Science Foundation data report 2015 median graduating from college, 30 percent had degrees earnings of adults who earned master’s degrees in in business and management. More than one-third science, technology, engineering or mathematics of these degree recipients earned $75,000 or more (STEM) fields between 2010 and 2013. As the low in 2003. But among the 15 percent whose master’s earnings for adults with master’s degrees in the life and degrees were in education, only 8 percent had physical sciences demonstrate, not all STEM degrees earnings this high, and 23 percent earned less than generate earnings higher than non-STEM degrees. The $25,000 (Figure 12).7 median ranged from $52,000 for adults with degrees in psychology and $56,000 in the biological and life Figure 12 reports the earnings distribution of sciences to $83,000 in engineering and $88,000 1992–93 college graduates who had earned a for those with degrees in computer and information master’s degree within 10 years of finishing college. sciences (Figure 13).

7 NCES (1993/03), Baccalaureate and Beyond, PowerStats.

12 After Graduate and Professional School: How Students Fare in the Job Market FIGURE 12: 2003 Earnings of 1992–93 Bachelor’s Degree Recipients Who Had Earned Master’s Degrees by 2003, by Field of Study

Less than $25,000 $25,000–$49,999 $50,000–$74,999 $75,000 or more

All master’s degrees 19% 31% 29% 21%

Business and management (30%) 12% 15% 36% 37%

Engineering/math/computer science (10%) 12% 8% 39% 40%

Other (12%) 17% 35% 39% 9%

Social and behavioral sciences (9%) 21% 58% 15% 6%

Medicine/health (10%) 23% 37% 26% 14%

Education (15%) 23% 50% 19% 8%

Arts and humanities (7%) 32% 45% 17% 5%

Life and physical sciences (5%) 34% 20% 24% 22%

10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Note: Percentages on vertical axis are percentage of master’s degree recipients in each field. Source: NCES (1993/03), Baccalaureate and Beyond, PowerStats.

FIGURE 13: Median Salary of Recent Science, Engineering, and Health Master’s Degree Recipients, by Field of Master’s Degree, 2015

$90,000 $88,000 $83,000 $80,000 $71,000 $70,000 $67,000

$59,000 $60,000 $56,000 $56,000 $52,000 $50,000

$40,000

$30,000

$20,000

$10,000

Psychology Biological/life Social and related Physical and Mathematical Health Engineering Computer and sciences sciences related sciences sciences information sciences

Notes: Salary data include only full-time employees. Includes adults who earned master’s degrees in 2010, 2011, 2012, or 2013. Data are from the National Center for Science and Engineering Statistics, National Survey of College Graduates, 2015. Source: NSF (2017), Women, Minorities, and Persons with Disabilities in Science and Engineering, Data Tables. Table 9.14, https://www.nsf.gov/ statistics/2017/nsf17310/data.cfm.

After Graduate and Professional School: How Students Fare in the Job Market 13 Conclusion occupations. Students should have a strong sense of the likely outcomes. It is not enough just to know that On average, advanced degree recipients do well advanced degrees generally yield significant economic in the labor market. People who earn master’s, benefits. research doctoral and professional degrees have lower unemployment rates and higher average The data in this brief make it clear that, overall, earnings than those who end their education with master’s degrees do not lead to the same financial a bachelor’s degree. But there is considerable outcomes as professional and research doctoral variation across and within degree types. Research degrees. Master’s degrees in business and doctoral and professional degree recipients have management and in computer science and engineering lower unemployment rates and higher earnings than yield high average earnings, but the same is not true master’s degree recipients. And field of study, area for all fields of study. of specialization and occupation are correlated with outcomes within each type of degree. The share of the population whose highest degree was a master’s degree grew from 6 percent in 2000 Demographic differences are also stark. Further to 9 percent in 2016. The share with professional or research may shed light on how much the variation is research doctoral degrees increased from 2.6 percent associated with choice of field and the extent to which to 3.3 percent over these years.8 Many graduate and there are differences in outcomes by race, ethnicity professional degrees are valuable investments that and gender within fields of study and occupations. transform the lives of those who earn them, but the variation in outcomes indicates the need for caution in Graduate and professional programs require a large making generalizations about the value of advanced investment of time, money and effort. Students making degrees. these choices should have reliable information about their prospects. Graduate and professional degree 8 U.S. Census Bureau (2016), Educational Attainment in the United States, programs are, by and large, preparation for specific Historical Tables, Table A-4, https://www.census.gov/data/tables/2016/ demo/education-attainment/cps-detailed-tables.html.

14 After Graduate and Professional School: How Students Fare in the Job Market About AccessLex Institute

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