Analysis of the Return on Investment and Economic Impact of Education

Table 1.7 and Figure 1.1 present the mean earnings by education level in Monroe County and the state of New York at the midpoint of the average-aged worker’s career. These numbers are derived from Emsi’s complete employment data on average earnings per worker in the county and the state. 5 The numbers are then weighted by the college’s demographic profile. As shown, students

have the potential to earn more as they achieve higher levels of education compared to maintaining a high school diploma. Students who achieve an associate degree from MCC can expect approximate wages of $36,700 per year within Monroe County, approximately $9,100 more than someone with a high school diploma.

TABLE 1.7: Expected earnings by education level at the midpoint of a MCC student’s working career

DIFFERENCE FROM NEXT LOWEST DEGREE

DIFFERENCE FROM NEXT LOWEST DEGREE

EDUCATION LEVEL

REGIONAL EARNINGS

STATE EARNINGS

Less than high school

$20,700

n/a

$21,500

n/a

High school or equivalent

$27,600

$6,900

$28,600

$7,100

Associate degree

$36,700

$9,100

$38,000

$9,400

Bachelor’s degree

$55,700

$19,000

$57,700

$19,700

Source: Emsi complete employment data.

FIGURE 1.1: Expected earnings by education level at a MCC student’s career midpoint

Regional Earnings

State Earnings

36+48+64+97 0+36+48+64 37+50+66+100 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 0+37+50+66 M O N R O E C O M M U N I T Y C O L L E G E | M A I N R E P O R T 1 1

Less than high school High school

Associate degree Bachelor’s degree

5 Wage rates in the Emsi MR-SAM model combine state and federal sources to provide earnings that reflect complete employment in the state, including proprietors, self-employed workers, and others not typically included in county or state data, as well as benefits and all forms of employer contributions. As such, Emsi industry earnings- per-worker numbers are generally higher than those reported by other sources.