MCC Program Based Economic Impact Analysis: Feb 2018

2. Economic Impact Analysis

ACCOUNTING

In FY 2015-16, MCC enrolled 119 students in its Accounting program. Of these students, 13 graduated with an associate degree in FY 2015-16. CAREER PATHWAYS The Accounting program can lead students into a num- ber of occupations, which may include: Budget Ana- lysts, Tax Preparers, and Bookkeeping, Accounting, and Auditing Clerks. TABLE 2.1: Aggregated Program to Occupation Mapping Measures Number of Occupations 34 Using the average number of annual openings for these occupations (3,894) and subtracting the FY 2015-16 institutional completers in the county that may fill these openings (20), we arrive at a gap of 3,874 unfilled openings. There are 3,395 unique job postings at the associate degree level or below for these occupations in Monroe County. The top three posting companies are University of Rochester, Paychex, Inc., and Rochester General Health System. Projected Avg. Annual Job Openings (2016-2026) 3,894 +4.5% Projected Avg. Job Growth (2016-2026) Median Hourly Wage (2016) $21.89

PROGRAM ALUMNI IMPACT Former students of MCC’s Accounting program added $22.5 million in income to the Monroe County economy in FY 2015-16. This figure represents the increased wages collected by former students active today in the county workforce as a direct result of their education, the increased output of businesses that employ these students, and the multiplier effects that occur. TABLE 2.2: Metrics Per Student and Total Impact Lifetime Earnings Increase per Student $769.6 thousand Annual Economic Impact per Student* $2.6 thousand Total Alumni Impact in FY 2015-16 $22.5 million * Due to data limitations, a duplicated student headcount was used to calcu- late the economic impact per student, generating a very conservative result. STUDENT RETURN ON INVESTMENT To earn a degree in the program, students experience costs in the form of tuition and fees, books and supplies, and the opportunity cost of attending school instead of working. In return for this investment, students can earn higher wages. For every dollar students invest in their education in the program, they will receive $6.70 back over the course of their working lives. This investment can also be seen in terms of a rate of return of 21.9%. This is an impressive return, especially when compared to the U.S. stock market 30-year average of 10.1% return. FIGURE 2.2: Lifetime Earnings of an Accounting Program Completer Compared to a High School Graduate

FIGURE 2.1: MCC Accounting Completers, FY 2005-06 to FY 2015-16

40

High School Graduate

Program Completer

30

$80,000 $60,000 $40,000 $20,000 $0

20

10

Average Annual Earnings

0

Number of Completers

2006

2009 2010 2011 2012 2013 2014 2015 2016 2007 2008

30 35 40 45 50

55

60 65

Year Graduated

Age

12

MONROE COMMUNITY COLLEGE. | FEBRUARY 2018