Once upon a time in America, high school graduates were regarded as unusually well-educated. A high school education provided more than enough training for a number of high-paying careers. Throughout the 1800s, the high school diploma distinguished the financially successful from those with day-to-day financial struggles. However, as the U.S. population swelled with immigrants and more Americans moved to urban areas, social activists and lawmakers saw a need for all residents to receive a common secondary education. From 1900 to 1996, the percentage of children earning high school diplomas rose from about 5% to about 85%. As the high school diploma became more common, its value fell. In 1975, those without a high school diploma earned just 10% less than people with college degrees. In 2005, they earned 30% less. The diploma’s worth has fallen as more high school graduates are competing for jobs. At the same time, the U.S. economy has changed since the late 1970s. Higher-paying jobs today demand advanced training. College graduates are finding that the bachelor’s degree has also lost its competitive advantage. A four-year degree no longer offers the promise of a steadily-rising income. Since 2001, wages for the majority of college-educated U.S. workers have not increased when adjusted for inflation. In 2007, the real value of wages actually fell almost 2% below the 2001 level. Just as the high school diploma lost value as it became more common, the baccalaureate has become a victim of downsizing. Globalization and technology have redefined the worth of an educated workforce. Positions that once brought a comfortable and steadily-growing income have become obsolete, stagnant, or moved overseas. Today’s employers are rewarding people who have very specific and advanced skills. Graduate degrees have therefore become the new must-have degree for career growth and financial success.

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