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No degree required
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March 11, 1997: 11:45 a.m. ET
College is important, but you can still make good wages without it
From Correspondent Joan MacFarlane
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DETROIT (CNNfn) - Blue-collar jobs may not have the prestige of their white-collar counterparts, but a new study from the University of Michigan suggests that they can bring in good incomes.
"The public perception is that the only way to get a good-paying job is to get a four-year degree or maybe a master's or become a doctor or a lawyer," said Donald Grimes of the University of Michigan. "That is a good path, but not everybody is going to go to college and get a four-year degree. For those people, the perception is they have no future."
In fact, 23 out of 54 professions with an average income of $33,000 or more did not require a four-year degree, according to the Michigan study. Occupations such as mail carrier, railroad worker, police officer and plumber all pay good wages without requiring degrees.
The new study does not suggest that college is a bad choice. On the contrary, the average household income for people with a bachelor's degree is $52, 000, which is 80 percent higher than for people with only high school diplomas.
In fact, the greater your education, the greater your earning potential. People with doctorates can earn 85 percent more than people with four-year degrees.
Economist David Littman said the value of the education lies in the flexibility it affords to move between jobs. (182K WAV) or (182K AIFF)
Another benefit of education is that it can help you get out of the workforce more easily: according to the U.S. Bureau of the Census, people with degrees usually can afford to retire earlier than people without them.
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University of Michigan
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