Economic Benefits Of Postsecondary Education for Hispanics/Latinos

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Economic Benefits Of Postsecondary Education for Hispanics / Latinos “New rules” of the workforce and how they affect Hispanics / Latinos December  2,  2015   2:00  pm  ET   #CEWEquity   #FutureReady                                                      #ReachHigher         #HispanicEconomicSuccess        #HispanicFuture             #La9noEconomicSuccess        

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Center  on  Educa9on  and  the  Workforce     Presenters   Anthony  Carnevale     Founder  &  Director   Nicole  Smith     Chief  Economist   Jennifer  Landis-­‐Santos   Counselor   Webinar  Moderator  

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MISSION  OF  HIGHER  EDUCATION:   To  empower  individuals  to  live  fully  in  their   Dme,  free  from  economic  or  public  dependency   The  mission  of  higher  educaDon  endures  but   Dmes  change  …  and  higher  educaDon  is   changing  with  the  Dmes.  

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Share of jobs by education requirement, 1973-2020 (projected) Jobs  requiring  high  school  or  less  have  declined  from  72%  of  all   jobs  in  1973  to  41%  in  2010,  to  become  only  35%  in  2020.   16% 32% 27% 12% 29% 27% 35% 30% 72% Some college/AA HS or less 44% 1973 BA+ 41% 35% 1992 2010 2020 4  

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Since  1983,  the  US  has  been  under-­‐producing  college  talent:  The  supply  of   college-­‐educated  workers  has  grown  by  1%  each  year,  while  demand  has  grown   by  3%.   Baby  Boom  Surge   College  supply   College  demand   5  

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“New  Rules”  for     A  new  economy  

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Rule  #1:   More  educa9on  is  usually  is  be_er   Workers  with  BAs  earn  $1  million  more  than  high  school-­‐educated     workers  over  a  lifeDme.   Life9me  earnings  by  educa9onal  a_ainment  (in  2009$)   Professional   $3,648,000   $3,252,000   PhD   MA   $2,671,000   $2,268,000   BA   AA   $1,727,000   $1,547,000   Some  college   High  school  diploma   Less  than  HS   $1,304,000   $973,000   7  

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Rule  #2  :   In  some  cases  less  educa9on  is  worth  more   Hispanics receive the largest wage premium from certificates Earnings of High School Educated Worker Earnings of Certificate Premium Certificate Holder Over High School Hispanic Women $19,086 $26,911 41% Hispanic Men $27,718 $39,914 44% Source:  Survey  of  Income  and  Program  ParDcipaDon   ConDnued  …  

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Rule  #2  :   In  some  cases  less  educa9on  is  worth  more   28%  of  AAs  earn  more  than  the  median  BA     44%  of  people  with  BA’s  earn  more  than  the  average   person  with  a  graduate  degree     9  

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Rule  #3:  What  you  make  depends  on  what  you  take   MEDIAN  EARNINGS  BY  MAJOR  GROUP*   75,000   Engineering   99,000   70,000   Computer  and  MathemaDcs   Business   60,000   Health   60,000   89,000   80,000   80,000   59,000   Physical  Sciences   90,000   55,000   Social  Science   Agriculture  and  Natural  Resources   CommunicaDons  and  Journalism   50,000   Industrial  Arts  and  Consumer  Services   50,000   Law  and  Public  Policy   50,000   Biology  and  Life  Science   80,000   50,000   50,000   70,000   62,000   65,000   70,000   85,000   47,000   HumaniDes  and  Liberal  Arts   44,000   Arts   EducaDon   42,000   Psycology  and  Social  Work   42,000   0   20,000   40,000   *Full  %me,  full  year  workers  with  a  terminal  Bachelor's   65,000   55,000   57,000   Median  Earnings  for  those  with  only  BA   Median  Earnings  for  those  with  Graduate  Degree   60,000   60,000   80,000   100,000   120,000   10  

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Rule  #  4:  Where  you  go  does  ma_er  

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“New  Rules”  are  especially  hard  on   First  genera9on  students     •  They  have  the  least  resources  –  make  most   mistakes  and  can  take  longer  to  figure  things  out   compared  to  peers  who  have  financial  support   from  families   •  “Culture  shock”  at  some  insDtuDons,  distance   from  family   •  Internalized  stereotypes  and  struggles  with  self-­‐ confidence  

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A_ainment  rates  have  improved  drama9cally     but  s9ll  lag  na9onal  averages   •  High  school  dropout  rates  is  sDll  14%  for  Hispanics   (compared  to  8%  for  African  Americans  and  5%  for   whites)   •  Only  13%  of  Hispanics  25  years  old  and  above  have  a  BA   or  graduate  degree  (compared  32%  of  all  US  Americans)  

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Underemployment     As  educa9on  rises,  racial  dispari9es  are  less  visible   The  more  educaDon  the  less  unequal  the  races  are  in   underemployment  and  unemployment                    High  School              BA   Underemployment  rates  2008  -­‐  2015   HISPANIC  RATE:  14.4%    WHITE  RATE:  10.4%     Underemployment  rates  2008  -­‐  2015   HISPANIC  RATE:  8.4%    WHITE  RATE:  5.2%    

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Interconnec9vity  of  various  competencies  (cogni9ve  and  non-­‐cogni9ve)     is  required  for  success  in  the  workforce.      

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Moving  Forward   Help  students  develop  21st  century  skills:       Judgment and decision making Customer and personal service Active Listening Deductive reasoning Critical Thinking Mathematics Oral and written comprehension Monitoring Problem sensitivity Social perceptiveness

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Help  students  ask  cri9cal  ques9ons   about  where  they  go  and  what  they   study  in  order  to  avoid  debt  and   underemployment   Please  share  via   social  media  or   post  in  public   places  as  a   community   resource.   Also  available  in  Spanish   Disponible  en  Español  

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  Your  input  shapes  our  future  projects   Please  fill  out  brief  survey:   hgps://    

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Ques9ons     and     Answers   #FutureReady            #ReachHigher        #HispanicEconomicSuccess        #HispanicFuture        #La9noEconomicSuccess      

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