If you are considering heading back to college, you may be wondering what types of degrees are available for you to select from. In addition to having to choose the area of study you would like to pursue, you also need to decide upon the level of degree you would like to earn. Of course, in order to make that decision, you need to know a little bit more about the various types of degrees that are available and how earning the various degree levels can benefit you.

The Value of an Associate’s Degree

In order to earn an associate’s degree, you will usually need to complete two years of full time college study. It should be noted, however, that there are some career paths where there is no associate degree level available. For those areas of study where an associate’s degree is available, however, earning this degree is enough to help you land an entry-level position within the field. Or, if jobs are tight within your field of study, earning an associate’s degree will still help put you ahead of other candidates who only have a high school education.

According to the United States Census Bureau, a person with an associate’s degree can expect to earn an average of about $38,200 per year while a person with a high school diploma will earn an average of $30,400. This equates to $1.6 million over a lifetime for the person with an associate’s degree compared to $1.2 million for a person with a high school diploma.

The Value of a Bachelor’s Degree

In general, a bachelor’s degree program will take four years of full time study to complete, though some students have to go 4 ½ to 5 years to complete one of these degrees. A bachelor’s degree will be enough to get you into an entry level position in early every area of study, though there are still some professions that require obtaining a higher level of degree before you can work in the field. The United States Census Bureau reports that a person with a bachelor’s degree can expect to earn an average annual salary of $52,200, which comes to $2.1 million over a lifetime.

The Value of a Master’s Degree

Before you can pursue a master’s degree, you must first complete a bachelor’s degree program. Then, it will take you about 2 to 3 years of full time study to complete most master’s degree programs. If you are working in a field where a bachelor’s degree is sufficient to get you an entry-level position, earning your master’s degree may help you increase your salary or gain a promotion. In some fields, however, a master’s degree is required to obtain an entry-level position. According to the United States Census Bureau, those with a master’s degree earn an average annual salary of $62,300 or $2.5 million over a lifetime.

The Value of the Doctoral Degree

In order to pursue a doctoral degree, you must first complete a master’s degree program. Once accepted into a doctoral degree program, it can take anywhere from 2 to 4 years to complete the program and to become employable within fields that require this level of degree. The United States Census Bureau reports that the average annual income for those with a Ph.D. is $89,400 with their average lifetime earnings being $3.4 million.