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College tuition based on lifetime earnings: Education vs. professional majors

INTRODUCTION

Teaching is one of the most honorable occupations a person could choose to undertake. It is also the most crucial career regarding our country’s youth with the immense responsibly of molding them into mentally, physically, and ethically productive adult citizens.

No other profession is charged with such a monumental task. And I am sure everyone would agree.

Ironically, educators are the lowest paid professionals.

This has led me to the following research, comparing the average lifetime earnings of K-12 classroom educators to other professions.

THE FINDINGS

In my research, I first found and recorded the average yearly salaries of Medical Doctors, Dentists, Lawyers, MBAs, and experienced K-12 Classroom Educators.

(Phase One) I then multiplied the average salaries in each profession times a 35-year career.

(Phase Two) And finally, I was able to determine the disparity of earnings between educators and their professional counterparts by percentages.

(Phase Three)

Consider the statistics.

PHASE ONE

The Professional’s average Annual Salary

1. Medical Doctor: $352,000.00

(Source: Medschoolinsiders.com)

2. Dentist: $228,662.00

(Source: Indeed.com)

3. Lawyer: $172,794.00

(Source: Salary.com)

4. MBA: $151,951.00

(Source: Cousera.org)

5. Teacher K-12: $58,900.00

(Source: Salary.com)

PHASE TWO

The Professional’s 35-Year Career Earnings

1. Medical Doctor: $12,320,000.00

2. Dentist: $8,003,170.00

3. Lawyer: $6,047,790.00

4. MBA: $5,318,285.00

5. Teacher K-12: $2,061,500.00

PHASE THREE

Teacher’s Percentage of Other Professions’ Career Earnings

1. 17% of a Medical Doctor’s Career Earnings

2. 26% of a Dentist’s Career Earnings

3. 34% of a Lawyer’s Career Earnings

4. 39% of an MBA’s Career Earnings

It is ironic. The noblest occupation is financially rewarded the least of the professions we examined.

Furthermore, when the other professionals’ business day ends, they are done with their clients, and hard to contact after hours (if even possible).

Not so with teachers, who are accessible all the time. Below are just a few examples.

During the course of the school year, teachers are involved in numerous after-school activities: holiday programs, concerts, attending sports to support their students, club meetings, charitable outings, parent-teacher conferences, PTA meetings, many weekend activities, and so much more. All without monetary compensation.

CONCLUSION

A few years ago, as a former graduate of West Virginia University, I e-mailed the school of education dean regarding the reduction of college tuition for aspiring teachers for the reasons stated in this column.

Of course, I am a realist. I know lower tuition rates for education majors would never be considered.

Remember, we are talking about money. Instead, college tuition will most likely continue to rise.

At the very least, I hope this paper has shed some light on how much K-12 classroom teachers give of themselves, expecting little in financial returns for their total devotion to our youth.

Bill Welker, EdD, is a retired teacher who had 40 years of experience as a K12 classroom teacher in both public and private schools.

He has also published over 20 scholarly papers on the art and science of education.

Welker was the recipient of the prestigious “Jasper N. Deahl Award” from West Virginia University for his contributions as a certified reading specialist.

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