Professional degree– Includes Doctor of Medicine (M.D.) and Juris Doctor (J.D.)
Associate degree– Includes Associate of Arts (A.A.), Associate of Science (A.S.) and Associate of Applied Science (A.A.S.) An associate degree is often an Associate of Arts (A.A.) or an Associate of Science (A.S.). A degree earned in a professional program is often called an Associate of Applied Science, or A.A.S., though sometimes the name reflects the specific field of study, such as an Associate of Engineering.An associate degree is designed to take two years for a full-time student to complete, requiring 60 credit hours or more, depending on the program. Associate degrees are typically offered at community colleges and some universities. After completion, graduates often enter the workforce or pursue a bachelor's. According to the National Center for Education Statistics, a research arm of the U.S. Department of Education, 46 percent of Americans between the ages of 25 and 29 had an associate degree or higher in 2017. Those with an associate degree earn nearly an additional $200,000 over a lifetime compared with those with some college education but no degree, per research from the Georgetown University Center on Education and the Workforce.
A bachelor's degree requires a minimum of 120 credit hours, which adds up to an expected four years for a full-time student, though that length can vary by program. Bachelor's degrees can be earned at four-year institutions and a small number of community colleges, which have added baccalaureate programs in recent years.Schools offer Bachelor of Arts (B.A.), Bachelor of Science (B.S.), Bachelor of Fine Arts (B.F.A.) and other specialty designations.
"The value of a bachelor's degree in lifetime earnings is fairly significant," says Daniel S. Feetham, director of undergraduate academic affairs advising at the University of Washington.According to NCES, 36 percent of Americans between the ages of 25 and 29 had a bachelor's degree or higher in 2017, which is worth $2.3 million in median lifetime earnings, Georgetown's Center on Education and the Workforce found. By comparison, those with a bachelor's degree earned nearly $1 million more than those with only a high school diploma.
A master's degree often follows a bachelor's degree for many continuing their post-secondary education.
Credit hour requirements for a master's degree can vary based on the graduate school program. Typically it requires 30 or more credit hours, spread across an average of two years of full-time study, to complete a master's degree. A final project or graduate thesis also may be required.
Common degrees include the Master of Arts (M.A.), Master of Science (M.S.) and Master of Business Administration (MBA).
NCES data show that only 9 percent of Americans between the ages of 25 and 29 had a master's degree or higher in 2017. According to Georgetown research, average lifetime earnings for a master's degree recipient is $2.7 million.
Doctorate Degree
A doctorate degree is the highest traditional academic degree. Earning a Doctor of Philosophy, or Ph.D. for short, can be a long endeavor, taking anywhere from three to 10 years of study. Doctoral candidates also are expected to conduct research and publish as part of their degree programs.
Doctoral degrees are among the most difficult to earn, with around a third of students dropping out of Ph.D. programs in the 10th year, per a 2008 study from the Council of Graduate Schools.
For those who complete the rigorous requirements of a doctorate program, it can lead to $3.3 million in lifetime earnings, according to research from the Georgetown Center on Education and the Workforce.
Professional Degrees
Separate from the Ph.D., there are professional degree programs for aspiring doctors and lawyers.
Prospective physicians attend medical school to earn a Doctor of Medicine (M.D.) or similar degree, such as Doctor of Osteopathic Medicine (D.O.). Others interested in medicine earn degrees specific to their fields, such as a Doctor of Dental Surgery (D.D.S.), Doctor of Veterinary Medicine (D.V.M) and similar endorsements in their areas of study.
Medical degrees typically take four years to complete plus a residency program after graduation.
Future attorneys generally attend law school to earn a Juris Doctor (J.D.). To practice, they also must pass the bar exam. Law degrees take three years to complete.
Georgetown's Center on Education and the Workforce found lifetime earnings of $3.6 million for those completing professional degrees, noting that typically they are doctors and lawyers.