There’s been much talk lately about whether college is for everyone. And there’s always much talk about teacher preparation and pay. Let’s combine these issues and look at them through a specific lens: money.
Consider Bob, who just graduated high school and is torn between two career paths. His father is a proud mechanic who wants Bob to learn the skill and join him on the job. His mother is a schoolteacher, and part of him has always wanted to go to college and follow in her footsteps. What should Bob do?
Ignoring all other considerations, let’s see how the financials shake out.
First, let’s clarify our assumptions. About half of the country’s 3.8 million teachers hold only a bachelor’s degree, and the policy of providing automatic pay raises for obtaining master’s degrees may be on the way out. Let’s look at the lifetime earnings of public-school teachers with bachelor’s degrees, and let’s compare this figure with that of high school graduates who have never stepped foot inside a college classroom, whom I’ll call “non-college-goers.”
Measures usually define “lifetime earnings” as one’s aggregate earnings between the ages of twenty-five and sixty-four, including pensions. So step one is determining how much people in either situation earn between the start of their working careers and the age of twenty-five. Estimating a median annual salary of...