Question

An online provider of global compensation data recently conducted a survey of 12 milion bachelor's degree graduates with a minimum of 10 years of work experience. Three of many variables meosured by the provider were the graduate's starting salary, mid career salary, and the college or university where they obtained thed degree. A surnmary of the starting and mid career salary data was reported. Descriptive stalistics were provided for each of the over 300 colleges and untweesitios that graduates attended For examplo, graduates of one of the universities had a median starting salary of $37,600 and a median mid-career salary of $65,900. Describe the salary distribution of this university's bachelor's degree graduotes by inteqpeting sach of these summary statistics Interpret a median starting salary of $37,600. This means that y of the graduates had starting salaries fess than' and We of the graduatos had starting salaries greater than 5 (Simplify you answers)

Answer 1

The median starting salary of $37,600 and mid-career salary of $65,900 at a university indicates that half of the graduates earned less and half earned more than these amounts, respectively. Holding a bachelor's degree typically results in substantially higher earnings compared to just having a high school diploma, with a median annual salary of $67,860 versus $40,612 for high school graduates.

Step-by-step explanation:

The question involves interpreting the summary statistics for salary data of university graduates - specifically, the median starting salary and the median mid-career salary. When a median starting salary of $37,600 is reported, it indicates that half of the graduates had starting salaries below this amount and half had starting salaries above it.

Similarly, a median mid-career salary of $65,900 means that half of the graduates earned less than this amount while the other half earned more, during the mid-point of their career. These figures provide insightful information into the distribution of wages among the graduates from that particular university.

Additionally, owning a bachelor's degree greatly influences one's earning potential. Data provided by the Bureau of Labor Statistics (BLS) indicates that in 2020, full-time workers over 25 with a bachelor's degree earn a median weekly income of $1,305, totaling $67,860 yearly.

This demonstrates a 67% earning increase compared to workers with only a high school diploma, who averaged $781 weekly and $40,612 yearly.