The Demand for Four-year Degrees in Michigan Continues to Grow Rapidly

Overview

• Author: Dan Hurley
• Source: Michigan Association of State Universities (MASU)
• Date: September 19, 2024

Key Points

Growing Demand for Four-year Degrees

• Michigan's labor market forecast shows increasing demand for workers with four-year degrees.
• The Michigan Department of Technology, Management and Budget's report highlights that 37 of the top 50 high-demand jobs require a four-year degree, expected to grow to 42 out of 50 by 2032.

Job Market Outlook

• Hot 50 Jobs Outlook (2032):
  • 42 of the top 50 occupations will require a bachelor's degree or higher.
  • Indicates strong return on investment for four-year degrees.

Benefits of Earning a Bachelor's Degree

• Financial and social benefits include:
  • Better health outcomes
  • Increased social mobility
  • Higher job security and occupational satisfaction
  • Less reliance on government assistance
  • Higher home ownership rates
  • Longer life expectancy

College Affordability

• Michigan Achievement Scholarship:
  • Offers up to $5,500 annually for public university students for up to five years.
  • Total potential scholarship value is $27,500.
  • Estimated 75% of Michigan students will be eligible based on financial need.
• Combined with federal aid and university-provided financial aid, it increases accessibility to higher education.

Implications

• Investment in a bachelor's degree is a strategic move for economic success.
• Both students and the state benefit from a robust bachelor's degree attainment.

Conclusion

• Michigan's commitment to higher education affordability and the growing demand for four-year degrees present a promising outlook for students.
• A bachelor's degree is increasingly aligned with high-demand careers and offers numerous long-term benefits.