The Value of a Professional License in the Labor Force: New Stats

It is good to have the data and see the statistics on the value of a professional license. Thank you Department of Labor and The Council of State Governments for illuminating these facts.

Read the full article below.

By Jennifer Burnett
Monday, May 9, 2016 at 02:28 PM
The Council of State Governments

For many years, the Bureau of Labor Statistics has published statistics on employment and other characteristics of the labor force by level of education.

For example, we know from these statistics that in general, more education means a higher salary.

  • For those that held a bachelor’s degree in 2014, median weekly earnings were $1,193.
  • Compare that to median weekly earnings of $488 for those with less than a high school diploma.

While these data are very informative, they didn’t give us a complete picture because they didn’t include statistics on nondegree credentials – like professional certifications or licenses (for example, commercial driver’s licenses, teaching licenses, medical licenses, information technology certifications, etc.).

By adding new questions to the Current Population Survey, the Bureau of Labor Statistics [2] can, forthe first time, now report on who has professional certifications and licenses and how they are doing
in the labor market.

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2015 Highlights

  • 25.5 percent of employed people held a currently active certification or license in 2015
  • A high proportion of workers in the healthcare field had certifications or licenses
  • Employed people with a college degree are more likely to have professional certifications and
    licenses than workers with less formal education

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  • People who held a certification or license had a lower unemployment rate than those who did not
    (2.7 percent versus 6.1 percent, respectively)
  • Having a certification or license is associated with higher earnings among people with similar levels
    of education: among workers age 25 and older with some college or an associate degree, people
    who held a certification or license earned a median of $825 per week – 11 percent higher than the
    earnings of people who did not have these credentials ($742).

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  • In 2015, employed women were slightly more likely to hold a certification or license than employed
    men (28.1 percent and 23.2 percent, respectively

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Source URL:
http://knowledgecenter.csg.org/kc/content/department-labor-publishes-new-stats-professional-certifications-and-licens
es?utm_source=The%20Current%20State%20%2362&utm_campaign=Current%20State%20%2362%2C%205.16.16&
utm_medium=email
Links:
[1] http://knowledgecenter.csg.org/kc/users/jennifer-burnett
[2]http://beta.bls.gov/labs/blogs/2016/04/15/why-this-counts-new-timely-data-on-professional-certifications-and-licenses/
[3] http://knowledgecenter.csg.org/kc/category/tags/infographics
[4] http://knowledgecenter.csg.org/kc/category/policy-area
[5] http://knowledgecenter.csg.org/kc/category/policy-area/economics-and-finance
[6] http://knowledgecenter.csg.org/kc/category/policy-area/economics-and-finance/labor-and-employment

Ben Kapner
Customer Relations and good guy to talk to on the phone

Ben

Ben Kapner is a Customer Relations Representative for eSoftware Solutions, Inc. coordinating lead generation and sales for eLicense Software. Since 2007, eSoftware Solutions serves a national client base of financial institutions, government agencies and businesses and is an Inc. 5000 Fastest Growing Company in America for 2015, a three-time honoree.

Kapner is expert in managing professional relationships across all industries and at all levels. He comes to eSoftware Solutions from Indeed.com where he was an Account Executive focusing on new account generation and long-term growth strategies.

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