How much one earns is dependent on several factors including experience, qualifications, your field of work, and even where you live.
A major factor in earning potential is linked to qualifications and experience. Experience coupled with advanced qualifications appears to be the biggest factor in earning more. Education in South Africa is a costly investment, but an investment, nonetheless. To determine whether a new qualification will positively impact on your earnings, one needs to investigate the Return on Investments (ROI).
An IOL article researched salary ranges and education and found the following:
“When it comes to the impact of education levels on salaries, SalaryExplorer says a study conducted in South Africa, comparing the salaries of professionals with different levels of college degrees who held similar positions in various industries, showed that:
Individuals with a certificate or diploma earned an average of 17% more than those who only completed high school
Those who obtained a Bachelor's Degree earned 24% more than their counterparts with a certificate or diploma
Professionals with a Master's Degree earned 29% more than those with a Bachelor's Degree
Those who held a PhD earned an average of 23% more than those with a Master's Degree while performing the same job
It further states that many individuals pursue advanced education as a means of transitioning to higher-paying positions, and the statistics indicate that this is an effective strategy. On average, individuals who change jobs after earning a higher degree receive a salary increase of about 10% more than the typical annual raise.”
So, if you are ready to level up your education to reap the rewards on your salary, view our accredited programmes here.
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