Analyze How Skills Impact Salaries with Labor Insight

A recent Harris Poll found that two-thirds of 14- to 23-year-old students want a degree so that they will have financial security. Earning a well-paying salary is not only a core motivation for students to go to college, but it also provides a strong return on investment from their education. Students can earn a high salary by adding specific skills and qualifications to their resume.

For instance, if you’re a Marketing Specialist who would like to earn a higher salary, then you may consider enrolling in an online course to learn SQL or Search Engine Optimization (SEO). In this case, you’ll want to know how much more you could earn based on these specific skills. Understanding this information can greatly help you decide which skills you should learn. In another example, if you’re an Accountant who is considering whether to become a Certified Public Accountant (CPA), you may first want to know the average salaries that Accountants earn vs CPAs across the country.

In the past, this information was not available. Now, you can get it with the click of a button.

Burning Glass Technologies has just released Market Salary, a  new data element within Labor Insight, that determines how specific skills, experience, and educational requirements can impact an occupation’s average salary. Users of Burning Glass applications can now gain precise, actionable insights into salary that have never been previously available.

Burning Glass’ newly released Market Salary data provides accurate, valuable insights at a more detailed level than any other resource. Burning Glass estimates the market salary (how much employers would advertise a job for, if they did include a salary) for each of the 25 million unique annual job postings in Burning Glass’ database.

Looking back at our original two examples, we can run a report using Burning Glass’ Market Salary data to learn that, on average, Marketing Specialists who do not have SEO and SQL skills on their resume will earn $46,544 per year. However, Marketing Specialists who have SEO skills, on average, earn $51,385 per year, and Marketing Specialists who know SQL will earn, on average, $63,787 per year. Similarly, a Certified Public Accountant earns $63,439 per year, approximately $7,780 more than an Accountant without a CPA.

Market salary data can also be valuable when a student is deciding if they should earn a bachelor’s or associate’s degree. Working with Labor Insight, you can identify how an average market salary varies based on degree, allowing prospective students to see the return on investment for their education.

With the release of Market Salary, users can see where salary ranges are broad, and where top performers can move away from the median. This information is available through the introduction of percentiles: the salary report now includes 10th/25th/50th/75th/90th. For example, Computer Support Specialists – often considered as an entry point into IT, and not always requiring a bachelor’s degree – has more upward mobility than may be expected simply from the median ($42,000), with the top 10% nationally earning nearly $70,000.

To learn more and begin accessing Market Salary data, contact us today.

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