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Post-Secondary Education Earnings - Statistics EBL - Hinkley
Generated May 9, 2019 by khinkley912

K.C. Hinkley

Professor Smith

Statistics

May 7, 2019

EBL Stat Crunch Assignment:

Post-Secondary Education Earnings

Most students are looking to make as much many as they can when they graduate. They throw around saying of “chase a bag” and “make this bread”, but what are students actually making after graduation. There is statistical data pulled from a sample group at the University of Wisconsin – Madison. I compared the 25thpercentile of the data collected. On a salary range, this means that it is the beginning of the pay scale, which is where most college graduates are going to fall into at their first couple of jobs. The mean or average of this data is a salary of \$41,302.42. This looks good for students, but by taking a deeper look, the overall tendencies will be revealed.

The five-point summary is the minimum, Q1, Median, Q3, and the max. The five-point summary for this data set is: \$13,424; \$26,880; \$38,535; \$50,856; \$173,285. The lowest college graduates are being paid is represented by the \$13,424 which would be hard to live on but do-able. On the other end of the spectrum, \$173,285 would be an extremely cushy life for someone fresh out of college. The reason the maximum is so much higher than the rest of the data set is because that job is in the Healthcare profession working in a medicinal practice. This is the main outlier of the data set.

A picture of the boxplot can be seen on the right. It can be clearly seen that this data set is right-skewed. This means that more recent college graduates tend to make less money than some of their peers when first entering their salary range. Also, the variance is 3.6104.

This data set was of interest to me because I am getting closer to graduating and it is important to be realistic in how much money I will be making after graduation. These figures help support that the “average” graduate will be able to start making \$41K a year, but in reality, it could be much lower at the minimum. This information was something that I had already known a little bit about, and this mostly confirmed my idea of what is going to happen when I enter the real world upon graduation.

https://www.statcrunch.com/app/index.php?dataid=3042372

https://lehd.ces.census.gov/data/pseo_beta.html#degree-earnings-and-employment-concepts

https://uminfopoint.umsystem.edu/sites/hr/Benefits/COMP/CURRENT/CompensationHiringGuideForManagers-UMSYS-wo-calculator.pdf

Result 1: Summary Stats   [Info]

### Summary statistics:

ColumnnMeanVarianceStd. dev.Std. err.MedianRangeMinMaxQ1Q3IQRMode
var1097741302.4213.6104066e819001.07607.89808385351598611342417328526880508562397625194

Result 2: Boxplot   [Info]