PostSecondary Education Earnings  Statistics EBL  Hinkley
Generated May 9, 2019 by khinkley912
K.C. Hinkley
Professor Smith
Statistics
May 7, 2019
EBL Stat Crunch Assignment:
PostSecondary 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 25^{th}percentile 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 fivepoint summary is the minimum, Q1, Median, Q3, and the max. The fivepoint 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 doable. 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 rightskewed. 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.
StatCrunch Link:
https://www.statcrunch.com/app/index.php?dataid=3042372
Data Source Link:
https://lehd.ces.census.gov/data/pseo_beta.html#degreeearningsandemploymentconcepts
Additional Information on Salary Ranges:
Summary statistics:
