Given the expense and effort invested in a college education, it’s natural to ask about the importance of college. Across factors including financial considerations to personal fulfillment, most Americans believe college is worth the effort.

What’s the importance of attending college? A college education has replaced a high school diploma as the gateway to the middle class, according to an extensive public opinion survey completed by the non-profit group Public Agenda in 2000.

Even most young people who leave college before completing a degree acknowledge the importance of college, according to a December 2009 study by Public Agenda and the Bill & Melinda Gates Foundation. Of those who failed to complete a degree, 89 percent said they had thought about returning to college, and 97 percent said it would be important for their own children attend college.

The Importance of College to Financial Success

And if money does indeed talk, the importance of college is enormous. Consider the following average annual incomes compiled by the U.S. Census Bureau:

• High school dropouts: $18,900
• High school graduates: $25,900
• College graduates: $45,400
• Professional degree recipients: $99,300

Why is a college degree so beneficial to a person’s earnings power?

• More and better career choices. College graduates generally have more transferable skills, meaning they can perform a number of positions across different industries and companies. That means they’re more valuable to employers, who are then forced to pay more to attract and retain them.

• Technological skills. College students today are exposed to technology that’s driving the economy, making the importance of college an even bigger factor in employment. And because they’ve learned how to learn, they are better able to adapt to new technology and workplace changes.

In today’competitive job market, the importance of college can’t be overestimated. A college degree offers many workplace advantages, from increasing an employee’s chances of being promoted to making it easier and more likely that he or she is able to transition to a new job, industry or even an entirely new career.