For years, we've been told that the only way to make six figures is with a college degree. Turns out, that may be a myth.
About 5.7 million full-time, year-round workers were earning at least $100,000 per year in 2023, the most recent year for which data was available, according to a new report from LendingTree. This equates to about 9% of all full-time, year-round workers without a bachelor's degree.
Lending Tree Chief Consumer Finance Analyst Matt Schulz says that while the percentage is small, it's still significant.
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"The sky-high cost of a college education has already led many people to question whether the degree is worth it," he said. "There's no question that data showing that people can make six figures without that college degree will only make more people reconsider that degree."
"For the longest time, a college degree was a must-have for many jobs," he continued. "That's not always the case anymore, and that's great for folks without degrees."
Of course, some fields are more lucrative for those without degrees than others.
LendingTree found that there were 20 occupations where at least 40% of workers without bachelor's degrees were earning $100,000 or more per year.
Chef executives and legislators topped the list, with 63.6% of workers without a degree earning six-figure salaries. Architectural and engineering managers were second at 60.9%, and software developers rounded out the top three with 56.5% of non-degree employees earning high wages.
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Schulz says the occupations topping the list show that it's easier than ever before to teach yourself the skills necessary to build a viable career.
"You don't need to have a college degree or work for a giant company to learn these things," he says. "You can find tutorials on YouTube or elsewhere online and take the time at home to learn various software programs or soft skills."
Of course, gender and physical location also play a major part in determining how likely you are to earn six figures without a degree.
Men without a degree are more likely to earn six figures than women. According to LendingTree men make up 77.7% of the non-bachelor's, six-figure workforce, while women account for just 22.3%.
"Discrimination and sexism play at least some role here, but so do other factors," Schulz says of the divide. "For example, women tend to bear more of the responsibility for child-rearing, including potentially choosing to stay at home with their kids. In doing so, women may lower their earnings potential."
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Additionally, places with high costs of living tend to have more non-bachelor's, six-figure earners than those without. San Francisco tops the list with 17.1% of workers without a bachelor's degree earning six figures, followed by Seattle – 17% – and San Jose, California at 16.7%.
For those looking to hit this level of income without a degree, Schulz has a few tips.
First, never stop learning. "What you need more than anything is intellectual curiosity, a willingness to learn new things and a strong work ethic," he says. "People who don't go out and learn new things are often the ones who find themselves struggling to navigate a changing business landscape, while those constantly learning and adapting are often those who keep moving forward."
He also recommends using your network to help find these high-paying opportunities.
"What matters most is your network," he says. "The best way to have your resume stick out is to have someone you know in the company sing your praises… You never know when that one person that you took the chance to say hello to might be someone who'll change your life for the better forever."
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Image: Shutterstock
