Question

Your friend Alice finds that the median salary for one of the majors she looked at is $69,000. Can she assume that this is the salary she will receive post-graduation if she studies that major? Why or why not?

Answer 1

Answer: She should not.

Explanation:

Every profession has a range of salaries that practitioners in that profession might earn from the lowest salary possible to the highest. For instance, Carpenters in the United States can expect a yearly salary of between $41,784 and $72,987.

The Median figure refers to the figure in the middle of this range and separates what those in the upper half of the range will get from those in the lower half. It is not a given that a person will earn the median salary as they may earn lower or higher than it depending on multiple factors such as  education, location, additional skills, number of years in the profession, etc.