How much is that degree worth?

A college degree is supposed to represent a ticket to financial success, but some Utah graduates are finding that a diploma does not always lead to a lucrative job offer.

Most of the state's college graduates earn below $30,000 their first year on the job, according to a recent study by the Utah Foundation, a Salt Lake-based nonprofit research group. And salaries among graduates vary widely based on which college or university they attend.

D.J. Smith, 23, of Salt Lake City fits the profile. In 2004, Smith graduated with a bachelor's degree in film studies from the University of Utah. Since then, he has worked at Cafe Expresso, 902 S. 1100 East.

Smith started at $7 an hour, but he was promoted to a manager position and now earns $9.50 an hour. In addition to his work at the coffee shop, Smith supplements his income as a graphic designer. He said last year he earned about $18,000.

Smith said he does not have any regrets about majoring in film studies, but he agrees that college degrees have become devalued.

"A college degree now is basically a high school degree," Smith said. "Everybody seems to have one."

According to the Utah Foundation report, the lower salaries of the state's graduates probably can be attributed directly to the lower salary levels that exist for all workers in Utah.

"We were surprised that so many Utah graduates were making less than $30,000," said Stephen Kroes, executive director of the Utah Foundation. "I remember when I was in college back in the 1980s that was the goal — you graduated and you expected to make $30,000. That was the standard. If you didn't meet the $30,000 mark then you might take the job for a while, but you sure wish you had something at $30,000 or more."

While the report found that more than half of Utah graduates were earning less than $30,000, graduates with four-year degrees earn significantly more over their lifetimes.

"On average, a bachelor's degree holder will earn about $2.5 million over 40 years, while associate's degree holders earn about $1.8 million, and high school graduates earn $1.4 million," the report said. "A bachelor's degree in lifetime earnings is worth over $1 million more than receiving only a high school diploma."

Jack Brittain, dean of the University of Utah's David Eccles School of Business, said he is not surprised by the study's findings.