Gainful employment and earnings to support a family living are significant policy goals of the applied baccalaureate program. Therefore, employment is an important metric to study; however, there are limitations in the data and process used in past reports that make understanding the true impact of applied baccalaureate programs on an individuals' earnings difficult to discern. In past years this report has matched graduates with their employment outcomes two years (or seven quarters) following degree completion. The purpose of the 2 year lag was to give graduates time to find a job that was in alignment with their applied baccalaureate degree field, and therefore capture earnings growth at that level. In addition to the snapshot employment rate, graduates who were employed at the time of graduation were also evaluated for increases in median earnings seven quarters following their last quarter enrolled. The purpose of this analysis was to gauge growth in earnings as a function of earning the BAS degree. While the extended length of time and comparison to earlier earnings may potentially show gains more reflective of the applied baccalaureate degree, the paradox is the potential for movement and unknown variation that could impact the employment rate. The goal of this paper is to analyze the return on investment for students who go on to earn an applied baccalaureate degree as compared to a comparison group of graduates who have the same associate degree but no applied baccalaureate degree. An individual's characteristics that could impact their earnings outcomes above and beyond degree type are also taken into consideration in the analysis, as described in the literature review on the value-added from higher education summarized herein. [For the companion report, see ED573044.]