This number was 33 percent higher than the state average of 40.3 percent. In 2018 the total municipality population reached 585.
98.8 percent of the population had at least a high school diploma or the equivalent. The table below shows how many Oconomowoc Lake residents who were at least 25 years old in 2018 held each of the listed degrees.
Degree distribution in Oconomowoc Lake for 2018*
| Degree | Number of people | Percentage of population |
|---|---|---|
| No degree | 5 | 1.2 |
| Regular high school diploma | 41 | 9.9 |
| GED or alternative credential | 6 | 1.4 |
| Some college, less than 1 year | 11 | 2.7 |
| Some college, 1 or more years, no degree | 48 | 11.6 |
| Associate's degree | 33 | 8 |
| Bachelor's degree | 169 | 40.7 |
| Master's degree | 63 | 15.2 |
| Professional school degree | 24 | 5.8 |
| Doctorate degree | 15 | 3.6 |
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