This was 31.2 percent higher than the state average of 41.8 percent. In 2020 the total municipality population reached 621.
97.8 percent of the population had at least a high school diploma or the equivalent.
Degree distribution in Oconomowoc Lake for 2020*
| Degree | Number of people | Percentage of population |
|---|---|---|
| No degree | 11 | 2.2 |
| Regular high school diploma | 75 | 15.3 |
| GED or alternative credential | 2 | 0.4 |
| Some college, less than 1 year | 9 | 1.8 |
| Some college, 1 or more years, no degree | 35 | 7.2 |
| Associate's degree | 22 | 4.5 |
| Bachelor's degree | 145 | 29.7 |
| Master's degree | 124 | 25.4 |
| Professional school degree | 45 | 9.2 |
| Doctorate degree | 21 | 4.3 |
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