Much has been discussed in this tough economy concerning the value of a college education. According to the latest Bureau of Labor Statistics press release, the unemployment rate among college grads over the age of 25 is 4.1 percent. That’s half the national average. So, it does pay to have a degree these days. However, there are some very important considerations for those of us who are working adults looking to further their education, and young people about to start their freshman year:
1. College is not cheap nowadays: I had to put my Captain Obvious comment first and foremost. According to the U.S. Department of Education, National Center for Education Statistics; The average cost of a 4 year education has jumped has jumped from $15,996 per year in 2000, the year I graduated, to $21,657 per year (Figures constant dollars) in 2011. Such costs can and often do lead to crushing debt.
2. Recent college grads face high unemployment (10%) and low wages: This may run counter-intuitive to the aforementioned statistic about college grads having low unemployment. However, that is for those 25 years an older, IE those with job experience under their belt. Many of today’s employers are taking advantage of the slow economy by not being in much of a hurry to hire educated, but inexperienced workers. Employers want experience, arguably, before an education. It makes sense to an employer to hire someone that needs minimum training. This is a good thing for mid-career or early career already employed workers who want to stay in their career field and further their education, but a bad thing for very recent college grads.
3. More degrees won’t guarantee
you a good, high paying job. Several degrees in several disciplines
may sound good on paper. In reality, it doesn’t really give you an
advantage over anyone else who did their homework and has only one
degree. Doing this brings the possibility of a two headed dragon that
will likely burn you: More debt, and not enough experience actually
working, because you spent too much time going to school.
4. The world won’t end for you if you don’t have a math or science degree. The data is hard to dispute that a degree in one of the sciences or math degrees can be very lucrative in the long run. However, it’s been vastly overestimated once you do a breakdown of wealth vs degrees.
5. Not everyone needs to go to
college. “What the hell is going on here?” That may be your question
as you read this. Before I get hate-mail of people accusing me of
hypocrisy and mass confusion, let me explain a bit. Many of us,
especially for those of us mid-career, may not need the added expense and
stress of going to school to meet career and wage goals. There are other
options that bring the perks of a degree, but costs less, and takes less
time.
These considerations are big, and unfortunately, too many people do not address these considerations and simply dive head first into going to college. The biggest weapon at your disposal when considering college, no matter if you are 16 or 55, is planning. Big subsets of that planning should be experience and networking. From here, we can address the aforementioned considerations.
1. When considering the costs of college, one must do a cost benefit analysis. This comes down to planning. Ask yourself if you are a young person: Do you want to get a degree because society or your parents are telling you to get a degree? What will be my college debt vs the wage I plan to earn after I finish? If you are getting a degree because some TV pundit or mom and dad says so; that is the wrong answer. Getting a degree should be part of well planned, long term goals. Getting a degree for the sake of getting a degree is an expensive and foolish undertaking. As mentioned, college is not cheap. Therefore, there is no shame in taking a year to work to save some money, or starting at a community college or junior college before enrolling in an accredited 4 year school.
For those already working full time, ask yourself this: Am I doing this to change careers or enhance my current one, or simply meet a goal I didn’t get to meet when I was younger? If it is the latter, beware. Don’t pursue a degree without a plan or legitimate reason. Your cost-benefit analysis should involve your family life, wage increases (or decreases), career fulfillment and goals, possible debt, and of course, the time you will dedicate to school while working a full time job. More often than not, someone in mid-career would be wise to further their education, but it must be planned and excused wisely.
One more note on costs. Avoid for-profit colleges as much as possible. A study by The National Bureau of Economic Research, noted that students who attend for-profit colleges are more likely to be unemployed, earn less, have higher debt levels, and are more likely to default on their student loans than similar students at non-profit educational institutions. On top of that, these colleges prey on the unemployed and underemployed (hence most of their advertizing occurs mid-day) by offering substandard education and training for private college amounts of money. Yes, there are a handful of legit ones out there, notably Phoenix, but for the most part, they are an expensive headache that should be avoided at all costs.
2. High unemployment among recent grads is largely due to a combination of a tough job market and a failure of recent grads to adapt to that job market. Understand this very well: Employers see experience as valuable as an education, if not more so. So what does this mean to that 17 or 18 year old potential college freshman? Make a decision quick on what you want to do after you graduate, look for a job while in college that closely mirrors that career, and network. Sure, most parents would frown upon their kids working while going to school. Well, if you want your kid to be in your home long after they graduate, you may want to encourage it. I’m sure some of you might say, “what if there are no jobs in the area of school I can get while in college that I need?” Well, a “job” may not even have to be a paying one. It could be an unpaid apprenticeship or volunteer work. Anything that provides job experience within a student’s chosen focus of career. A college degree with 4 years of experience mirroring that degree will get your resume higher on the pile come graduation time than someone with just a degree and little to no experience.
As for those of us mid-career, this is much less of an issue unless you make a dramatic career change. At that point, networking will be a bigger asset as hopefully being on the workforce for a number of years, you would be able to easier meet others in your desired field. There is also no shame in being apprentice part time or volunteer outside of work hours to get into your new career of choice.
3. Getting several degrees (more than two) is at best questionable, and at worst, self-destructive. I won’t lie, short of spending the rest of your life and career in academia; I don’t understand what possesses people to spend this much time getting every possible degree there is to get. This is obviously expensive, stressful, and can be actually harmful to your chosen career. At some point, we have to grow up and start thinking about actually choosing a career (or starting a business) and getting valuable job experience instead of spending 20 years taking classes.
Let’s say one can somehow afford to get 5 bachelors and 3 masters degrees and a PhD. What happens when you decide on a career? How would it look to a future employer to see someone with a bunch of degrees with little relevant, real world job experience? How will you have time for anything resembling a social life or networking in your desired career field? In my view, someone who seems obsessed over getting piles of degrees did not plan (there’s that word again) well or lacks focus. This same rule applies to those who spend 6-7 years trying to get a single degree. But I will cover that in a tad more detail later on.
4. Math and science degrees are no doubt important in this high tech world and society. Engineers, IT specialists, physicists, biologists, chemists, and other math and science heavy disciplines are always good paying high demand career fields. So obviously, the career gurus want to push these majors on college students. However, the reality is; not everyone wants to major in science or math. Furthermore, a surprising amount of high income earners did not get a 4 year degree in a math or science discipline. According to the Census Bureau’s 2010 American Community Survey, the top income earners in the US unsurprisingly did indeed major in a field in health/medicine, zoology, biochemical sciences, and economics. Yet, right up there among the highest earning degrees were also history, social/ethnic studies, political science, English, and art history (seriously).
So, if you have the drive, the attitude, and plan well (get it yet???), someone holding an “easy” liberal arts degree can be just as competitive on the job market and earn a high dollar as anyone holding a math or science heavy college degree. Again, if you like science and math, have at it. Heaven knows we need more math and sciences geniuses in this country. But don’t feel like the scum of the earth because you chose a liberal arts degree. As the numbers from the community survey tell, there are plenty of people that are doing very well for themselves who majored in degrees outside of science of math.
5. I made mention I would have to explain myself by claiming that not everyone needs to go to college. Well, this is an ugly reality not everyone wants to face. Higher education is not for everyone. Yes, a degree pays. Yes, if at all possible, further your education. However, the world always needs mechanics, plumbers, and other careers that don’t need 4 years of school. Not everyone learns best inside a classroom. I am a fan of higher education but I disagree with the communal frowning upon of hard working people who didn’t go to college.
Here’s the reality: There will always be a need for people who work outside of a cubicle or a lab, and therefore skills that don’t require 4 years of school. Furthermore, if you are mid-career, and a college degree won’t necessarily have you rolling in the dough in the long-term, there are certifications and other specialized training which doesn’t take as long and cost as much. Arguably, some specialized certifications can rival a 2 year degree and even a 4 year degree when experience is added to the equation. We need to be honest with ourselves if there is a legit reason we may not be cut out for traditional college. Don’t be that guy (or girl) that’s on some delusional quest to spend 7+ years and racking up massive debt just to finish a 4 year degree.
So in case you aren’t tired of the word: Plan. Parents, college planning with your kids should begin long before high school. Get an honest assessment of your child’s strengths, weaknesses, likes, and dislikes. Teach them the importance of getting job experience, developing face to face social skills (that doesn’t include facebook, twitter, or texting), and how to network. In today’s society, experience and social skills is as equally important as a college degree. For those of us already working, you need to also plan and network.
