According to Money Magazine…
College costs are rising twice as fast as inflation and salaries for people with B.A.s are falling.
I know for myself, after finishing my degree, I decided to stay with the Fortune 500 company I was working with, assuming there would be a lot of opportunity for advancement. After a couple weeks of applying for internal jobs, the value of experience began to become very apparent to me. I had my degree, but most positions that would have been available to a recent college grad without experience had lower starting salaries than what I was getting without my degree.
The general nature of my Business Administration degree added to the challenge – I am sure. Regardless, it was the first time in my life that I asked myself if it was worth all the time, energy, and money (loans).
From the statistics I read, the averages still suggest that workers with degrees still earn considerably more than those who don’t have degrees.
What do you think? Has your degree been a worthwhile investment? Has not getting a degree been worth it?
{ 25 comments… read them below or add one }
I’m not sure about the Business Administration part, but a college degree is still worth it. I got my 4-yr B.S. in Engineering in 1986 and have not gone back to college after that. Yet, even now when I go for a job interview, I am asked questions about what I did and what I know and that is the experience factor. It seems no one even cared that I do not have a Masters or any certification in my field of software. The basic Bachelor’s is still a requirement though.
College degree is still worth it. Maybe paying the extra money to go to an out of state school may not be worth it. The most jobs of the future will require a college degree. But the big universities are not that much better than the local school these days for your undergrad degree.
@PG
It seems that for certain specific fields of study, it is not an option not to have one. I know in the business world the MBA seems to be carrying the weight that a BSBA carried a decade ago…
Good quesiton for discussion. I pursued a BS in Buisness and eventual CPA license as a road to riches. Not rich but do make a decent living. Pursing a degree based soley on monetary reasons will leave you empty regardless how much you make. Find someone working with a purpose and you will find a successful person regardless of how much they make or can make
My degree, and probably more important, my college experience, at a State school, was most definitely worth. I love my student loan debt and consider college the greatest learning experience of my life. I would not do it any different…except maybe take more time and enjoy it even more.
I got an accounting degree and enough grad level hours to sit for the CPA. Both have served me well and I would recommend Accounting to anyone who’s serious about getting a job right out of college and never worrying about layoffs, economy, etc.
As for rising costs…I’m sure some of it is warranted. I just hate when they use private or elite East Coast schools as examples. I don’t feel sorry for people who complain about college costs and the job market that go to Holy Cross for a history degree. C’mon, wise up kids.
I think it really depends on your field. In the design world (what I’m familiar with), your portfolio counts much much more than your degree does. If you’re good, you’re good school doesn’t matter, but this is a much more subjective/grey area sort of field.
I’m not sure my degree was necessarily worth it. What I got out of school I think could have been condensed into two years of study and I would have come out about the same. It’s probably different for everyone though. Knowing what I know now I’d do it differently.
This is turning into an interesting discussion – thanks to everyone for commenting… PT, and the others with (walk out of college and get a job degrees) it really seems to be a different thing when you have a broad or more generic degree. The upside is that it may be relevant to more jobs, putting you in the running for more, but the downside obviously is that the degree doesn’t make you a shoe-in for any job.
@Matt
I have had a similar experience – while I did work and learn in college and graduated with 3.7 GPA, I feel like the majority of my “valuable” knowledge has come from my learning after graduating. The books, seminars, magazines I read etc…
My degree has absolutely been worth it. All I could find for work before I went to college were telemarketing and manual labor. I have much better quality jobs and better paychecks. I would be making more if I had experience, but I would be doing a lot worse without that degree.
I agree that most of what you learn in college does not matter in the real world. But college does teach you life skills and tools for the trade that apply to your first job. I am an engineer and i use the problem solving strategies i learned doing projects than the the textbook.
@bob – you are never a shoe-in for any job, its up to you to showcase what you can do for any job in the country. If there is a will, there is a way.
When i graduated from high school i would not be ready for a real job, college helps you prepare for the real world in many ways i would recommend everyone go for at least two years.
The subject that I majored in for my B.A. has not helped me in the least. My associate’s degree has been more useful. But because I have a degree at all has allowed me to start at a higher pay level at every job I have taken. Not a whole lot higher, but any bit helps, right?
years of college for anything.
I think the EXPERIENCE you gain at college–interpersonal skills, listening skills, creativity, etc.–is worth much more than the actual degree. I am a different (and much better) person because of attending and finishing college. Now, this may be because I attended a small Christian college and had different kinds of experiences than some….but regardless, I would not trade my (5)
I think it depends on the field – in some areas, a degree is required, while in others, it’s not as much of a requirement.
In engineering, there are many jobs that you cannot get without an engineering degree. That said, the actual experience that you have is more important than the degree when applying for jobs – but you still need the degree.
From my experience, I agree with those comments that college is more about the skills developed than the info learned. Clearly that isn’t the case for many degrees – they actually take most of what they learn and begin using it in their first job, but it definitely is for some. I also think that my most valuable lessons from college were more like learning how to learn, learning how to stand on my own two feet, learning how to get things done under pressure, etc…
Ok, I am obviously a little biased here, but I am certain that a college degree is worth it. This is true financially but more than just financially.
Now you need to be wise about your college degree – where to go etc. – and be wise in how you get money to go to college. Personally, I recommend going to school in Canada!
I went to a private Christian college. While I enjoyed the Christian atmosphere, economically speaking it has not provided a single advantage over a state school.
I work in the technical field. My degrees are in social science areas. My masters in a totally non related field doesn’t hurt. It usually gains me a little more respect as most hiring managers don’t have a master’s degree. They want to see a degree and may state that as a requirement – but they hire non-grads all day long. They know the most important thing that matters is your ability to get the job done and secondly to get along with others on the team.
My degree was worth it, but only because I really had a good time at university.
I think I would have been better off financially if I started working and saving straight away.
University cost me 4 years of:
- living expenses, accommodation, food, fuel, etc.
- university and book fees
- potential income, which could have gone to savings
Four years can make a BIG difference.
@bob wrote: “I also think that my most valuable lessons from college were more like learning how to learn, learning how to stand on my own two feet, learning how to get things done under pressure, etc…”
Why isn’t this sort of thing being taught in our High Schools? I think it ought to be.
As an undergraduate I originally had a journalism scholarship, but foreign language was my downfall. Nobody told me it would be required for a J-School degree so I switched to education and got rid of the language requirement. But I am no teacher! Went back to graduate school, took what I needed to get a journalism job(about 20+ hours) and got one! Employers were impressed I had graduate work-LOL! I finally did find journalism work and have now written 30 books! My advice? Check requirements-and schools. Some don’t require languages!
Matt:
Your response is right on the mark. If you graduated from high school then you should know how to learn, how to think and, more importantly, how to interact with other people.
Most of what is taught in college is fluff anyway.Why would anyone pay for electives that will be of no use to them? Why won’t colleges let you take the required electives at a community college? Most of the professors at the community colleges in my area hold degrees from 4-year universities. The reason – money.
Unless you are training for a highly specialized profession (doctor, etc.), attending a community college for the first two years, and then transferring to a 4-year school is the way to go. Your wallet will thank you.
College is not worth the time.
1. Space is Infinite and vast. Humans timeline is short on the billion years. Earth is just a sandcorn nd all we build are small erections of homes made out of wood. Youtube Michio Kaku.
2. human Life is 80 years avg. 40 years is spend with sleeping and a HD diploma takes 20 years.
3. Robert Kurosaki: Tiger Woods, Princess Diana, GAtes, Steve Jobs, Britney spears, donald trump, Harry potter JK rowling are married to non PHD, or have no PHD in their field, yet are the most strongest on earth.
3. If you have a PHD in life and you die one day how is score ranked. well.
Most spend too much time for school. Scenario: 1- 10. 10 is best
Education: 10 ; Gas station owned: 0; Number of commercial properties owned: 0 oil fields: 0, diamond business: 0 ( we have millions of districts in US that u never own or it will a lifetime to even accumulating some of it . including trump towers in hongkong china . new york district.
4. Money vs education. listen to robert kurosaki about money works for u passive income rather than work whole life and be dependent on state for even less money. Create assets .
5. who do u impress with PHD. girls go for money. IF a poor guy from Kongo has to decide who to rescue he rescue his mom, not the PHD guy.
many people u do not know and they would never vote for u, because family and thier friends first. You impress only one girl and her older parents who are non competitive.
6. GEttings kids: one guy he was 18 started to get 20 kids, his power go strong they marry have kids.. while a PHD only make small family
7. 360 days per year, 20 years if u only date u have like 6000 girls known, but the worls has billions of people u NEVER MEET like hot CHINA girls
8. even u have a PHD, 20 of your family members not, so u suck too, if its for score.
End scenario: Focus on money at an early age, no college debt ( coz u do nt not plan to work whole life or study the UNi library until death.
Even PHD, there knowledge is small. I can take them to the library and open any book of millions and ask questioin a prof would not know. Prof do not have hot girls not are famous for money.
create businesses, buy then when u own it, u learn so much more like lex luther. rather being a scientist. have a company people work for u ( a guy or bill gates can own 100 salons and then invests 20% in top aids company.
@ John up there:
I think I know what you are trying to say, however, your numbers are very inaccurate. I am also assuming you are from China, or somewhere around there (i.e. ” hot CHINA girls!”) where ways of living and obtaining wealth are very different (yet probably more simple and fulfilling) then here in the Western world.
I appreciate your perspective though, & your humor : )
I dont have a college degree and im earning in the high 50k and im only 27 yrs old. I did attend some college but i dropped out and just started working. I didnt feel like college was for me but now im definitely thinking about going back.
If you learn anything at college is beside the point. What is the point is that it is a strong starting point for a career. Jobs that do not require an college degree, often are very low paying or have no room for advancement. Yes there are some trades where you can earn a descent living. For example a Dental Hygienist can make on average $50,000 year. But there’s no room for advancement you’re stuck as a Dental Hygienist, unless you pay to go to med school and be a Dentist. And that’s on the high end of things. Lets say you wanted to be a Vet Tech you’ll spend 2 years of your life training to be a vet tech only to make 12-15 bucks an hour with no room for advancement. Well you can make that working at Denny’s.
The point that Gates, Woods or who ever is a millionaire and didn’t go to college is completely moot. The chance of anyone becoming a millionaire is very very low. Something like 4-5% (or less I can’t find good numbers right now) of the population are actually millionaires.
I was paying my way though college till my state cut funding for high education, combined with the federal slashing of finical aid funding, at the same time as tuition was being raised, left me with a huge gap which I couldn’t afford.
So here I am no degree and really only bartending experience. Its soul crushing.
I think it depends on what matters to you. A degree in engineering is not worth it if you’re planning to be a musician.
As for me. One should study to learn and not to earn.
Earning money should be considered separate from one’s studies, otherwise both earning and learning is not maximized.
So, if what you want is to be a mathematician, just to discover and explore the depths of mathematics. I think a degree is worth it. Learning from a book by yourself would be very difficult.
If you want to earn money, go get a job. Sell whatever skills you have.. Save up… Start a business…
I m can make 60k to 90k and I don’t have a BA but I have to work a lot of over time to make that much. I would go back to school and get my degree in a career if I could. It very frustrating to have to work 7 daysand 10 hours a day to make a decent living and uncle same takes most of it anyways.
I think it depends completely on the field you are trying to get into, the jobs within that you are trying to get. If you trying to become some type of specialized professional such as: a lawyer, doctor or engineer, then a degree is a must. On the other hand, the average starting pay for fresh college grads hovers around $40k-$50k. Yet there are tons of current and future opportunities with 2 yr degress/certificates that can lead to jobs that can pull in the same amount of money or more. One job posting on my city’s website is paying $79k for someone to repair and maintain city trafficlights/lamposts. Of course that is if its only amount of money. You wouldn’t spend 6-8 years of your life studying to become a teacher or pastor if you only cared about the money. I graduated high school in 2007 and am working on a political science degree. I’m not sure about the type of work I’d want to do but it would sure suck to put in all the effort and time into a degree only to find out that there are either too few opportunities or if my time were better spent elsewhere. College is definitely more about learning and much less about better earning. The costs are rising fast. For every child born this year and beyond, college costs for these kids are projected to be triple what it is now. Then, I’m sure people will question its value. All I know is that every year spent in college is a year lost not saving for my future and building my independence and there’s no guarantee. I’m considering taking a certificate program to be a medical lab technician while continuing my degree just in case I can’t find anything after college.