Is a university degree worth it?
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A college degree can be a worthwhile endeavor for many reasons. At the most basic level, learning can broaden your perspective and help you gain new or additional knowledge.
Additionally, a bachelor's degree is a valuable credential. Although more employers and industries do not expect entry-level graduates to have a college degree, it can become important as you advance in your career. Studying at university can also be a time to explore your personality, develop yourself, build a network and get involved in various organizations and activities.
Whether studying is worth it depends largely on your goals and resources, and whether the benefits outweigh the potential costs. In this article, we provide an overview of the key facts about attending college, the benefits of higher education, factors that may affect whether college is worth it, and alternative ways to improve your education.
Attending a university: time and costs
To earn a bachelor's degree, you must attend a four-year college, although many students today take five to six years to complete. How quickly you complete the degree usually depends on whether you can attend it part-time or full-time and how many credits are required for your major.
The cost of studying depends on the type of school you attend and the country in which you live.
The benefits of a college degree
The proportion of jobs in the United States that require a bachelor's degree has declined in recent years .While in 2017 51% of the jobs advertised online required a bachelor's degree, in 2021 it was only 44%. A degree is still the most important outcome of attending college. However, there are many other benefits to consider.
Social mobility
A university degree can lead to greater social mobility, i.e. to a change between social classes, e.g. between the lower and middle classes. In general, social mobility is greatest when the cost of attending college remains low and you find a well-paying job after graduation. (Lists of universities classified according to this criterion are published annually).
Keep in mind that even if you earn an average starting salary, you may be able to earn more over the course of your working life with a degree. According to the Social Security Administration Men with a bachelor's degree earn an average of more than $900,000 over their lifetime and women with a bachelor's degree earn an average of more than $630,000 over their lifetime compared to high school graduates.
Income and stability
A bachelor's degree has been proven to lead to higher earnings and lower unemployment rates. The US Bureau Of Labor Statistics (BLS) puts the average weekly earnings of bachelor's degree holders at $1,334 (compared to $809 for high school graduates). And the Unemployment rate for bachelor's graduates is 3.5% compared to 6.2% for high school graduates.
Time to explore interests
Some students already know what they want to study at the start of their studies, while others have the chance to explore their interests, values and passions by taking a range of courses. In a bachelor's degree program, you typically must take most of the core liberal arts courses and some electives before choosing a major. During this time, you will have the opportunity to study both new and familiar subjects to better understand what you enjoy learning and doing.
Develop competencies
During your studies, you will develop workplace skills (sometimes called "soft skills") and interpersonal skills that companies look for in applicants. Many courses also encourage you to develop important technical skills that you can demonstrate as part of your overall skillset.
Skills you can learn or hone during your studies:
- Time management
- Communication
- Teamwork
- Research
- Critical thinking
- Troubleshooting
- Organisation
- Digital competence
- Project management
Make contacts and build networks
Participation in student groups, clubs, and organizations at college can be beneficial. By taking part, you can not only acquire valuable social skills, but also develop other useful skills such as teamwork and leadership qualities. Organizations can also be an excellent opportunity to expand your professional network.
Many online colleges also offer opportunities to interact with peers and form groups to foster a sense of connection to school and peers and to develop valuable skills.
Factors that can influence the value of a college degree
With all the many benefits that come with a college degree, certain factors can impact the value of your college education. As you think about your goals and whether or not you can achieve them by attending college, you should consider the following factors:
Student debt
Depending on which country you live in, higher education can be expensive, leading many students to take out loans to cover the costs of their education. e.g. in 2021, 65% of undergraduate students at public institutions in the US took out loans to finance their education, and the average graduate owed $28,800 .
Student loans are just one option among many. There are other ways to finance your studies, e.g. B. Scholarships, loans or work grants. Still, it may be helpful to apply for additional financial aid to offset the cost of college, or consider working part-time at college to reduce the total amount you owe.
How you earn your degree can also affect the cost. Online courses usually cost less than face-to-face courses. If you currently work full-time, you should check whether your employer offers programs that cover some of your training costs.
Time to complete
The time it takes to complete your degree often means taking a break from full-time work. Given that many students take nearly five or six years to graduate, this can be a significant problem.
You can shorten the time to completion by taking a full course load each semester and taking advantage of "extra" semesters, such as in the summer, to complete your coursework more quickly. 33% of students in the United States with bachelor's degrees change their major , which can also lead to an extension of the study time.
Many degree programs encourage you to complete paid internships to gain professional experience alongside your education. It might be worth working part-time to gain experience and at the same time create an additional source of income to finance your studies.
The value of a bachelor's degree
Nearly 40% of adults have a bachelor's degree, which seems to dilute its importance. As more people earn this degree, you may need more education to stand out as an applicant.
However, a bachelor's degree is still a valued credential for employers. Although some companies do not require a college degree for entry-level positions, it can become increasingly important as you apply for more advanced positions that involve management or leadership responsibilities.
Find out if a university degree is right for you
Studying at university can be a valuable decision, but ultimately only you can determine whether you will achieve what you want and need by attending university. As you weigh the benefits against the potential costs, the following points will help you reconsider your decision:
Long term goals
Your long-term goals can help you understand whether attending college is the right choice for you. Think about your goals in three different areas: career, income and lifestyle.
- Career: What type of career do you want to pursue? Do you need a college education to get started? Will you need a college education moving forward?
- Earnings: What kind of salary would you like to earn someday? In which industries or functions can you achieve this goal? Does this require a college education, either now or later?
- Lifestyle: What kind of life do you envision for yourself? Is flexibility important? What about the compatibility of work and family? How might training enable you to take on the role you desire?
Financial medium
Knowing your financial possibilities can also be a valuable help in determining whether studying is worth it. How much do you have to raise annually? What measures can you take (applying for scholarships, working part-time) to manage these costs?
If you decide to take out loans, you can estimate how long it might take to repay the loans based on the amount of income you could earn as a new professional in your field and the possible rates of increase over the course of your career.
Time commitment
Studying is a commitment, whether you do it part-time or full-time. Think about how much time you can devote to your studies. Do you have at least four years, or perhaps longer, to complete your degree? If you want to graduate faster, are you able to invest more time?
Alternatives to a bachelor's degree
Maybe attending a four-year college isn't the best choice for you right now. In this case, there are other educational paths worth considering.
- Professional certificates: Designed to help you learn about a specific type of work (like digital marketing or data science) and develop job-ready skills, a certificate program can be an excellent - and quick - way to help you get started the world of work or to help with career advancement. You can list the professional certificate you earned on your resume and show potential employers what you've done to prepare for your career.
- Vocational schools: Vocational schools target students who want to learn a specific trade (e.g. welding, HVAC, or medical coding) and provide essential training.
- Bootcamps: If you're interested in a technical career, a bootcamp can be a great way to quickly learn specific professional skills. You can learn UX design, programming, data science and more.
