Is University Worth It?

Be aware of the investment you’re making when choosing to pursue a bachelor’s degree.

By: Marc Posth, staff writer

Summer is coming to an end and fall is fast approaching.  For many people, this only means a change in their wardrobes.  However, to millions of students it signifies the start of a new semester.

What is the appeal of university?  Are today’s educational standards more rite of passage?  Is today’s college degree equivalent to yesterday’s high school diploma?  What are the disadvantages or advantages of going to university today?

First, it is important to focus on what university is.  Throughout the world, educational systems are different.  We will focus on the American standards in education – going to a 4-year program after completing high school.

In the final year of high-school, students in the North American system have the option of going to university.  Their goal?  Attain a bachelor’s degree and then a job pertaining to the disciplines in which they studied.

In the United States, there are two types of schooling institutions:  public and private.  Their tuitions differ drastically.  According to the Institute of Education Sciences, one year of tuition fees will vary a lot from public to private.  For example, for the year of 2010-2011, a public 4-year institution has an average tuition of $15,605 USD whilst the private 4-year school will cost, on average, $31,975 USD.  Therefore, if a student chooses a program where the job prospects are few, they may find themselves buried in debt before even having a chance to begin a life.

This average cost also deters students who do not know what they want to study.  Many potential university attendees declare undecided majors.  With such a high annual cost, it may be smarter for them to decide which major and program to pursue before jumping in and acquiring thousands of dollars of debt in order to ‘discover themselves.’

Exuberant tuition fees can become a road block for many candidates.   Being able to afford tuition is important and while options such as loans are available, many to succumb to large amounts of debt.  So, is university worth the price tag?

Why Get a Bachelor’s Degree?

There are many reasons students decide to go to university.  The main reasons people choose to go is because of the career benefits a 4-year degree entails.  They know that if they attain higher education, they will earn more in their lifetime.

The United States Department of Labor has statistics that indicate the median weekly earnings based on the degree people have achieved.  Their results are to-the-point; the higher the education, the higher the earnings.  Thus according to surveys, there is, on average, a clear benefit in going to university.

Monetary gains are not the sole reasons students choose university every year.  Others have academic pursuits or professional goals where a bachelor’s degree is a key step.  For example, becoming a doctor requires a M.D.  The first step, of which there are many, is to hold a 4-year degree.  The same applies for lawyers looking to attain a J.D.

Finally, some students attend for pure subject interest.  Certain universities offer specific programs that are aimed at highly specific academic areas. The topic and degree itself is the draw for these students.

Richard Wiscott, Vice President and Dean of Academic Affairs of Johnson & Wales University explains, “The primary importance of an education is that it prepares students with skills that transcend any one field or career and are useful over a lifetime, both professionally and personally.”  When students finish their undergraduate degree, they not only have the expertise of their subject of study, but also the social skills to help them navigate in life.  Meeting new people, dealing with office politics and problem solving in a timely fashion are some of the few indirect qualities university graduates possess.

[pullquote]The primary importance of an education is that it prepares students with skills that transcend any one field or career.[/pullquote]

Going to university is not all about the financial benefits, these are just the most measurable data.  Subjective opinions on why one particular person went over another cannot be statistically observed.  It should be noted that due to how expensive higher education is, ignoring the career prospects of a specific program and blindly jumping in can be very detrimental, especially in the accumulation of debt.

Is University a Good Investment?

In the overall career earnings, getting a bachelor’s degree is a good choice.  On average, graduates earn more than their counter-parts and enjoy better careers which lead to more comfortable lives.  But going to university requires more than a financial investment on behalf of the student.

Roscoe Mathieu is finishing his last year at Northeastern University as a sociology student and firmly believes that an undergraduate degree can help provide many more opportunities in addition to higher average salaries.  He states that “…a college degree is the entrance ticket to the American middle-class.  Jobs, society, you name it.”  However, simply attending university and adhering to “C’s get degrees” is not the way to go and students should not expect their major to immediately land them a job.  He continues to say that, “It’s not what you majored in.  It’s what you learned.  And that’s an onus on the student, not on the school or the department.” .

Andi Enns just recently graduated from Park University in May, managing to maintain a cumulative GPA of 3.96.  She was the top student of her department and served as a nationally award-winning editor in chief of her university’s student newspaper and firmly states that, “Going to college is what you make of it.  I know students who went, graduated with honors, and took a job as a minimum wage cashier.  They didn’t need college for that.”

[pullquote]I know students who went, graduated with honors, and took a job as a minimum wage cashier.  They didn’t need college for that.[/pullquote]

As a very successful student, Andi took advantage of all the resources her university provided her.  “Students should know that the degree is somewhat useless by itself.  Only combined with hard work is it worth the time and money.”

Which Programs Pay Off

When it comes to lucrative careers, certain programs yield higher job opportunities as well as higher base salaries.  A recent survey conducted by the National Association of Colleges and Employers gives an idea of the general earning possibilities based on core programs available at most 4-year universities.

Engineering degrees are the top-earners with an average salary of $62,535.  Disciplines in this field can vary from civil engineering to electrical and environmental.  Computer science graduates are the next in line with $59,977.  These are difficult subjects and require all four years to complete.  Of course, other subjects such as business, math and sciences, and the humanities all earn respectable salaries, but engineering and computer science remain the highest.

Of course, salaries and career earnings should not be the single goal when pursuing higher education.  The experience a student gains, both in terms of life experiences and social benefits are also very valuable and cannot be statistically measured.  However, the fact remains that university is a heavy financial investment, and so seeing what one can earn post-graduation is very important step to consider.

Other factors also come into play, such as the school you are attending.  A ranking by PayScale shows the average starting salary based off of graduates of specific schools in the United States.  For example, graduates from Stanford University may earn, on average, $58,200, whilst graduates from Wilmington University earn $35,300.  Name recognition is therefore important when considering where to go for a bachelor’s degree.

Are you looking to work sooner?

In 2011, the United States Census Bureau released the fact that 30% of U.S adults over 25 now hold a bachelor’s degree.  As enrolment continues to increase, this statistic should only increase.  This means that at one point, supply will exceed demand.

Integration within the work place is a key point of consideration by employers and arguably, a catch-22 for recent graduates.  Companies want experience as well as education.  With an ever increasing population of people holding bachelor’s degrees, more demands are placed.  In response, some universities offer co-op programs.

Co-op programs are an excellent option no matter which major you are pursuing.  Essentially, it allows you to work interchangeably with your studies.  Programs will involve students going to specific companies for a semester, work there, and then continue their studies.  The disadvantage is that it may take longer than four years to earn your B.A., but the advantages are clear.  For one, students will have valuable industry experience that can help them get a career in their desired field.  Second, because they are working every other semester, they will be able to earn some income to decrease the burden of student debt.

For example, at the University of Waterloo, statistics of students in their co-op programs show the financial benefits available, with some students earning anywhere between $37,000-$77,000 by graduation.  Not only that, but they have a job placement rate of 95% post-graduation.

Is a 4-year undergraduate degree the only path to a successful life?  Of course not.  The option of going to trade schools for professions such as plumbers and electricians can offer stable employment and respectable salaries.  Programs are shorter in length and the post-graduation employment is very favourable.

Is an Undergraduate Degree Worth It?

In the end, assessing whether going to university is a good decision is a very personal and subjective question.  No two people are alike, and therefore no two people have the same ambitions and life perspectives. People choose to go to university for a variety of different reasons, each valid on its own account.

In general, students should know which programs they wish to complete, and not enter into undecided fields with tuition rates in the thousands per year.  They should also be aware of the prospective careers their major entails.  They should know that alone a degree will not ensure life-long success; students need to put in the work. Once these factors are determined, more specific considerations should be taken into account.

Finally, it is important to remember that going to university is valuable life experience.  Meeting like-minded individuals far away from home is very rewarding.  Students will not only mature in their education, but in their social lives.

University is a worthy endeavour for those whom heavily invest their time and efforts in doing well whilst attending.

Marc Posth is a writer based in Montreal, but comes from Dubai, France, and Singapore – at the same time. With a background in science, his next logical step is creative writing.