Is College Worth It?
Is a degree still worth the time and money necessary? Do employers value a college education as much as they once did? Read on to see if a university degree is a smart investment for you.
Burning Glass Technologies, a Boston-based labor analytics firm, found that employers are increasingly use the bachelor's degree credential as a rule of thumb for recruiting employees.
The firm’s report, "Moving the Goalposts: How Demand for a Bachelor’s Degree is Reshaping the Workforce,” said, “Credential inflation [requiring a post-high school degree] is affecting a wide range of jobs from executive assistants to construction supervisors.” Economists refer to this trend as "degree inflation," and it is becoming more common in America's job market.
Economies rise and fall, but whatever the financial climate, both national and international businesses need educated employees. Data derived from a report from the Bureau of Labor Statistics confirms the numbers — in 2013, those with high school degrees had an unemployment rate of 7.5 percent, in contrast to those with bachelor’s degrees, with an unemployment rate of 4 percent.
According to a paper published in the journal Science, while college is a significant investment, over the long run, college is “cheaper than free.” The study states that not going to college will cost you about $500,000 over your lifetime — after deducting tuition costs.
Another study by the Pew Research Center, titled “The Rising Cost of Not Going to College,” shows that the earning gap between those with and without a college degree is the widest it’s been in 50 years. The study also states that college graduates, regardless of generation, earn more than those without a degree.
Since most people spend roughly a third of their time working, job satisfaction may improve the quality of life. For almost all of us, it's necessary to have a job. What a degree can do is help you find a career that fulfills you personally.
Degree-holders have the freedom to work in industries of their choice by combining personal passions with professional skills. If you’re not sure which direction to take, click here for help with deciding which career is best for you.
Again - yes. A recent economic impact study revealed that on average, for every dollar invested in a CSU-Global degree, graduates see a return on investment of four dollars.
If you’re starting to see the value of a degree, contact us at CSU-Global for help choosing a major.