it? That question once seemed a no-brainer. For decades young adults in rich countries have flocked to higher education. Governments have touted college as a boon for social mobility and economic growth. Yet as fees rise and graduate earnings stagnate, disillusionment is growing. A poll published by theon March 31st suggests a crisis of confidence has worsened: 56% of Americans now believe a degree is no longer worth the time and money spent on it.
A boom in graduate earnings began in the 1980s in the rich world. Back then the difference in the salaries of people who gain at least a bachelor’s degree and those who do not—commonly called the “college-wage premium”—began to soar. In the 1970s an American with a university education was earning on average 35% more than a high-school graduate. By 2021 that advantage had risen to 66%.
The average hides a very wide range of outcomes, however. Until recently economists seeking to identify the winners and losers were mostly limited to surveys. The trend now is for governments, such as those of Britain and Norway, to proffer hefty, anonymised databases showing actual earnings for millions of university-goers. That makes it much easier to compare people like-for-like. The disaggregated data reveal that a high share of students graduate with degrees that are not worth their cost.
Choosing the right subject is crucial to boosting earning power. Negative returns are likeliest for Britons who study creative arts , social care and agriculture . By far the best-earning degrees in America are in engineering, computer science and business. Negative returns seem especially likely for music and the visual arts. Using America’s available data to guess lifetime earnings by programme is a stretch.
Men have more reason than women to worry that their investments in higher education will be a bust. That is because they have a higher chance of earning well without a degree. University is a risk for those with mediocre school grades as they often earn less after graduation than better-prepared peers who hold the same degrees.
Employers are adapting, too. Firms are becoming a bit less likely to demand that job applicants have degrees, according to analysis by Joseph Fuller of Harvard Business School, and others. Tight labour markets and a desire for more diverse workers help explain why. A few years ago some 80% of the jobs that, a tech giant, advertised in America required a degree, says Kelli Jordan, one of its vice-presidents. Now it is about half.
no it wasn't. Now, pay your fucking student loan. Banks made a trap, and you get caught. Now pay for it!
Turn the equation upside down. That means 75% of males & 85% of females WITH a college degree will earn more than their peers without a degree. The degree is merely one factor, but seems overwhelmingly indicative of success. DegreesOfSuccess
Sumado a que la IA controlara a ese 75% y 85%.. que destino se depara ...
What is the value of degree..Zero.. A Masters to get anywhere in Life..better double Masters... Academic New normals elevated💯
We, since the ONLY reason to get a college degree is to make money.....
Seriously, you can never go wrong with an education. What’s important is to work in your field while in school. The individuals that do both are the most valuable employees. I’ve been a recruiter for 27 years so I do speak from experience.
Gee. Lets talk about a worthless education when we could maybe do some job creation to take advantage of that educated population
J
75% of male graduates and 85% of female ones will take home more money - doesn’t this show the value of higher studies?
...said every University.
Everybody wants to sit at a desk all day like when they had their playstations as a child. It’s why places like ireland have no plumbers, electricians, joiners, nor window fitters ……..
Duh
All talents and skills are beneficial for the success of the world. No one degree is better than the next. Science is no better than the arts - both fields are advantageous to the fabric of our society
Anything in the medical field is also golden. Anthropologists need not apply.
In the conceptualization of this article it is clear that the true value of a degree has been lost on the author. Dimwitted ignorance of the highest order to think a higher education is to service the venal. Freud was right about money grubbers 'Mummy look at the big pile I made'
No
There should only be loans for serious people going to college.
Degree type matters a lot, there are plenty of degrees out there that don’t add anything of value. Why do you think so many people with degrees work at Starbucks?
That's practically everywhere not just in England.
Get a degree in the hard sciences or maths, then yes, still worth it. Anything else is just garbage.
So less $ and you are taught to hate yourself and your country. Tough choice.
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In most places, for most learners, the financial returns to higher education remain extremely strong. Yet undertaking a degree has become riskier. The rewards for the best performers are increasing, but a troublingly high share of students see negative returns from their studies.
It is not just about money.
I suggest that British students take off their long-gowns😗
lol
My 19 year old son and I talked about this in a podcast style discussion:
It was worth it for me. But costs have probably quadrupled since this GenX er was in collage. I also chose to go to a cheap state school MissouriState and not accrue much debt.
My kids who have degrees make 10x less than my kids with no degrees. Waste of money. Total racketeering on behalf of institutions. Most of the top guys have no degrees. Harvard yale and stanford students often in because of money donations or political influence
Yep, let’s make money the dominant rubric in determining the worth and value of an education! Not! It may be a valid rubric for a trade/professional qualification, but not for an education. Let’s not conflate the two.
Civilised countries make tertiary education free.
Don’t forget about that mental illness you’ll pick up from the uncertainty of living after racking up $200k in debt while your plumber buddy has to buy all the rounds at the pub