Earning a degree can be expensive but which example shows why it might be worth it?
Ever question whether the steep cost of a college degree is really worth it? In an era when the cost of education continues to rise, it’s a question that several struggle with. Some say that student debt is crushing, while others maintain that the upsides far outweigh the downsides. So, let’s dive into some real-life wisdom, and discover that pursuing the path of higher education might well yield returns, in the long run.
The Financial Upside: More Lifetime Earnings
Naturally, one of the most prevalent reasons to get a degree is the promise of higher lifetime wages. Research consistently finds that a person with a bachelor’s degree earns substantially more over the course of his or her life than a person with only a high school diploma. The U.S. Bureau of Labor Statistics estimates that earning a bachelor’s degree adds approximately $1 million to a person’s lifetime earnings compared with those who do not have a bachelor’s degree.
Let’s say a high school graduate, who we will call Sarah, started working right after she finished school. Her income is about $35,000 a year. In contrast, Jake, who obtained a four-year degree, began working at $55,000 a year, and his salary continues to rise with each new career step. And over the years, the gap between their earnings widens significantly and Jake’s original investment in college was well worth it. If your consideration is based on earning potential, then a degree can certainly be a game changer.
Emotional Growth and Evolution
Counting the dollars earned, obtaining a degree creates personal development too. The most profound trials and tribulations experienced at colleges and universities hone critical thinking and problem solving faculties and expose students to a wider array of perspectives. Other skills that college promotes, such as independent thinking, analytical skills, and adaptability are skills that will cover students well in their professional and personal life.
For example, I encountered new ways of thinking, and difficult classes that stretched beyond the limits of what I thought I was capable of during my time in university. I learned resilience, time management and communication skills that I wouldn’t have otherwise. I never thought human skills would open so many doors for me in life.
A degree does not merely equip you with academic knowledge; it cultivates your character and makes you ready for future challenges.
Expanded Career Opportunities
That opens the door to careers which are locked without proper education. Other jobs, such as law, medicine, and engineering, have specialized requirements. In industries in which a degree is not required, one can still provide a competitive advantage.
Take Michael, for example. He had wanted to work in cybersecurity, an in-demand field with good salaries. Without a degree, it was tough to find a high-paying job. After he graduated with a bachelor’s degree in computer science, he got a job that included a starting salary of $75,000 and great benefits. He became more marketable in the job market. If you have a steady and rewarding career in your sights, a degree will give you the foundation you need.
Employment Security and Economic Stability
Especially in down economic times having a degree can add to job security. Educated professionals are often the professionals that employers want to hire during economic downturns. The U.S. Bureau of Labor Statistics shows that the unemployment rate continues to be lower among degree holders than among those without post-secondary education.
For example, low-skill labor sectors were more adversely affected in the COVID-19 pandemic, and industries requiring a college degree, such as technology, healthcare, or finance, flourished. My cousin, a digital marketing professional with a degree, was able to keep his job and got a raise while some of his friends, who hadn’t done as well in school, were stuck in dead-end entry jobs at Starbucks.
Networking and Connections
Build Networks: College environments provide valuable opportunities for networking with peers and professors as well as other industry professionals. However, in this field, they can make a world of difference in your career, offering invaluable mentors, guidance, and job opportunities that you may not find elsewhere.
For instance, I went to networking events in my field during my years in college. Eventually, one of those connections helped me land my first job after graduation. Not only would I have failed to develop my own professional network, one that leads me closer to my career, but in my own experience, there also would have been strong personal relationships that I’d be missing.
In college, where networking reigns supreme, it provides a perfect breeding ground for creating connections that will shape your future.
Higher Job Satisfaction
Job satisfaction isn’t only making a good salary — it’s doing something meaningful. According to studies, degree-holders are more likely to show higher job satisfaction levels than non-degree-holders. Pursuing education opens new paths to careers based on one’s passions and interests, leading to joy in one’s professional life.
Lisa always wanted to work in environmental science, for instance. She had limited options without a degree. Once she graduated, she went to work for an environmental research organization, doing work she really enjoyed. Her degree provided her the financial security she was looking for, and she was able to contribute to her field of choice.
If job satisfaction is important to you, a degree might be a means of aligning your career with your interests and values.
Consider the Investment: Focused on You?
For this reason, pursuing a degree can make economic sense, leading to higher earnings, a sense of accomplishment in life and work, and better career options — and that you might want to consider as a worthwhile investment. However, not all degrees are created equal when it comes to return on investment, so make sure you choose a field wisely.
Here are some important factors to think about before deciding:
- Your Career Goals: Is a degree needed to pursue your career choice?
- Cost vs. Salary Potential: Will your anticipated salary pay for the education?
Long-term career investment: Is attending this school worth the money, and will it translate to higher income?
Love and Loss: Becoming good at something you love and can lose.
In the end, earning a degree is an expensive thing to do, but getting the right degree in the right field can be one of the most rewarding investments you make on yourself.
Conclusions: The Decision Is Yours
So, is a degree worth it? The answer to that really depends on what your goals are, your financial situation and your career aspirations. For many people, however, the advantages far exceed the costs, and they result in increased financial security, growth and satisfaction. But not all roads lead through education; for some the way forward is through trade schools and apprenticeships or entrepreneurship.
Ultimately, the important thing is to make a decision that is informed and will set you up for the future. Not that arguably, pursuing a degree based on what you will want to be is a great way to go as well but whatever you decide to take, studying, gaining knowledge with practical skills will always pay off.