Debate on the Value of o College Degree - Essay Example

Phillip A. Hammer ENGL 015S Dr. Sarah Gothie 27 October It’s still Worth It There has been a lot of debate on the value of a college degreein the recent past. The situation appears unfortunate and does not seem to stop. The price tag of a college degree has soared through the years almost tripling in comparison to the last two decades. While there has been no increase in wages, the cost of college tuition has increased remarkably making it almost unattainable for some households. This has resulted in the need for people to take up student loans or use family savings so that they can stay in school and complete their degree. The levels of student debts have skyrocketed and as a result, jeopardizing their financial future. In the light of all these gloomy revelations, is a college education still valuable? It would be prudent to say that a college education is highly valuable. According to the findings of the research done by Georgetown University Center on Education and the Workforce, employees without degrees earn more than their counterparts who graduated from college with an excess of up to a million dollars in their employment years,. There has also been a rise in the difference between the earnings of a high school diploma holder and a college graduate by over 56 percent. It can be argued that the value of a college education has been eroded because the earnings for both graduates and non-graduates have gone down. However, it is clear that having a college education provides more opportunities for better-paying jobs. For instance, Otani suggests that college-educated workers have a wide access to most job opportunities despite the dwindling of many factory jobs for the last several decades (1). The value of completing college education overshadows having none at all. Research conducted by ACT shows that students attending private universities stand a 57 percent chance of completing their studies in five years. Comparatively, those in public universities have low chances of completing their studies by standing at 37 percent. Indeed, there exist different reasons why students delay in completing their courses. Some of the reasons include undertaking part-time classes and transferring to a different school. Sometimes, students find it hard to pay cater for the costs incurred during the long-periods of college education. In a similar case, the outcome appears gloomier for those who decide to drop out of school or put their education on hold to pursue other interests. Failure to complete college education while having some credits does not give one better opportunities at the workplace as compared to one who has a high school diploma. Surely, such situations provide evidence that students enrolled at private institutions, especially prestigious ones, have better chances of completing their studies on time and seeking jobs that pay better. Most importantly, the time taken for one to attain a degree in college provides a direct reflection of their ability to secure a job and the salary they will earn. A student who graduates during a difficult financial season will have a harder time getting a job in addition to receiving a good pay. On the other hand, students with stable financial backgrounds find it easy to acquire new opportunities and better salaries than their counterparts. Therefore, the scenario will most likely affect the overall ability of the person to meet his financial obligations such as paying of his student’s loan. Due to the previous period of recession, most students sought for job opportunities that complemented their education level. Indeed, most firms reports several incidents of students applying for any job positions they could find with a mandate to earn a salary that would sustain their upkeep and settle their college loans. Clearly, this means that there exists a slower uptake of graduates to job positions and higher competition for these opportunities. As a result, many graduates have remained unemployed and the ones who managed to safeguard a job opportunity seem underemployed. The scenario proves why the wages have stagnated or declined in the recent economic times; resulting in a low opportunity cost of joining graduate schools as opposed to working (Abel & Deitz 3). Therefore, with such difficult conditions for the graduates, the situation appears worse for those who have not attained a college education (Selingo 160). Moreover, to some point, one’s career may influence the amount of salaries and remunerations the person receives. Hence, the choice of course to pursue in college reflects the earnings that one may get once they get employed. Some of the highly paid majors include science, math, engineering and technology. Among the four categories, the engineering sector provides the highest payment to its workers and all other stakeholders (Abel & Deitz 7). However, despites the good intentions, one should not relate the amount of salaries and remunerations based on a specific field. In particular cases, depending on many factors at a given time, the demand for a niche expert fluctuates. Such an approach may make students compete for very few positions that appear inadequate. The Bureau of Labor Statistics stated that there exists an increase in demand for computer systems analysts by 25 percent as compared to 13 percent increase in demand for accountants. The number of engineers needed continuously rises as industries and other high growth sectors continue to develop. Furthermore, with an intention to prove the relationship between courses and remunerations, the course one chooses to study determines the chances of one acquiring a job opportunity and the amount of salary expected to receive. Students in colleges stand a better chance of securing jobs faster due to opportunities presented by the internships they take therefore helping them network with other professionals. So, through such interactions, more opportunities may come up make a difference in the search for a job. Opportunities offered during internships appear true in science, technology, engineering and math majors. Students acquire on-hand experience during their internship period hence preparing them for the real workplace setup where they receive evaluations according to their ability to carry out their professional responsibilities (Ross, Beggs and Young 144). As a matter of fact, the matter does not mean that students in the arts category do not get internships or benefit from them. However, it takes more effort from them to acquire the necessary skills and discover more platforms to identify job opportunities. The choice a student determines the return they get; this can range from picking a field that appears on demand with high pay or one the one that pays low wages but can lead to opportunities with higher pay. An increase in technological sophistication has resulted to an increase in demand for more experienced and educated specialists (Moretti 178). Most employees, especially the high-tech firms, strive to bid up the wages for college-educated workers. Consequently, the wages for high-school-educated employees have decreased and most of them have high chances of facing retrenchment measures. Some employees prefer college graduates who have attained at least a bachelors degree in their respective fields. The U.S. Department of Commerce data demonstrates that, although they represent 34 percent of loabor force in the US, college-educated employees accrued more than 53 percent of wages in 2012 (Otani 2). An economic shift from an industrial to post-industrial economy has resulted to a corresponding shift from an economy based on high school-level skills to postsecondary education and professional training. Besides, although college education seems very expensive, it may appear advisable to place risky investments due to the high returns associated with it. Notably, analysts cannot compare college education to the completion certificates that students receive on their graduation day. Such a judgment may not determine how completion certificates help to boost graduates’ earnings. However, the completion certificates will help to open doors for better-paying jobs as opposed to having no degree at all. The knowledge and skills one gains during their studies make it easier for them to get a good job and mingle with other professionals. Therefore, college degrees play a very significant role in securing job opportunities for fresh graduates. Despite the unease created by the assumption that the value of a college education keeps on depreciating, the benefits it brings outweigh the cost implication. Even during a hard time such as a recession college graduates earn better incomes than those with high school diplomas. The idea of going to college, acquiring some credits, and then drop out instead of completing the course, does not translate to better job opportunities. Undoubtedly, such a move does not place that individual in a better place than a high school graduate. Again, dropping out of college may result to a waste of time used to undertake studies in college. The choice of which school to attend determines the speed at which one completes their education successfully. Therefore, one should not shy away from investing in a school that seems a bit expensive because it may benefit the individual in the long-term. Also, the course one majors in spells out the route in which a person’s employment and income takes. Hence, a person has to make a proper choice with proper considerations. The decision to go to college presents one with an opportunity to get an internship. Surely, one may secure a job position after completion with college studies. Such an opportunity seems rarely presented to those without a college education; therefore, missing the ability to compete with others on the same level. Undoubtedly, college education remains a very valuable aspect in one’s life especially if there exists a high demand in a given profession. Work Cited Abel, Jaison. R and Deitz, Richard. “Do the Benefits of College Still Outweigh the Costs?” Current issues in economics and finance. Volume 20(2014), 1-10. Moretti, Enrico. “Estimating the Social Return to Higher Education: Evidence from Longitudinal and Repeated Cross-Sectional Data.” Journal of Econometrics. Volume 121 (2004), 175–212 Otani, Akane. “The Value of a College Degree is more Obvious than Ever: The Fastest-Growing Sectors of the Economy are All Seeking College-Educated Workers.” Bloomberg Business. 2015. Print. Ross, Craig, Brent Beggs, & Sarah J. Young.”Mastering the Job Search Process in Recreation and Leisure Services”. Jones & Bartlett Learning. 2011. Print Selingo, Jeffrey J. “College (Un)Bound: The Future of Higher Education and What It Means for Students”. Houghton Mifflin Harcourt. 2013. Print. Read More