The age-old question that has caused much debate: Is college worth the time and my dime? The truth is simpler than you may think – it depends. If college made every individual who earned a degree financially successful solely from the time they spent in higher education, there would be no debate. However, we are surrounded by many successful individuals who did not pursue a degree in higher education, and in some cases, may not have even finished high school. With those individuals being more than just outliers, we must heavily consider the price of education compared to the overall value of the reward for pursuing it.
The Value of a Degree
If you pursue a degree in a field that requires technical knowledge, such as medicine or engineering, the degree will be a huge factor in your future income. However, not every degree guarantees an above-average wage.
Think of a college degree split into three ways of thinking:
Technical Education
Proof of Commitment and Reliability
Networking and Connections
Technical Education
The first category is the standard way of thinking about college. We pay for the education we will need when doing our job. Think of the doctor who learned procedures on YouTube versus the one who spent eight rigorous years in intensive training. Which of the two would you hire? Better yet, which do you want to save your life?
Technical knowledge is crucial, and college is an avenue to gather that knowledge with the least amount of self-initiative. The instructor prepares the lesson plans, and our job is to absorb the information. The internet makes most information readily available, if we know what we are looking for. If you’re considering a field that doesn’t necessarily require a degree, you could save money by having the self-initiative to research and learn on your own.
Proof of Commitment and Reliability
If we can self-educate, why pay for college? This leads to our next two points. Higher education shows employers, banks, financial institutions, or anyone you plan on doing business with that you can successfully commit to something for a period. The hiring process for higher-paying roles can be excruciating for both the applicant and the hiring team. They analyze resumes for experience and qualifications, then interview candidates to vet them further. A degree helps an employer believe if they move you on to the next round, there’s a higher chance they won’t be looking to replace you soon. The degree sets you apart from applicants who don’t possess one and helps you get your foot in the door.
Networking and Connections
A degree alone rarely gets you your dream job. Developing interview skills and gaining experience will further your chances. Another important aspect is having connections. Building these is the third way of thinking about a college degree. Most of your time in higher education is spent with others pursuing the same thing. Those people will eventually be successful, just like you. College is a time to meet and befriend others, as you never know what a connection can bring you. If you start a business, your colleagues may be your first customers. They can be the whisper in the right ear to get you a quality position, and some will be your business partners. The human connection around your degree provides value that is only measurable by the effort you put into building it.
Verdict?
College is a long-term and often heavy financial commitment. There are other avenues to success, but college can provide a path of least resistance to financial success.