In the eyes of many, a college education has become a necessity. However, with the cost of higher education rising and the competitive job market, some people believe that a college degree is not worth it. While there are no guarantees in life, statistics show that those with a college degree earn more money over their lifetime and are more likely to be employed.
A bachelor’s degree provides students with valuable skills and knowledge to help them succeed in any field. Despite the cost, a college degree is still one of the best investments you can make. Unfortunately, some say too many degrees are flooding the market. Others claim that the acceleration of technology and obsolescence makes academic degrees less critical in some fields. But that’s not a fair assessment.
Is a College Degree Worth it?
Importance of College Education
The decision to pursue a college degree is an important one. There are many factors to consider, including the cost of tuition, the availability of financial aid, and the potential return on investment.
Some students may be tempted to forgo a college education to enter the workforce immediately. However, a college degree remains a significant investment that can pay off many ways. First and foremost, a college degree opens up opportunities for higher-paying jobs.
According to the U.S. Census Bureau, workers with a bachelor’s degree earn an average of $1 million more than those with only a high school diploma. College graduates are also more likely to find employment in today’s competitive job market. In addition to better job prospects, a college education also provides access to valuable resources and networking opportunities.
It’s no secret that college graduates typically earn more money than those without a degree. But just how much more? According to a recent report from the National Association of Colleges and Employers, the answer is quite a bit. A recent report produced by the American Community Survey that the U.S. Census Bureau released stated that those who held a bachelor’s degree were expected to earn a 40-year lifetime salary of about 2.4 million dollars.
High school graduates only took a lifetime salary of about $1.4 million (www.census.gov). On average, those who held master’s degrees earned $2.8 million. Holders of professional degrees could expect lifetime earnings over $4 million.
In its 2018 report, NACE found that recent college graduates with a bachelor’s degree earned an average starting salary of $50,556. That’s more than double the $22,901 average salary for those with only a high school diploma. And it’s nearly triple the $17,764 average salary for those with an associate degree.
So is a college degree still worth it? The answer is an unequivocal yes. In fact, according to NACE’s report, the income gap between college graduates and non-graduates is only expected to grow in the years ahead.
Better Life Skills
In the United States, college degrees are becoming more and more commonplace. It seems like every other person you know is either in school or has a degree. But with the cost of higher education on the rise, is a college degree worth it?
One thing is for sure: a college degree can give you an edge in the job market. According to a study by the Pew Research Center, adults with a bachelor’s degree earn about twice as much as those without one. And while that may be true, not everyone needs or wants a four-year degree.
There are many valuable skills that you can learn outside of the classroom. For example, skills like critical thinking, problem-solving, and communication can be learned through apprenticeships, on-the-job training, and other forms of hands-on learning.