For decades it was assumed that going to college and getting a degree was a fast-track to a ‘well-paying-job’ that provided opportunities for advancement. ‘You learn more, you earn more’ has been a rallying-cry for those championing higher-education. To be fair, the central idea is true; people who get degrees in specialized fields do–on average– earn more than those who graduate with a high-school-diploma or a G.E.D.
While this is due to specialized-fields requiring people who have certifications in areas such as engineering, medicine, law, finance, or education, it’s also the fact that jobs requiring a high-school-diploma or less tend to be entry-level-jobs.
These are jobs in factories, the service-industry, the retail-industry, or the public-transportation-industry. A conversation about wage-stagnation, cost-of-living, inflation, and disappearance of service-industry-jobs to automation notwithstanding, this article will not pretend to have the answers as to why certain career-paths pay more than others.
This article will provide information around a question that can determine the course of your life:
Should You Actually Go To College?
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The Context.
Let’s establish a few scenarios:
- You are currently in high-school, have graduated high-school, and are considering going to college (or have already applied to several universities).
- You are in a relatively early stage of life (under 30 years old) and you haven’t yet achieved any credits at a community college or university.
- You are already taking classes at a community college or university…and are thinking of dropping out to pursue a different opportunity.
If you’re in high-school or just graduated high-school, expectations from your family or your own ambitions may be pushing you in this direction. Depending on your upbringing, it might be a foregone conclusion that you’re entering a field that your family has already groomed you for:(medical-school, law, computer-science, etc.).
Or maybe you’ve started applying to colleges because that’s what society says you’re ‘supposed to do’ in order to secure a well-paying job.
If you’ve graduated high-school and are in the workforce, you might be wondering if you should get a degree. Whether you’re working a low-paying-job, what you’re making right now isn’t cutting it, or you’ve finally found a career that interests and you’re considering taking the plunge.
Lastly, you may already be in college but are starting to think it’s not worth it. Whether it’s doubting your major, a looming economic recession, or wanting to devote time to an entrepreneurial endeavor, you are starting to think the university route may not lead to the financial-security collective wisdom said it would.
Maybe the potential cost of getting a degree is hurling daggers at your conviction…
…or maybe isn’t.
The Pros.
- Money.
The first fact cannot be disputed. It was stated at the beginning of this article and it will be stated again: college graduates make more than non-college graduates overall. The amount varies depending on your field but nine times out of ten, having a specialized degree makes it easier getting a job in a specialized field (duh). Depending on your level of certification (bachelor’s, master’s, doctorate, etc.), you will also have an easier time negotiating a salary during future job interviews for your career.
- Experience.
During the time this article is being written, the COVID-19 pandemic is gripping the world. On the off-chance that universities are fully open—or somebody is reading this article long after a vaccine is discovered (fingers crossed!)—then the college experience must be listed. The resources, internships, and events available to you are worth more than any accredited degree offered. Not only can clubs, activities, and friendships change the course of your education but taking opportunities like study-abroad-programs can provide you with knowledge that will last a lifetime.
- Connections.
An underrated—or under-appreciated—aspect of college-life is the ability to talk and interact with specialists in a variety of fields: the professors, deans, and assistants. Whether you need guidance on projects, letters of recommendation for pursuing a graduate-degree, or are hoping to forge a fellowship that can act as a career support-group , getting acquainted with university staff can be invaluable if you need help in scoring a good job in a highly competitive field. These connections can last long-after-graduation and can also be helpful if you ever decide to return and further your studies.
The Cons.
- Cost.
If you live in a country that doesn’t offer universal college, the cost of getting a four-year-degree (not to mention a graduate degree) can be expensive. Student loans remain one of the primary reasons many young people are struggling to get ahead on their finances and depending on how high the interest-rate is on the loan, the debt can follow you around for a long time. This is another reason why going into STEM fields is recommended for those who are unable to attain full-rides; if you take on high amounts of debt, you’ll want to look for a job that traditionally offers high amounts of money.
- Time.
Getting a degree takes time. Even if you take classes offered in Summer, getting a degree usually takes anywhere between three to four years if you’re able to pass your classes in quick succession. Furthermore, people who take care of family members or work full-time might feel the time-crunch college requires makes their dream-career unattainable. Throw in transportation costs if the classes you need aren’t available online and you don’t live near a campus; commutes can easily steal another hour—if not more—from your day.
- Getting Locked In.
Finally there’s the chance you get locked into a career or field you don’t have any interest in. If you end up picking a major and realize you need to switch to a different one, it can end up adding more time and subtracting more money from your bank accounts. While it’s always good to keep your options open, nobody knows for sure what they’re going to end up doing their whole life—especially when they’re fresh out of high school.
Community Colleges Vs. Universities.
If you end up making the decision to attend college, you might be confused as to what even constitutes college. If you’ve been wondering what the difference between community college and a traditional university-environment is, here’s a quick rundown: community colleges usually specialize in two-year-degrees, accelerated-specializations for people who need to get certified in fields like nursing or engineering, and typically have smaller class sizes.
Universities on the other hand feature larger classes, a larger range of subjects to study, specializations in four-year (or more) degrees, and have their own self-sustaining-programs of research, fellowships, grants, and alumni-organizations. If you want more details on the difference, this article from study.com goes into some finer details.
Trade Schools and Vocational Programs.
While obtaining a degree in the STEM categories or researching the liberal arts are two paths you can take, there are still other paths you can take out of high-school. If you’re looking for an accelerated focus on a craft such as welding, electrical-engineering, or aerospace technologies, then trade schools may be a viable option.
While specialization in the theories and practice of engineering is present at major universities that have engineering programs, trade schools will offer a stripped-down version that may pertain to a single industry. If you graduate high-school and are already certain that you want to make a career out a specific trade, then trade-school-specialization can be a perfect alternative to the daunting atmosphere of a university.
A guide over at thesimpledollar.com also showcases how getting a trade-school-degree is a cheaper option on average than getting a bachelor’s degree. While entry-level-salaries remain low, the opportunity of getting a larger salary vs. how much debt your student loans may accrue might mean that a trade-school might be a smarter path for those who are engineering-minded.
A vocational program is similar in that they offer accelerated, specified training in a field that usually requires specialized knowledge. This could be anything from electrical equipment, automotive-servicing, nursing, or IT. Depending on the field, they can be found within community colleges or may have facilities of their own. A thorough rundown of vocational-programs and the type of certifications they offer can be found here.
The Bottom Line/Conclusion.
The biggest factor you should consider is weighing how much money your desired degree/certification is going to cost against your career-field’s starting salary—assuming you can get hired. The years following the Coronavirus shutdown are going to be some of the most competitive and difficult years for college-graduates seeking employment. Because of this, it’s important to study everything from how to nail a job interview, to average salaries in various high-paying-fields.
Regardless if you are young or old, the biggest question you should ask yourself is ‘will getting that degree or certification help out with what I want to do in life?’
Money may be secondary to that equation…
…it also may not be.
The Entrepreneurial Paradox.
If you’d rather work on your own ambitions, or if you have an entrepreneurial mindset, then going to college might not be the best plan. If you don’t have family or financial obligations, it might be better to move to an inexpensive city, work one or two jobs to pay the bills, and start grinding away at your dream during whatever little off-time you have left.
It could be something like starting a YouTube channel, a blog, or any other online endeavor…
…or it could be starting to put together a team of people to help hash-out a product or service you think has scale-potential.
If you plan on taking the entrepreneurship path as your career, you should bear in mind that even if your business is successful enough to remain operational, it’s not going to be rolling in money for the first few months–or even years. I’ve been blogging for at least a year and so far I haven’t seen much of a return on my initial investment. Even those who attained blogosphere success beyond their wildest dreams would acknowledge that it took years of hard work behind the scenes before anything substantial happened.
If you’re reading this and think you’re too old to start, you’re not. We only get one shot at life; one swing at the ball at home plate. Somebody trying to achieve their dreams by starting their own business is something to be celebrated…not ridiculed. Regardless of how old they are.
Whatever you decide, I wish you the best of luck.
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Let’s crush our dreams together.
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