As a career coach, I have had all types of clients. I have spoken to everyone from entry level people to the CEO's of $1 billion plus companies. I have also spoken to many groups about career planning, business strategy, and even retirement. Most of the questions I answer are pretty traditional about compensation negotiation, interviewing techniques, and resume tips. But, recently a reporter asked me what I thought the true value of college education was to the long term success of a person's career.
I hadn't ever pondered that question before, so I sort of gave the traditional answer. I said that a "well rounded" education is the cornerstone of a solid foundation for a long successful career. I said that studies had been done that suggest that college graduates make as much as a million dollars more in their careers than non-college graduates. I then said a few more of things that I have been spoon fed over the years by universities, corporations, and the U.S. Department of Labor. The universities themselves commissioned the studies that said the universities were great investments.
I was happy with my answer, and so too was the reporter, but for some reason, I couldn't get the question out of my mind. I found myself poking holes in my own argument as I gave more thought to the basic premise that college educated people earn more. Where did that number come from? How was it weighted? What I mean is, did someone simply take all the doctors, lawyers, and CEO's, plus all the salesmen, accountants and social workers, and add up their salaries and divide by X? Then, did that same researcher take all of the landscapers, cashiers, and waitresses and add those salaries to the group of more skilled and compensated plumbers, carpenters, and non-degreed IT technicians?
Something didn't add up to me.
I started to wonder about the college degree itself. How many times have I spoken to a salesman with a degree in Eastern Studies, or a buyer with a degree in Poetry or English? Or the McDonald's manager with a degree in History? I am here to tell you that I have spoken to, coached, and wrote resumes for all those people. So what is it that makes that degree so valuable? I will tell you what it is - marketing. The universities have told you it is valuable and we just accept it.
There is nothing intrinsically valuable in a degree that makes you more valuable by having a college degree. You are born as smart as you are going to be. That is genetic predisposition, which is no different than your genetic predisposition to how tall you will be, or the color of your eyes. Higher Education is marketed by the education industry. It is they who say that a degree is an absolute requirement to be part of an elitist club from which you will be excluded unless you comply with their demands. They demand that you take (and pay for) 120 credits, 60 of which have nothing to do with your major and are demanded so as to ensure that those less marketable subjects are also funded (like Philosophy). Without engineering, accounting, and finance majors being forced to take electives like Philosophy 101, there would be no B.A.'s in Philosophy. What a shame. Who would pontificate about the evils of money and meaning of life between "hits" at cocktail parties? I actually got 3 credits for studying the "Nixon Presidency". That is the only time I have been able to refer to that classs.
Let's take an example. Let's say you want to be an accountant. You are required to take 60 business credits that equate roughly to 15 to 20 classes pertaining to business, finance, and accounting. But, you are also told you must take 60 more credits in other required areas like English, writing, the History of Hollywood, or some other such non-sense.
"Why must you do that Mike?" you ask. Well grasshopper, it is because at $300 a credit it is worth roughly $18,000 in base tuition, not to mention room, board, text books, and bail money for your less than appropriate behavior at the tail gating party. But, what does the university tell you it is for? It is because you need a well rounded education.
Maybe, but I don't think so.
Ok. Now let's look at another economic factor. Matriculation. I love that word. It is only used in higher education. It basically means to be added to a list, but the university uses it to mean the number of credits/classes you are permitted to transfer from one university to another. For example, if for some reason you started at one university completing 80 credits, and transfer to another, the second will absolutely not accept all of your credits toward your degree. They almost always undoubtedly require you to take 60 credits from the second university - yep, $18,000 more!! Why? They tell you that it is because they could never confer a degree on you without you having first demonstrated that you have completed a sufficient number of credits from their prestigious institution. In other words, your 80 credits just aren't good enough. And in most cases, the first college won't confer a degree either if you have taken your most senior classes at another school! Why, you ask again? Money and arrogance. The faculty says "the other university is not up to our standard." The Registrar says "we need the cash." Can you believe anyone would mislead you for money? "Never! Not my alma mater." I know, mine either, but let's continue.
Let's say you were a career military man. And you attended six universities because you kept getting transferred (exaggeration for effect). And during a twenty year military career you accumulated 110 credits, 10 short of a bachelor degree.
First - I am sorry, but you still need to complete 60 more credits at an accredited university.
Second - many of your credits that are more than ten years old are now invalid and no longer transferable. Even that class on the History of the Roman Empire may not transfer. I am guessing there must be some new history you didn't study in 1996.
Third - there is no way to tie up all of your academic credentials into one degree from an accredited institution. There is no GED for your B.A., which is absolute non-sense.
I find this whole concept just crazy. We have assigned a value to something that has no assignable value. We created a number ($1 million in a lifetime) where no number exists to provide an illusion of value. The list of incredibly accomplished people without degrees is very, very long starting with many of our founding fathers, adding in Sam Walton, the founder of Wal-Mart, and none other than Bill Gates, the most famous college drop-out ever.
When I was in college, we used to say that the half life of a degree was 2 years. What we meant was that half of what you learned in college was forgotten or deemed useless in 2 years. It is a tongue in cheek, groundless "formula", but like most groundless accusations, they are usually based in some fact.
So, what is the value of a college education vs the cost. I will try to calculate it.
The all in cost of a four year in-state bachelors degree in the Big Ten is between $80,000 to $100,000. The price varies based on the university attended, but includes tuition, fees, books, room, board, and spending money. The average starting salary of a newly minted college graduate is about $40,000 a year.
The cost of a two year certificate in IT or for a skilled trade is about $6,000. And, the starting salary for an entry level IT Systems Admin or helpdesk support is about $40,000. The starting wage for a plumber apprentice is between $25 and $35 an hour, or $52,000 to $72,000 a year.
So, just doing the math, it appears that you will not make a million dollars more in your lifetime by having a degree unless you are comparing an accountant to a waitress, but not if you do an apples to apples comparison. It seems this is the same sort of marketing that you see late night for all sorts of get rich quick products, unfortunately there are a lot of reputable people like college professors, politicians, and my favorite - lazy human resources people pushing the concept. If you really give it any thought at all, what does a twenty year old degree do for you as you go to work each day and try to help your company be successful? Oh yeah, that History of the Roman Empire might come in handy, but I doubt it. The answer is absolutely nothing at all. Nada.
Here is what I think. Don't just take my word for it. Look at all of your options. At 18, who has any clue what they want to be for the rest of their lives. You or your child will change their minds and their majors 4 times before deciding on the one that will never, ever use in their career. Understand that most of us are working for money. Cash. Moolah. We are not working to build houses for Habitat for Humanity. There are a great many unemployed, independently wealthy philanthropists willing to do that. Don't fall for the university hype. I have worked with many borderline morons that made it through Harvard, Northwestern, and other prestigious universities because that is the path they took and papa had the dough. Get trained in a skill that can pay the bills and don't listen to politicians, underemployed egg heads, and never, ever, EVER to HR!!!
I hope this helps!
Email your questions to me and I will answer everyone and read my blog for more information.
| M.E. Edwards is a career coach, author, speaker entrepreneur and expert on career development at all levels. You can read his musings here, or take a more extensive look at his blog at http://www.directyourcareer.com/ Or you can email him at just_mike70@yahoo.com |
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