The Value of a College Degree – Is It Enough?
The following post is contributed by one of our summer interns, Elizabeth Ding!
How much is a bachelor’s degree worth? What is the value of your major? What are the chances of getting a job after graduation? Employers typically require a college degree among the baseline of requirements, but studies show that even that is not always enough.
What You Study Is Important
The value of a major is an important factor that helps many students make their final decision. But value is more than just salary – it includes the likelihood of getting a job with that degree.
Additionally, it’s important to consider whether or not careers associated with certain degrees pay as much as they should, and for what skills. A recent study found that although humanities majors have the most gains in critical thinking skills post-graduation, engineering majors command the highest salaries.
“When one looks at these data, one thing is immediately clear. The fields that show the greatest gains in critical thinking are not the fields that produce the highest salaries for their graduates. On the contrary, engineers may show only small gains in critical thinking, but they often command salaries of over $100,000.” Read More
[Also read: How Much Does Your College Major Affect Your Future Salary]
All these things play a part in helping college students choose majors carefully. However, that’s not the end of the story. There’s more to it…
Employers Want More
Although it’s clear that a college education is not only expected, but is also essential, and the major that a student chooses is so crucial to career-life after college, now employers are increasingly pressuring colleges to teach applicable skills to students in order to make new college graduates more valuable. Now more than ever, it’s becoming clear that a degree all by itself isn’t really enough.
“Several initiatives have focused on manufacturing and engineering, fields where technical know-how and math and science skills are needed and where companies worry about recruiting new talent.” Read more
In order to these new industry demands, post-secondary institutions are beginning to include forms of on-the-job training into the required course loads of their students.
For example, the University of Maryland recently introduced new “general education” requirements for all incoming students pursuing an undergraduate bachelor’s degree. However, this small change in the types of required courses caused a stir on campus, and it took years for the university administration to vote on it and implement the change.
Students: How to Stand Out
Perhaps the most practical way to satisfy demands industries are making on college students is to get both in- and out-of-classroom experience. Most importantly, find an internship that will teach you applicable skills that you can use to make yourself stand out when applying for jobs when you graduate. In addition to your internship(s), you should try volunteering with a non-profit organization, or participating in career-building extracurricular activities.
What you learn in a classroom is important, but out-of-classroom experience teaches you how to deal with real people in real situations and will give you a better idea of whether or not you are right for certain career paths. As you prepare to go to college, remember that in today’s world, experience is as important as education.
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