College Degree: Careers Vs. Pockets
- Jul 27, 2016
- Terrance Nicholson
Standing at a fork of your life where one road leads to the college and another to a company, you might be wondering which one to choose. It is a common problem faced by many students who come from a poor financial background or have less interest in higher studies. Social dogma, however, creates a bias towards choosing the college over the job, but just like most of the beliefs it is inaccurate. It mainly depends on the interests and circumstances of the individual. Analyzing every single criterion in this scenario can bring the best logical inference and probably the best decision that could be taken.
It is, of course, the biggest obstacle that stands in the way of the student and the degree. With the increase in competition and boom of private colleges in the market with their skyrocketing fees, it becomes very challenging and even sometimes impossible for some families to afford a college degree. For those who can still dare to risk their money, here’re a few things you must consider:
A) You should never think this expenditure as ‘money spent’ but instead as ‘money invested’ as it inevitably, sooner or later, bring returns.
B) Try opting for scholarships, as there is nothing better than any company or government paying for the education. It might be a little bit annoying but releases lots of pressure from the pockets.
C) Education loans can help fund the education at the moment. They need to be paid back with some interest over an extended period. That evenly distributes the pressure of massive payments over a long time.
D) If you have no option for payments or mortgage for loans then doing jobs to raise the funds for college might seem to be an appropriate approach. But there is one problem, the overall ratio of people going back to colleges to people continuing the jobs is very less since they tend to change their priorities to earning more than studying again.
2. Career Oriented:
Once you have managed the finances, the next immediate question is “Is it worth it?”. While analyzing every prospect, it becomes necessary to explain the benefits of the degree. The expenditure to get the degree i.e. time and money spent should be compared with the returns in both career prospect and pay scale and analyzed. It gives the real worth of the degree. If the returns are not satisfactory enough then going for the popular social choice of college will do nothing but harm to the individual.
Since you have a higher degree, you have more knowledge in the field. This detailed knowledge of the subject is respected in the industry. You are provided with more opportunities where you can explore your talents and interests. The more challenges you succeed to finish the more you are paid. Thus your scope to explore and learn increases by leaps and bounds. Opportunity is a resource very necessary to survive in any industry, and it becomes abundant in the presence of a higher degree.
B) The Career Graph:
The effect of degree on the career graph cannot be left unnoticed. While you spend time getting a degree, and someone else started doing job then although you have a higher degree you will be treated as a beginner in the industry and experienced one will be given more opportunity. However, this effect doesn’t last long. With the passing time in the industry, your graph rises with more speed than the one having a lower degree. You might be entrusted with crucial tasks that he might not be. Soon you can overtake those people in terms of performance and experience, and can have a higher pay scale.
The interests of the individual must not be forgotten while making these decisions. If ignored then the upcoming events might burden the person and deteriorate his performance. If the individual is career oriented then although having a degree might accelerate the process but forcing him into the decision might render the action useless. If the individual wants to have a higher degree then despite financial background an honest attempt to raise funds should be made instead of only giving up as these investments are quite well assured to provide returns in the favor of the student.
In both the prospects individual needs to invest time and money in himself to progress. The college degree is costlier but is a solid proof of the person’s knowledge, and the job being a quick start, shows a slow progress in making one’s career. Considering all these options carefully can give the most balanced output.
Terrance Nicholson is a U.S. based online tutor who has covered all the key subjects such as social media, technology, mobile learning, etc. An entrepreneur by profession, Terrance has the zeal to connect education and technology. Besides, he is a great soccer player and spends most of his weekends on the field.
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