And when you look beyond the immediate circles of family and friends, a college degree has also been shown to create a beneficial ripple effect when it comes to your potential impact on society. Well, that depends. Before you decide to get that degree, it pays to look at something called the opportunity cost.
Scenario A: Rather than attending college, you decide to get a full-time job as soon as you finish high school. Scenario B: After graduating from high school, you decide to go to college. By working hard, you earn your degree in four years. Would the job in Scenario A offer opportunities for advancement?
Does the job allow you to develop skills that will enable you to increase your earnings over the course of your career? If you chose to go to college, do you currently have the discipline necessary to complete your degree in four years — or would you need to add a fifth year and additional expenses?
Do you have a clear idea of what major you would pursue in college? Would it be beneficial to work for a year or two and discover potential career paths?
In many cases, college graduates can expect to earn higher starting and long-term salaries than those without a degree.
So, even though the opportunity cost looked steep at first, it should be a consideration, but certainly not the determining factor. See More Posts. Join today, and start enjoying all the benefits of membership! Become a Member. By clicking "OK", you acknowledge that you are leaving the Spero Financial website. We encourage you to read the privacy and security policy for the site, as it may differ from that of Spero Financial's. Go Back OK.
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Auto Loans. Competitive rates. Flexible terms. Financial Insights. There is also a partisan element to these views, with Republicans and Democrats expressing highly differing opinions on the purpose of college. These partisan differences hold true even after accounting for differences in educational attainment.
Democrats and Democratic leaners with high levels of educational attainment are more likely to prioritize personal and intellectual growth relative to Democrats and Democratic leaners with lower levels of educational attainment. But Democrats and Democratic-leaning independents at all educational levels are more likely than Republicans and Republican-leaning independents with similar levels of education to believe that personal and intellectual growth should be the main purpose of college.
The further people have progressed in their college career, the more likely they are to consider their experience very useful. Those with a postgraduate or professional degree are more likely to say that their college education was very useful in each of these respects compared with four-year degree holders, who are in turn more likely than those with a two-year associate degree to say that their education was very useful across each of these measures.
When asked a broader set of questions about the impact of college more generally, the public expresses somewhat mixed views about the extent to which a college education prepares students for success in the workforce.
A substantially larger share of the public has positive attitudes towards certification programs in a professional, technical or vocational field in the context of workforce development. It is important to note, however, that respondents were not asked about the effectiveness of certification programs instead of a college education. Say "Alexa, enable the Pew Research Center flash briefing". It organizes the public into nine distinct groups, based on an analysis of their attitudes and values.
Even in a polarized era, the survey reveals deep divisions in both partisan coalitions. The Economic Value of College Majors uses Census Data to analyze wages for college majors to detail the most popular college majors, the majors that are most likely to lead to an advanced degree, and the economic benefit of earning an advanced degree by undergraduate major.
The interactive web tool below allows the user to see how much college graduates earn by 15 major groups and detailed major subgroups nationally and within states. State data is available only on the interactive tool below. We found that among college graduates with the same majors, earnings vary by state. For example, business is the most common major, accounting for 26 percent of college graduates. Discover the key statistics in our report pertaining to college majors and earnings in this infographic.
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