How to Make Sure College Fits Who You Are

Should Everyone Go to College?  The answer is, of course NO.   But the no answer may be for a different reason than you think.  It is about matching what you do with who you are, not how much money you will make.  If you can earn a degree that earns a healthy income and matches what you want to do with your life then do it.  If that’s not possible, pick what fits you.  Actually it is nearly as easily done as said.

There is a huge debate raging about the advice to go to college.  Like so many things in our society today, this conversation has become politicized around national political agendas and public policy.  The politics is about other people.  What we are talking about here is you and your future.

Buzz Today Source:  Inside Higher Ed. Free for All Over “College for All” “Should Everyone Go to College?” is the title of the research brief co-written by Sawhill and Stephanie Owen, a senior research assistant at Brookings. The paper — essentially a review of existing literature on the topic — is facing sharp criticism, both philosophically and methodologically, from ideological friends and foes alike.  Averages mask enormous variation that means that many individuals do not fare so well, and the authors spend the rest of the paper documenting the ways in which students’ return from their higher education may fall short based on the colleges, majors and careers they choose.

Some in the media and many on the Internet are passionate about the political implications of the policy debates.  But I want to return to what it all means to the individual prospective student like yourself.  In the end, what law makers and policy wonks think about your personal decision is not critical to your future.  What is most critical to your future is starting with “who you are”.

I want to take a few lines to talk about “who you are”.  In Your Future is Calling, I point the reader to several instruments that will help you answer this important question.  The answers are the starting point for you to lay the road-map out to your future.  These are scientific instruments that have been proven with hundreds of thousands of users.  What these instruments do is take your answers to a number of questions and provide information back to you about what it all means.

What these instruments tell you is “who you are” based on the science of the instruments and your personal inputs. They paint a picture for you that lays a foundation for the rest of the decisions you need to make. In Your Future is Calling, I help you take that information and map it to careers, majors and colleges. This approach focuses on you and not the politicians and policy makers in Washington. In the end we are talking about your future, not theirs.

What You Study Matters

In Your Future is Calling I talk about your choice of degrees, careers and colleges. You need to start these decisions with “who you are”. If your degree and career does not satisfy you, money will not compensate you for being miserable everyday. Doing what satisfies you trumps everything else. Given this bedrock starting point, your choice of college, career and major have a big impact on your future. Here we are exploring the major that you pick to study.

  Buzz Today Source: Salary.com College Degrees with Worst Return on Investment

Fine Arts

Artists are respected, revered and celebrated. Here are three jobs commonly held by workers with a fine arts degree:

MUSEUM RESEARCH WORKER
Median Salary: $48,401
30-Year Earnings: $2,854,689
ROI of Degree Earner Attending Public College: 75%
ROI of Degree Earner Attending Private College: 22%

GRAPHIC DESIGNER
Median Salary: $47,753
30-Year Earnings: $2,816,470
ROI of Degree Earner Attending Public College: 74%
ROI of Degree Earner Attending Private College: 22%

PAINTER/ILLUSTRATOR
Median Salary: $37,819
30-Year Earnings: $2,230,563
ROI of Degree Earner Attending Public College: 58%
ROI of Degree Earner Attending Private College: 17%

There are several important things that you need to take from the data in BUZZ Today. The first thing we want to look at is the headline:  “Degrees with the Worst Return on Investment”. The ROI question has to be examined relative to other investment alternatives. As Warren Buffett has stated, the best investment you can make is in yourself. He is right. The annual rate of return on 10 year US government bonds is less than 2% per year.

The thing to note in the BUZZ Today is that even these “worst” investment options represent a significantly higher return than government bonds. In addition, no one can take your education away from you. It is yours forever.

The other thing to note in BUZZ Today, is how sensitive the financial return is to the tuition paid to earn the degree. In the example, Salary.com uses private vs. public to make the point of the cost of the tuition. But your return is not merely about your decision to go to a public university rather than a private university. There are many additional factors that affect how much you end up actually paying to earn your degree. For detailed information on what those are and how you can impact them read Your Future is Calling.

Associate vs. Bachelor Degrees

Associate Degrees vs Bachelor Degrees

Headline: Community college grads out-earn bachelor’s degree holders.

This is a rather powerful statement.  It is designed to get your attention. The reason it is so powerful is because it reinforces a common journalist theme today that the cost and debt required to earn a bachelor degree are not worth it.  Buzz Today Source: CNN Money:  “I have a buddy who got a four-year bachelor’s degree in accounting who’s making $10 an hour,” Berevan Omer (a recent community college graduate) says. “I’m making two and a-half times more than he is.” Omer, who is 24, is one of many newly minted graduates of community colleges defying history and stereotypes by proving that a bachelor’s degree is not, as widely believed, the only ticket to a middle-class income.

The use of sweeping generalizations often used around this issue of earning a degree of any kind does not contribute to better decision making.   Here we are talking about decision making that directly effects your future.

Let’s look at the BUZZ Today item more closely.  First of all, it is true that some associate degree holders make more money than some bachelor degree holders.  This is true for lots of situations.  Bill Gates does not have a degree of any kind and I have a Ph.D.  Bill Gates makes a heck of a lot more money than I do.  Does this mean that you are more likely to earn more money by not getting a degree?  Absolutely not.

The tricky part of the BUZZ Today article are the words slipped in to reinforce the popular theme that getting a degree is “not worth it”.  The high impact words are: defying history, stereotypes, proving, only and widely believed.  These are words meant to prove sweeping generalizations in support of the conclusion being advanced.   Especially suspect is the combination of the words “widely believed”.

Belief is like beauty.  It is in the eye of the beholder. There is no evidence in the BUZZ Today quote to support the claim that such beliefs are indeed widely held. It is true that these beliefs are being widely reported but this does not mean that they are widely held beyond the belief of the author doing the reporting.  The facts (in contrast to beliefs) are that since 1988, the number of jobs requiring bachelor degrees have grown 82% while the number of jobs requiring associate degrees have grown by 42%.   Jobs for those with only a high school education have actually declined 14%.  More detail on this data is available in the free Introduction to Your Future is Calling. The data also shows that over a lifetime, the average bachelor degree holder earns far more than the average associate degree holder.

In the end, the defensible conclusion is that some associate degree holders earn more than some bachelor degree holders.   The guidance for you here, is that you make your decision about your future based on hard data, sound reasoning and what fits “who you are”.  Stay away from the sensational sweeping generalizations based on beliefs.  To get important facts you might want to read Your Future is Calling.