Does college matter? That is the million dollar question the current generation is grappling with. The world appears to be changing very fast, doesn’t it? As expected, people everywhere are inquiring whether the educational paths of our parents are still pertinent for today’s fast-moving job market and society at the global level. From my own point of view, college does matter. Let’s face it, a college degree holds a higher prestige compared to a high school diploma, and a majority of society members appear to appreciate those who have gone to college and graduated. Your chances of getting a high-status and well-paying job if you attend college are higher compared to an individual who did not attend one. Even though attaining a college education can be quite expensive for some, it has a high rate of return. A study carried out by the Federal Reserve Bank of New York revealed that a college education’s rate of return is high, that is, about 15% annually (Abel & Deitz). In their lifetime, students who get college degrees can anticipate to make over 60% more compared to those who do not (Napach).
Yet, our media platforms are awash with stories and examples of very successful individuals who did not attend college or dropped out. I recently read an article where the author says that a college degree is not the only key to success. He went on further to state that some of the globe’s wealthiest-and smartest-people have managed to attain millionaire and billionaire status without ever setting foot on campus or completing education. This is misleading. While there are individuals who dropped out of college who are successful, statistically speaking, they are not the norm. Approximately 94% of individuals who fall into the category of the richest and most influential people in the US attended college (Wai). So, the next time you think about advising against college education, think again. You could be robbing yourself or another person of an opportunity to succeed in the future.
Abel, Jaison R., and Richard Deitz. “Do the benefits of college still outweigh the costs?.” Current issues in economics and finance 20.3 (2014).
Napach, Bernice. “College Is Worth the Rising Costs: NY Fed.” ThinkAdvisor, 7 June 2019, www.thinkadvisor.com/2019/06/07/college-is-worth-the-rising-costs-ny-fed/.
Wai, Jonathan. “Despite the Myth of the Billionaire College Dropout, Most Wealthy Americans Have a Degree.” Quartz, 30 Apr. 2017, qz.com/969659/despite-the-myth-of-the-billionaire-college-dropout-most-wealthy-americans-have-a-degree/.