jump to navigation

Why get a degree? April 4, 2011

Posted by John M McKee in "John M McKee", Action Plans, American Dreamers, career planning, career success, Career Wisdom, CBS Interactive, Coaching, DIRECTV, Gen Y's, Job advice, new jobs, Personal action plans, The Secret, Veracity.
trackback

For most people, getting a degree today has become a bad investment.

I believe that most of these individuals would be better off simply getting into the workplace sooner.  It’s not that I’m against education – I’m actually a strong advocate of lifelong learning.  It’s just that – for most college kids – the job market is no longer likely to provide any kind of ROI.

Consider these stats which I picked up in Forbes Magazine:

During the past 30 years, overall inflation in the US was 106%

Health care costs went up 251%

College tuitions and fees?  Up 439%!

Translation: the cost of tuition / room / board are increasing at a rate 6 times faster than the average earnings of a college grad.  Combine that with the fact that there are fewer hi pay jobs today as a result of global hiring, and the math simply no longer is right.

Many very successful people are college dropouts.  They include Steve Jobs (Apple) , Bill Gates (Microsoft), Clare Danes (actor), Richard Branson (Virgin), Dave Thomas (Wendys), Albert Enstein.  I’m in the same boat (– although clearly not in the same league..)

I discussed this trend more deeply in my 2nd book Career Wisdom.   At this point I now use a ‘rule of thumb’ when giving students ideas to noodle about their career:  Don’t go into any type of work that can be done faster or cheaper:

– by a computer (eg: accountants hate Turbo Tax)

– by someone overseas ( this now includes doctors by the way)

– online (eg: lawyers hate sites that do divorces or estate plans for 1/4 their cost)

We are truly moving into an era of the creative class where people are valued for their new ideas and approaches.  And we’re also moving into an era of  hands-on work, where a job cannot be automated or done elsewhere – these include mechanics which pay pretty well and flipping hamburgers.

Just don’t get stuck with an education bill for a hundred thousand dollars with a false expectation that you will be able to pay it off and then find out that the “job” you’d expected is now done in a different way and you’re too expensive to hire.

Here’s to your future!

John

More insight here.

Advertisements

Comments»

No comments yet — be the first.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: