The value of a post secondary education
The great thing about an economic hardship is that it forces us re-evaluate our lines in the sand. Over the last little while I’ve read many articles and blogs on the impact of high unemployment and grim earning prospects for recent graduates (and eminent graduates). I should say it seems that we have ceased to see the education for the degrees.
First, what is the purpose of higher education? Second, let us try to extract the value of an education. A valuable exercise in this economic climate where the average undergraduate student leaves school with a debt load of $20,000.00 in Canada.
The reality remains that colleges and universities are rapidly losing their iconic status as places of burgeoning intellect where the brightest young minds are guided to ever greater levels of plasticity through the strenuous acquisition of complex heuristics. Rather they have for all intents been transformed into Ford Model-T style factories producing homogeneous workers with ever increasing efficiency. Our own research tells us that the most prevalent reason young people cite to pursue undergraduate degrees is “to get a good job”. Less that one in five even ranked broader education as a consideration. This does not seem really logical considering the facts. Auto mechanics, plumbers, electricians or any skilled trade person on average earn more in entry level positions than an entry level white collar worker graduating with a general arts and science degree. Should we then just advise young people to look for work in the trades and forgo the high priced letters (and seemingly about $20,000.00 in consumer credit)? Is this simply a case of buyer beware. Should students simply ensure that they are better informed about the long term implications of funding their education before considering debt financing?
Now to the a paraphrase of the second question does society still value an educated citizenry? Under the antiquated model of a broader education presumably this would be a magnificent opportunity for students to really differentiate themselves by diversifying their tool-kits and branching out to complementary and challenging fields of study. The sad reality is that in a society where linear measurement is valued to the point of absurdity this is simple not feasible academically (nor usually financially). In other words our young scholars cannot afford to risk losing a grade point gaining pursuing a more challenging path. Instead they are rewarded socially, academically, and financially for looking for the least challenging path through their education. Does it portend a general erosion of the underlying foundation of the system of education as it is currently constructed.
Many people foresaw this economic downturn and were summarily dismissed as naysayers until the unthinkable happened. Wall street collapsed and for all intents and purposes so did every major market in the world. Will education suffer the same fate as the market place is flooded with more and more educated unemployed young people fighting for entry level positions which they intend to leave the instant they find a more promising opportunity or one that is better aligned with their skill set? Markets are by definition efficient and the more protracted this downturn becomes the less tolerant employers will be of a volatile overqualified workforce. Maybe they will start hiring only qualified candidates and leave the overqualified ones to fend for themselves. Is an educational downturn eminent for our institutions of higher learning?
Attitudes, Careers, Employee, Finance, Generation X, Generation Y, Young Employees