What is a Degree for?
This is a subject that is of interest to everybody but is especially significant for people thinking about starting a university or college course. For every choice you make there is what economists call an ‘opportunity cost’. Opportunity cost is the next best alternative. Maybe for you there was a chance to get a job in an accounting firm instead of starting a degree course. Would that have been a better option?
Do not think of a degree simply as a means of getting a job. It’s far more than that. It’s a chance for personal development. You may be planning on a university course with a specific career path in mind but many before you have found that their interests have led them in an unexpected direction. For example, a student might start a business degree dreaming of working in share trading, only to find that the demands of the industry clash with their introverted nature. Instead, they discover a passion for, say, research. The degree didn’t lead to one end point. It gave opportunities to learn what they were really suited to, and the skills to pursue this.
Neither should you think of a degree simply as the means of becoming an expert in one thing. University education is about mastering a subject, but it is much more than that. It’s about acquiring transferable skills, such as problem solving, communication and the ability to work in diverse situations with diverse people.
It is also about developing critical thinking and the ability to assess evidence. These skills can then be applied to many ideas and issues. In today’s unpredictable world, new jobs emerge quickly, while others fade away. A university degree should equip you with the adaptability to navigate these changes, rather than simply slotting into existing job categories.
Does your Choice of Degree make Financial Sense?
Will you earn sufficient in the years to come to cover the loss of earnings in the next few years and to cover the debt you will probably acquire?
The evidence suggests that it depends upon two things. One is the subject you choose. Many degree subjects will not do so. Despite what we have said above, the salaries offered to graduates depends upon the subject studied. The most financially rewarding degrees are in veterinary science and economics. These have the biggest payoffs. Next comes maths and statistics. Then comes accounting, business, management and suchlike. So choosing one of these degrees is financially worthwhile, although to a varying extent. Most people who choose arts and media studies may well find personal value through their studies but it is unlikely that it will prove to be a good financial investment.
The other thing is the degree classification. A lower degree category is not much more than a certificate of attendance. You really must aim for at least an upper second if you are to benefit financially from this kind of study.
Should I be Considering a Higher Degree?
Financially, the answer is yes, if you choose the subject carefully. It’s a further investment with a very good return. It is not necessary to do it at the same university as the one where you study for your undergraduate degree.
What if you have already started on a Degree Course?
If you manage your time properly and give yourself sufficient time to study you can have a really enjoyable experience, finish up with a good degree and find that it is financially rewarding. But you will probably only get one chance. Make the most of it.