In the latter half of the 20th century, it was generally viewed as axiomatic that higher education meant a more successful career, which explains why public and private college enrollment in the U.S. increased every single year from 1965 to 1992. However, towards the end of the last millennia, enrollment in higher education began to wane. The decline was relatively minor (for example, enrollment dropped from 14.39 million in 1992 to 14.31 in 1993) and the trend towards increasing enrollment has since resumed; largely driven by a growing interest in attending private college.
Still, the temporary dip — accompanied by growing horror stories of crushing student debt and lingering memories of the “Great Recession” — has severely altered the paradigm for many students (and in some cases their parents as well), who now believe that there is no legitimate connection between higher education and a more successful career. For evidence, they point to remarkably successful people who either never attended college or dropped out before graduating, such as Bill Gates, Mark Zuckerberg, Michael Dell, and Steve Jobs.
Kent Bonacki, a grant researcher and professional writer based in Park City, Utah, breaks down this argument and the links between higher education and a more successful career.
Earning Potential
What resolutely anti-college students don’t understand is that for every illustrious and inspiring success story about Bill Gates or Steve Jobs, there are thousands of sad tales of people who were unable to achieve their full career potential for lack of higher education, says Kent Bonacki. Naturally, this doesn’t mean that a college degree is a ticket to fame and fortune. But it does mean that research has clearly demonstrated multiple links between higher education and enjoying a more successful career.
The most obvious link that Kent Bonacki refers to — and for most students, by far the most important — has to do with the bottom line. Researchers at Georgetown University found that, on average, college graduates earn $1 million more over their career compared to those with only a high school diploma. And a separate study by the Pew Research Center found that the median yearly income gap between college graduates and high school graduates is approximately $17,500.
Of course, not all majors translate into the same earning potential, says Kent Bonacki. For example, graduates of STEM, healthcare, and business programs usually command higher starting salaries when entering the workforce than those who studied the humanities. But contrary to popular belief, this can change over the course of a 30, 40, 50, or these days even 60-year career. This is because many of the skills that are cultivated through a humanities-based education, such as oral and written communication, are highly valued by organizations at the executive level.
Higher Employability
Another link that connects higher education to a more successful career is that individuals with college degrees are generally more coveted by employers, which gives them added negotiating leverage, more career options, and greater job security. All of these translate into more financial well-being, as well as less job-related anxiety and stress.
Candidates with college degrees are very attractive to employers; but not necessarily for the reason that graduates believe, comments Kent Bonacki. A college degree doesn’t just certify that an individual has competence in various subject areas, such as macroeconomic analysis or thermodynamics. It also confirms that an individual has the ability and self-discipline to follow through on long-term commitments and has demonstrated a willingness and aptitude for learning. The importance of this cannot be overestimated, because employers need people who can adapt, change, and acquire new knowledge — especially in fields that are highly innovative, like technology, and information management.
Motivation for Life
A third link — and one that does not get enough consideration or attention — is the simple, yet deeply meaningful fact that college graduates have earned the right to take pride in their accomplishment; not just when they graduate, but for the rest of their lives.
Jobs come and go — sometimes for good reasons, and sometimes for not-so-good reasons — but an individual who has made the sacrifices required to earn a college diploma can never have that achievement taken away or diminished, says Kent Bonacki. This pride enhances one’s sense of self confidence, which pays dividends in all aspects of life. For example, when times are tough and challenges arise, college graduates can reflect on their academic success and use it as motivation to help them forge ahead.
The Bottom Line, According to Kent Bonacki
Evidence shows that there is a link, and in many instances a direct correlation, between a higher education and a successful career. Kent Bonacki; however, suggests that this be taken as food for thought and not an exact science.
Moreover, college and university is not for everyone. Some learn better on their own, such is the case with those greats previously mentioned like Steve Jobs and Bill Gates. At any rate, Kent Bonacki advises against pursuing higher education just for the sake of it. Ensure you have a clear plan and a goal for your career before pursuing higher education, as it can be a lengthy and expensive process if you should change your mind.
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