Send children to university. Is a university degree still worth? As an academic who never really left university since starting as an undergrad when I was 18-years-old, this is a question very close to my heart.
The Higher Education sector is not perfect and as of late, it is going through very serious challenges that need to be addressed. However, I am still a firm advocate that going to university is worth it.
You do not have to take my word for it. Let’s look at some facts.
People with a university degree are more likely to earn more across their life than those without a degree. This gap in earnings exists even though those who did not go to university have been already working a few years by the time university students finish their degree and find a job. And that gap is only the beginning. It keeps on increasing through the years because those with a degree are more likely to see their salary increase whereas the jobs that high school graduates typically get do not see much salary growth.
However, when considering the graduate premium, we must consider three important nuances. First, the graduate premium is in decline. According to the Higher Education Statistics agency students born in 1970 earned 20% more than non-grad while those born in 1990 only earn 14% extra. Second, the grade that students achieve matters a lot, especially as the grade inflation takes hold. The added value of a 2:2 today is questionable, especially if students want to pursue postgraduate studies or access very competitive sectors. Finally, studies show that more than going to university per se, the graduate premium really depends on the subject studied. Medicine, Law, and Economics graduates can expect to earn around £500,000 more than non-graduates, whereas creative arts do not pay off at all. History, Languages and English literature don’t do well either. This means that about 80% of students are likely to gain financially from attending university, but for around 1 in 5 the gain will be almost non-existent.
Does this mean that students should choose their degree based on the financial repercussions? This depends. I strongly suggest that when deciding whether to go to university or not, students consider their professional goals and financial priorities.
Other than acting as a buffer against unemployment and setting people in a path to earn more across their life, university has much more to offer. The university years are a time of personal discovery. University students get to know their selves better, their social network expands, and they study topics they are (hopefully) passionate about. They practice their communication skills and learn to be critical and analytical thinkers. They may change directions and shape their destiny in ways that they had not imagined before. They learn to manage a budget, and to be independent. Going to university opens doors.
In an increasingly uncertain and unknown job market, these soft skills that students learn at university, are becoming as important or even more important, as the subject knowledge they will acquire. The world is changing fast, and with the arrival of AI it is impossible to know how the job market will look like in a few years. Universities will have to adapt, and they will probably focus more on developing interdisciplinary skills and integrative thinking rather than on single topics.
An increasingly popular argument against university is that many companies do no longer require candidates to have a degree. Companies such as Kellogg’s UK and Penguin Random House UK, in their drive to become more inclusive, do not ask for degree-level qualifications. Accenture and IBM offer apprenticeships so recruits can train on the job. Sectors like manufacturing, hospitality and even some tech companies, do not require a degree either. However, it is also true that companies still pay a premium for graduates. In the UK and the EU graduates are paid about 50% more than people who do not hold a degree.
By far, the biggest argument against spending three years at a Higher Education institution is cost. Going to university is expensive and it is likely to get even more expensive. Whereas many students take part time jobs while doing their degree to accumulate less debt, other young people choose alternative paths. Apprenticeships, professional certificate programs, trade schools, and bootcamps are becoming increasingly popular. Young people who choose these paths argue that not only do they not go into debt but that they start to earn at least 3 years before those who go to university.
One final issue that particularly worries me is the fact that students have become consumers and see degrees as products. This shift in mentality has huge implications. A university is meant to be a place for intellectual debate with students passionate to learn. However, many students just want to get their degree and do not care about learning. At the same time, universities are worried about students’ evaluations and their main concern is for students to have a good experience. Don’t get me wrong, I absolutely think that students have the right to demand a good service from their university, but we cannot forget that our role as educators is to prepare them for the future. Our job is to provide them with an education, not with a degree. My view is that by seeing students as consumers, we are doing them a disservice. In my opinion, the best way to do this is by placing the lecturer-student relationship at the core of the learning process. When we do this, students are more likely to take ownership of their learning process and to understand that sometimes learning and growing involves discomfort and unease.
University is not perfect, and it is not for everybody. But I still think that it is a very valuable experience with the potential to change young people’s lives and to enrich society as a whole. If you are keen to learn, go for it!
