When my dad was growing up on a farm, my grandfather made him and all my uncles work at the nearby sugar factory. The pay wasn’t that great, and the work was dirty and difficult. My grandfather had a motive for sending them to participate in this job.
“Do you like working there? No?” he asked. Then he continued, “Get an education. If you want a good job, you need to go to school and get a college degree.”
As a result, my dad and his brothers all excelled in education and earned advanced degrees with little surprises.
But, as my husband nears the end of his Ph.D. work, and as I stare at the Master’s diploma on my wall, I wonder if an advanced degree is really worth what you pay to get it. How cost efficient is even a four-year degree?
With college tuition rising, and financial aid dwindling, university is more expensive than ever. And when you are done, your return on investment may not be that great. Right now, the job market is tough, and you may find yourself saddled with a job that pays less than $40,000 a year — while your student loans may total upwards of $60,000. (Luckily, there are ways to reduce debt effectively. Here are 25 such ways.)
Good Jobs You Can Do with an Associate’s Degree
U.S. News and World Report has a rather interesting look at jobs you can do without getting a four-year degree. The following jobs are most often done by people with Associate’s degrees, and include the median pay for each job as reported by U.S. News:
- Dental Hygienist: $66,570
- Radiation Therapist: $72,910
- Respiratory Therapist: $52,200
There are other professional jobs that require some sort of vocational or long-term on the job training — no degree at all — and pay reasonably well. You might have to pay for training sessions and to take exams, but you generally pay less than attending school. U.S. News reports on some of those jobs, with their median annual salaries:
- Subway Operator: $53,220
- Powerhouse Electrical Repair: $61,040
- Nuclear Power Reactor Operator: $73,320
- Air Traffic Control: $111,870
Educational Return on Investment
Of course, it isn’t always about the money. Many people choose their professions based on a passion. For others, money isn’t a deciding factor due to their enjoyment of a frugal lifestyle. However, if you are looking for educational return on investment, it is clear that a four-year degree may not always deliver the best value for the money. (Although there are still plenty of jobs where a four-year degree — or an advanced degree — is required.)
I’m not saying education isn’t valuable. I’m all for education. But maybe a formal four-year degree isn’t always the way to go. Instead, it might be more cost-efficient, and you might get more long-term value, if you focus on a skill that others need. This is a type of education that we do not often think about. But in a society with increasing demands on specialization, the type of education that focuses on the development of specific skills might provide better returns for your education dollar.
Two of my cousins are radiation techs, and they make pretty decent money, especially considering how long they went to school, and how much they paid for their respective education. It took less than a year for one to pay off the loans for her program and the other took two years. Both of them also had their pick of jobs, since their skills are in high demand.
If you are concerned strictly about return on investment in areas that expect to see job growth in the next five to 10 years, you might do well to start looking at professional training programs and certain Associate’s degree programs. You just might be able to find a good job — and find it faster — if you consider options outside of a traditional four-year degree track.
Education is important. Though Miranda makes a great case, never ever use her reasoning as an excuse. If you thought this through, by all means, make the sensible and mature decision. However, if you are like most people in high school who couldn’t care less about their future (yet), stick with the 4 year university as you mature and figure out what you actually want to do.
One of these days, you will figure it out but don’t do anything like drop out of school if you don’t know what you are going to doing with your time yet.
Related Posts
- Save on Education Costs: Where You Go Matters
- Have Student Loans Contributed to the Rise in the Cost of College?
- Is Your Job Worth the Stress?
- 6 Skills That Might Just Be Worth Going to Classes For
- 3 Big Tips To Save You the Money to Tame Those College Money Worries
{ 29 comments… read them below or add one }
If you think that a good job is only achieved by obtaining a good four years degree then you are not 100% right. You should start search on the internet and a best way is to get registered with good job portals..
Thanks for sharing useful information with us.
Cheers.
One thing to keep in mind is options. All of the above may be in high demand now and you may not need a 4-year degree for them, but what happens when they aren’t in demand and you find yourself having to look again.
There was a time in my life when I was looking. I didn’t have a degree and almost everywhere I applied that was the first requirement. As they were receiving 100s of applications, it was very easy for them to toss resumes that didn’t at least have a 4-year degree.
A college education isn’t a must, but it just keeps your options open as you go through life. It makes getting your foot in the door a little easier. I wished I had completed mine.
cd :O)
I’ve never found that NOT having a 4 yr degree was any obstacle to any job I chose to pursue…. Obviously I am not interested in techno jobs that require a 4 yr degree or more
However, I do have a 2 yr associates degree, and that has been handy, and even required for some jobs. And even more, the 2 yr degree put me at the top of the list, over those without that degree.
Economically, I could not see where spending the money to go further would be a good investment in my situation. There was a time I looked at going from a special ed teaching assistant and upgrading to a teaching degree – but economically, there was no way financially that it was going to make sense – and shortly after that I moved up to school secretary instead.
Being debt free and mortgage free is an accomplishment that I managed to obtain without a 4 yr degree – so it can be easily done
All depends on what you want out of life – each person has to make up their own mind about it.
Of my 3 children, none now has a 4 yr degree and all are doing well. That being said however, one (28 now) is about to obtain a 2 yr degree, and will then be going for a 4 yr degree because she is going into nursing and it’s obviously required for the specialty she wants to be in. One son has a few business management courses and will call that enough as he is self-employed. The other son has just been transfered and promoted within his company, and his company will be paying for his 4 yr college degree now as a part of his salary, because they are grooming him for a management position. He’s worked his way up.
So I guess it all depends on where you want to go and whether a degree is required for that line of work or not. And there are ways of getting that degree without paying for it yourself in cash also. I have several nieces who went into the services, and came out with degrees or with the balance of college paid for. And there are a lot of grants and scholarships out there also.
a higher education is important even if it is not a college education. I am for the opinion that a high school diploma is not enough education for anyone, unless you are steve jobs or bill gates. So people should look for ways of increasing their education levels at whatever field
I think, as has been pointed out, it depends on your situation, what you want to do, and your goals. While I certainly believe that education is important (someday I’d like to build on my Master’s degree), I think that too much focus on a four-year degree as a one-size-fits-all solution is overkill. I know plenty of people who do not thrive in such an environment, and might do better developing skills. Of course, it is possible that some skills become obsolete, but if you choose carefully, you can do quite well. And, of course, you can continue learning, expanding your horizons and getting an education without being in college.
I tend to agree with you on this, Miranda. As I’ve yet to finish up a degree program (though I plan to return for nursing here in the fall), I’ve seen how it may have held me back to some extent.
However, I believe there are skills that sitting in a classroom won’t teach you that can be gleaned from things such as volunteering. I would encourage this to teens while still in high school, so they can get an idea of what they can see themselves doing. Of course, their minds could very well change by the time they get through college — which is why I’m not so much an advocate for the 4 year degree myself — unless they’re in some specialized field.
the problem with america is that going to college is expected of eveyrone, not just those that need it to further their careers. People who have no interest in working in more advanced areas should not go to college, but they still do because it is expected of them. It really bugged me while at college knowing that a large minority of students there had no idea what they were doing there. They took the classes, did their work, but really had no interest in what they were studying. Hopefully this system changes, students will be given a choice, and because of that hopefully secodnary education will become more affordable once again as the demand will hopefully fall.
Preferred Financial Services
i feel you are leaning towards saying that a higher education might not always be worth the investment in time and money. i would have to say that 7/10 times i would totally agree. i think it is important to have people with higher educations but in reality they don’t typically pay for themselves very fast and only put people and families in a tight financial situation over time
It’s more about doing a daily job that you enjoy. Sure you can get a great job in a factory right out of high school, but it’s hard work.
I know I’d hate any of the jobs listed in the post. They are all repetitive or stressful/dangerous.
At face value, it’s increasingly hard to justify college education, never mind post graduate degrees.
However, looking back, the four years at college was such a unique time of my life, and one I will cherish forever. That in itself is priceless.
Sure, I can be working many years before I started if I never pursue a higher education, but I likely would never have gotten the summer job as a technical programmer because I did not have the perceive credentials and skills. As luck would have it, the job exposed me to internet technologies at a practical level and led me to eventually start a website, which led to what I do now.
I could have started working at the age of 18, and even contributed earlier to my retirement accounts. But my life would be vastly different. I can’t say definitively that it would be worst, but I can definitely say that I love my life exactly the way it is.
Success in today’s times can be achieved with or without a degree. All you need is a vision and determination and you can become successful. Yes a four year degree will help you significantly but it is not a requirement for success. There are many stories of people achieving success without the help of a college degree. In Corporate America it is vital. Many people do not even use their college degree and face years of student loans. All I’m saying is just because you do not have a degree does not mean there is no hope for an individual.
I loved college as well, and enjoy learning new things, even though I am not currently in school. And, certainly, I agree that there is more to life than just making money — especially, as cb pointed out, since many of these good paying jobs are stressful. It depends on what your priorities are. I know many people who would rather have the money. In the end, though, I really just wanted to point out that there is something wrong with our thinking that a four-year degree is right for EVERYONE. Because it’s really not.
I totally understand what you’re saying. Years ago, an associate’s degree was enough for you to find a good job. Eventually the associate’s degree turned into B.A. and now we tend to strive for a Masters or even Ph.D. 4-year college graduates now are even having a hard time finding a job…
The list of careers you choice are great income sources- but most of these jobs will require 4 year careers due to overpopulation and increased competition in jobs, similar to how pharmacy was a 4 year degree but now a Pharm.D program.
Get your degree- its the best investment you’ll ever make.
It depends on what you want to do. I went to an art school and obtained a three year professional certificate (a bachelor’s without the academics). No one asked for a bachelor’s. It was enough for them that I attended a good school and had a good portfolio. The advantage ot being surrounded by others who are passionate about what they want to do, is it stimulates you to take chances and do your best work. I couldn’t have gotten that in an informal training situation. For me this was the best of everything.
My husband has his doctorate which was required for his job as a college professor but the pay is not all that high. However, he is doing what he loves. That is the key, do something you care about, love or feel strongly about. I have a two year degree in Occupational Therapy at the assistant level. I loved that job. Of my children one has a Master’s, one an associates, the other three have some college but all are working. Thank you for raising this up. There is such value in an associates degree even in going on later for a BA/BS. Think money savings and value. Mostly we need to let our children pursue their dream and not ours.
The greatest value I got from college is that of the discipline of applied learning. You get out exactly what you put in.
If you want to be successful, learn from successful people and model what they do.
Invest in Jim Rohn’s “Challenge to Succeed” training and get ‘life skills’ that can be applied anywhere.
Invest in George S. Clason’s “The Richest Man In Babylon” to learn the basics of building wealth.
Read Robert Kiyosaki’s “Conspiracy of the Rich” to see what got us into this financial crisis, and to learn how to protect yourself and profit in the future.
Most of all, keep learning and growing… and teaching others what you’ve learned.
dis is da bom I love It
My teater is getting on my nerves…………………………………..
A college education is often necessary to get you in the door.
I’ve got a friend who does IT work. He started back in the days before it was formalized with a college diploma, as such he never finished college. He is also very good at what he does and should have no problem landing a job.
Except for the fact that when you submit a resume it gets run though an automatic screener which boots out everyone who doesn’t meet certain minimum requirements. No BS degree means that the hiring manager will never even see his resume.
So either he networks his way to a job, or he isn’t getting one.
Even if you want a job that doesn’t require a degree it’s probably in your best interest to get the degree anyway. Even if it’s at a dumpy community college. You never know when you’re going to wind up needing it. And often when you need it, it’s too late to go ahead and get it.
At 53, I found it nearly impossible to secure a PR or writing job, despite a hefty resume, strong references/network and glowing clips. Why? Because almost every job for which I applied required a minimum of a B.S.
Employers receive so many applications these days requiring a degree is an easy way to start whittling down the resumes.
I finally secured a job based on my qualifications. The boss didn’t even ask about a degree.
I’m not saying this is true across the board, but it sure is harder.
It all starts with purpose. Why were you born. Your passion(s) are directly related to what you are here for. Problem is, the majority of people focus on how much they can make rather than how much can they serve their gift.
So we have people who were born to be a journalist stuck working in a bank just for the money. You have people in investments whose purpose was to be a landscape artist. What they both were never taught was that their fulfillment and prosperity lies within their passion(s). A landscape artist can make just as much and likely more than his journalism job if done at a level excellence. We know conceptually this idea has become cultural to not pursue your passion(s) in life.
You get paid for the problems you solve and the more rare you are, they more you get paid. There are countless highly successful people who with little to no extended education have prospered in the are of their purpose. If you desire to build and manage a tutoring company for kids, why are you perusing a degree in medicine?
“Some of the most depressed people in the world are the people who are have said no to purpose and yes to money. “
Going to a college or university is good but you should go to school to learn not thinking that you will get a job. Even if you do not get the job you will benefit in life better with a degree. I do not have a degree but, people that do have degrees are not necessarily smarter but they tend to follow through with things which employers tend to like.
I have done college and university recruiting. I went the traditional college route, got my degree, but watched my peers that didn’t do that, speed way ahead, no student loans, more experience than I had, and they got ojt and sometimes tuition assistance down the road. I think they did better financially than those of us did, getting a degree our way. I loved being a recruiter, but the pay wasn’t equal to having had gone to college, those that didn’t made the same as I did. And those I put into degree programs, mostly single parents trying to advance themselves would struggle through, get financial aid, and then when they finished they couldn’t get much more in pay than before and they had this huge student loan to pay back. So I didn’t see that I was helping them, just lining the pockets of the colleges, because they didn’t pay me for having a degree. Education is important but it has to be done the right way for it to pay off monetarily. Other jobs I had, they would promote those with no degrees faster and farther than those of us with degrees, as they said they “appreciated” the opportunity more. Yeah right, NOT. And most of my supervisors/mgrs in corporate America in many industries didn’t have a degree, it showed, but they made lots more than me and my peers. Looking back I wish I had invested the money on my degree on a franchise or something you could sell. I think that makes more sense. I have friends with Master’s working in fast food…so I know they feel stupid.
In the Dallas Market – people with 25 years experience and more in technology with stellar references and work HX are turned down for jobs and they are provide to recent college snot nose grads… with no experience or anything remotely looking like value add — but they got the paper. And no one cares what the paper is even in – just that you have it. What kind of a monster have we created?
I suspect these newbies can be paid alot less, and though it makes little sense to hire guys with little practical experience, the lower costs look good on paper. The few experienced guys are called in to “fix” the difficult problems, while the young guys glory in their jobs, until newer young guys come on the scene.
All my four year degree got me is a massive HECS debt and a piece of paper. I graduated in 2008 and I’m still working in retail. I’ve done temp work, I’ve done voluntary work, I’ve walked into businesses with my resume, I’ve networked. Nothing. I can’t get a job because apparantly I need at least 12 months full-time paid experience.
So don’t waste your time and money doing a degree. Go and work and get some experience. Maybe then you can do a degree and actually get a job with it.
You don’t need a degree to get a great job. I’m a flight attendant and I have been one ever since I graduated high school. It’s really fun, the pay isn’t bad at all and you get to travel the world!
I make 145k a year, have only a GED. Work extremely hard and am very intelligent. I wish I did have a degree as feel I lose the benefit of the knowledge I suppose. But I find I’m more knowledgable and articulate than my peers and even my superiors. I never lied about it but let them assume. I found that when I set my sight on a goal, nothing stops me because I work through the obstacles without stopping short of my goal. I have great people around me. I grew up extremely poor and in a very dysfunctional family. I went through drugs and violence, the latter a matter of survival. I did jail time and am a felon. Was abused as an infant and until I left home at 15. But none of that follows me. I learned to let it go, that too for survival.
I think doing it the prescribed way is the best way though. I really would have gone to college if I wasn’t so busy surviving. I had to learn on the fly. I taught myself to do what I do after I said I can do what I do. Scary. Sometimes I feel guilty making the money I do but I do it for my family. I came to this sight looking for a way to fast track a degree. I would just do one of those fake ones because I think I know enough to meet the requirement. But that’s wrong and I only want to create good in my universe. I found it comes back to you and more.
I ramble. Thank you for the opportunity.