The ever-rising costs of a university degree, coupled with increasing numbers of unemployed graduates, has left the latest generation of students pondering over whether a college education is worth it. Do the benefits of a college degree outweigh the costs?
Whether college education is worth it dependsShow moreShow less
The value of a university education depends on several factors including the financial assistance available, the field of study and the higher educational institution.
Different fields of study provide different returns on investment. Therefore, the value of a college education depends on the field of study.
Assessing the value of university depends on both the end goal and the field of study. If someone wants to work in a hotel or become a tour guide and goes to university to study tourism, the costs may outweigh the benefits. The field of study is not transferrable to many other careers, and the degree is not necessary to get a job in the hotel or tourism sector.
However, if someone goes to university to study a STEM (science, technology, engineering, or mathematics) subject, they can expect to earn around three times more in their lifetime than their non-STEM graduate peers. Therefore, some fields of study are worth the cost of university education, while others may not be.
[P1] Different fields of study provide different returns on investment.
[P2] Therefore, the value of a college degree depends on the field of study of the degree.