The Worth of a Bachelors Degree
Introduction
In the contemporary economic climate, and the scarcity of jobs in the employment sector, potential employees are ever more recognizing the importance and worth of higher education. Given the overwhelmingly vast pool of job seekers, applicants without higher education credentials are involuntarily left out of a company’s search simply because of lack of confirmable credentials. Data from Bureau of Labor Statistics indicate that completion of a higher degree is crucial for all job seekers. In 2009, the Bureau of Labor Statistics indicated that the rate of unemployment was thrice higher for people without a bachelor degree. However, the unemployment rate of people with bachelor degree compared to those with masters and doctoral degrees was higher. Apparently, the unemployment rate for people with masters and doctoral degree was lower. This is an indication that completing a bachelor degree does not guarantee steady and instant employment. In this regard, the value of a bachelor degree is open to discussion. This is because of the increased high unemployment rate among college graduates, exacerbated by the costly nature of getting a Bachelors degree. While a Bachelors degree is considered as a start on pad to a better degree and bears advantages that maintain its position as a highly worthy pursuit, the means of achieving this degree are slowly diminishing. As a result, the society requires a cost-benefit analysis of the pursuit of a Bachelors degree, the results of which may inform alternatives or the best ways to accentuate the value of a Bachelors degree.
Lack of a Bachelors degree puts to remission the opportunities and life possibilities of a person, leading to poorer quality of life in comparison to an individual with a Bachelors degree. Sandy Baum and Jennifer Ma, senior policy analysts and consultants at a renowned College Board, respectively, discuss a number of the economic opportunities and financial advantages that lacking a Bachelors degree precludes one from accessing. Baum and Ma cites “ a positive correlation between higher levels of education and higher earnings for all racial/ethnic groups and for both men and women” that clearly indicates that people who do not have Bachelor degrees have significantly lower earnings (992).
Furthermore, the Baum and Ma argue that college graduates “are more likely than others to enjoy employer-provided health insurance and pension benefits (Baum and Ma 992). Employer-based health insurance supports the well being of employees. However, this package is only available to employees of a given organization who meet the employment criteria set by the organization. Highly educated and high-income Americans are eligible for employer-based health insurance (Teitelbaum 52). Education level is a crucial aspect in provision of employer-based insurance. For instance, it is easy for college graduates to attain higher income and get jobs that offer affordable employment-based insurance compared to less-educated people. Joel Teitelbaum, an author, ascertains that over half of non-elderly uninsured people do not have more than a high school education. These individuals remain uninsured for longer periods of time compared to those with higher education credentials (Teitelbaum 52). Health insurance offers tangible health benefits besides increasing care thereby affecting positive health outcomes.
Caroline Gulbrandsen, a Dean of Faculty at the Rasmussen College, provides further insights comparing the income figures for people with and without a Bachelors degree. She cites the Bureau of Labor Statistics figures which indicate high school graduates earns $626 weekly, an amount significantly lower than the $1,025 a week, earned by college graduates. As a result, a high school graduate earns nearly $21,000 less annual income than college graduates. The differences in earning result in a considerably poorer socioeconomic disposition for high school graduates compared to one with higher education degrees. Besides the differences in earning, people without Bachelors degrees are more constrained in terms of accessing employment opportunities. Scarlett Madison, a market analyst at Top Cultures, cites Rasmussen College’s infographic indicating that people high school graduates have higher unemployment rates than Bachelor degree graduates (Figure 1). Further, Madison indicates that the trend will continue into the future, where high school graduates will only have access to 5 million jobs by 2025, compared to 25 million jobs for college graduates. Moreover, Bachelor degree graduates have an increased median earning compared to high school graduates. Besides, the analyst cites an attractive statistic that 97% of all Chief Executive Officers (CEOs) have at least a Bachelors degree, indicating the level of opportunity deprivation facing high school graduates
Figure 1: A 2005-2009 comparison of unemployment rates between people with High School diplomas and Bachelors and beyond, indicating high school graduates are disadvantaged (Madison).
The lack of a Bachelors degree prevents individuals from enjoying several benefits that are difficult to quantify financially. These benefits include, increased employment prospects, a networking, talent growth, socialization and health benefits. Baum and Ma discuss some of these non-monetary benefits, including “the psychological implications of unemployment” that are significant in influencing the quality of life of an individual (993). Furthermore, people without college education may miss the opportunity to interact with people from a wide range of cultural backgrounds, worldviews, and beliefs as exist in colleges. Consequently, Baum and Ma argue that college-educated adults “are more likely than others to be open to differing views of others,” translating to low acceptance of diversity and cultural competence high school graduates (993). The two analysts also cite a number of other personal, non-monetary benefits missed by people without Bachelors degrees, including healthy lifestyles, participation in organized volunteer work, civic awareness, and good courses such as blood donation. From this perspective, higher education helps in achievement of wide assortment of personal, financial, social, health and other lifelong advantages. As a result, lack of a bachelor degree affects a person’s financial stability, social growth and lifestyle. For instance, most higher learning institutions hold programs that advocates for drug free and healthy living practices, covering the healthiest foods, best exercise techniques, proven relaxation perspectives, stress reduction modes and other helpful lifestyle strategies. Such programs foster physical, emotional, social, intellectual, spiritual and mental health.
According to Gulbrandsen, pursuing a Bachelors degree expands the networks formed by individuals in their lives, which not only provides opportunities, but also expands an individual’s social network and friendships. Apparently, education affects the society through socializing individuals. People of different cultures, talents, personalities, races and genders are brought together through higher learning institutions. The dominant view of higher learning institutions is that such institutions process individuals. Higher learning institutions are some form of organized networks of socializing experience that prepares people to fit and function in the wider society. Higher education in the modern society is recognized as a capital investment because of its overriding significance in social and economic development. Higher learning institution are accountable for equipping people with advanced knowledge and proficiency needed for position of accountability in business, government and in other professions. With no participation of highly qualified employees, the procedure of economic growth cannot be feasible. As a result, people should recognize the value of higher education for social and economic development.
According to Robert Sternberg, a senior vice president at Oklahoma State University, higher education comes with both financial and non-financial benefits. While people secures well paying jobs because of their educational level, other build up talents enhanced through socialization and schools’ extra-curriculum activities such as sports. For instance, athletics benefit from an all round development outside sport, which they would miss had they bypassed college directly into professional sport. The financial and non-financial benefits to the individual are paramount in the modern society. Baum and Ma argue that most people with Bachelor do not depend on public spending for social safety net programs (994). In contrast, lack of Bachelors degrees may constrain people to unemployment and poverty, leading to low tax revenues and high spending on public assistance programs. When more people are unemployed because of lack of certifiable credentials, the government receives reduced tax revenues. The problems instigated by unemployment include increased poverty that consequently increases public spending in the sense that the government put up programs to assist the unemployed with basic needs. Baum and Ma further ascertain that certifiable credentials reduces poverty level and augments populace wellbeing “increases material standards of living and improves the overall well-being of the population,” which is an advantage foregone when people lack Bachelors degrees (994).
High costs, time and distance affect achievement of college degrees (see Figure 2). Ashburn, a renowned scholar argues that earning a Bachelors degree is expensive. Moreover, Sloane, a community college expert, observes that the “price of the degree, what customers pay in tuition, discounted or not, keeps rising. This cripples families in cost and debt and shuts out those whose income prohibits them from even thinking about college”. Therefore, one of the factors that prevent people from earning a Bachelors degree is the high costs incurred.
Figure 2: The top barriers of entry to a Bachelors degree (Rasmussen College).
However, with the intervention of all relevant stakeholders, who include higher education department, existing colleges, distance education providers, high school stakeholders, and the community, higher learning can be made easier and cost effective. For instance, in the contemporary world, learning has been made easier and accessible in the sense that people can access higher education through online facilities (Rehman 1032). Online learning has been made available to home bound women, girls and other societal stratum (Rehman 1033). The revolutionary innovations in information technology enhance distance learning education thereby making higher learning more effective. More and more students get access to personal computers and they learn through the internet, an aspect that makes easier the achievement of higher learning credentials. Distance learning is supported by e-instructors videoconferencing. Learners can as well consult tutors through telephones, computers. In expanding the opportunities for people to access a Bachelors education, barriers preventing higher learning should be handled. For instance, corporations can partner with local schools and higher learning institutions to sponsor some students by providing financial support. NGOs and other corporation can provide sponsorship and scholarship programs through intermediary role or facilitation that helps link students to higher learning institutions. NGOs can also helps with bursaries and grants allocation for well-performing and deserving students while educators can provide enough information to students regarding higher learning. Many high school educators ascertain that lack of communication between higher learning institutions and high schools impacts student’s access to higher education. Educators can also facilitate higher learning through provision of specialized textbooks, CDs and cassettes which will enable students to study on self-learning basis, an aspect that cuts on costs ((Rehman 1033)
The interventions for this problem entail improving the curriculum and involving industry players to make the curriculum responsive to industry needs. In this case, institutions may introduce tailored courses to suit industries, besides inviting firms to help inculcate the practical knowledge, skills, and abilities requisite in industry. Investing in higher education will also enhance the capacity of institutions to provide meaningful education that will ensure graduates are sufficiently qualified to practice.
Placing more emphasis on Bachelors education may appear as supporting a white elephant, given that attaining a Bachelors degree is costly and still exhibits high levels of unemployment (Sloane). As a result, it may be more reasonable to invest in entrepreneurship after attaining a High School diploma than to invest in a Bachelors degree. Further, the proposed approach to addressing quality problems entails involving industry players, who may find it costly to help introduce college students to industry given the suppressed economy. However, a cost-benefit analysis on college education reveals that it offers more than the financial benefits to the individual and society. Further, Baum and Ma (995) indicate that the “earnings benefit is large enough for the average college graduate to recoup both earnings forgone during the college years and the cost of full tuition and fees in a relatively short period of time.” Besides, Bachelors graduates still enjoy higher employment rates than their High School graduate counterparts. The involvement of firms in improving the quality of Bachelors degrees and employability of graduates will prove to be attractive to such firms. This is because they can have their employees take part in the program on a voluntary basis, which helps save on costs. Further, they stand to benefit from a more qualified pool of potential employees and less training and development costs in the future.
Conclusion
The discussion reveals that lacking a Bachelors degree is accompanied by financial challenges and non-financial challenges at the individual level, besides denying the society of attractive benefits that result from college education. However, individuals wishing to pursue Bachelors degrees face barriers such as time, convenience, and costs as well as low quality of education. The proposal entails leveraging the contribution of various relevant stakeholders to expand the opportunities for people to access quality Bachelors degrees. Stakeholders such as government agencies and nongovernmental organizations can help address the cost problems through affordable loans and scholarships. Improving curricula and involving industry players will help solve the quality problem. A cost-benefit analysis serves as a rebuttal to the counterargument about the worth of a Bachelors degree. Ultimately, the discussion underpins the argument that a Bachelor degree is advantageous and highly worthy of pursuit.
Works Cited
Ashburn, Elyse. “An Honors Education at a Bargain-Basement Price.” The Chronicle of Higher Education 53.10 (2006): 1-12. Print.
Baum, Sandy, and Jennifer Ma. “Education Pays: The Benefits of Higher Education for Individuals and Society.” Trends in Higher Education Series. College Brand, 2007. Print.
Gulbrandsen, Caroline. The Importance and Value of a College Degree. Rasmussen College, 2011. Web. 16 Nov. 2012.
Madison, Scarlett. In a Down Economy, Bachelors Degrees Gain Importance. Top Cultured, 2011. Web. 16 Nov. 2012.
Rasmussen College. The Bachelor’s Job Market. 2011. Web. 16 Nov. 2012.
Sloane, Wick. The Bachelor’s Degree is Obsolete? Inside Higher Education, 2008. Web. 16 Nov. 2012.
Rehman Attiq-Ur. Role of distance education in promoting higher education. Interdisciplinary Journal of Contemporary Research in Business, 4.5. (2012), 1032-1038
Sternberg, Robert J. College Athletics: Necessary, Not Just Nice to Have. National Association of College and University Business Officers, 2012. Web. 16 Nov. 2012.
Teitelbaum, Joel. Essentials of Health Policy & Law. London: Jones & Bartlett Publishers, Apr 6, 2012
