Education- or Job Training?

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With college tuition skyrocketing, it’s not surprising that kids are graduating from college owing a fortune.  And, many of these loans were guaranteed by their parents- which is one of the reason why so many folks in their late 50s and early 60s are saddled with unpaid college debt.

We also know that many of these same kids added to their debt load by going to law school.  And, since the law schools have been flooding the market with graduates, these folks are graduating and can’t find jobs.  Many of the now-unemployed lawyers are using the courts to challenge the implied promises of these universities.

Given these facts, it is not surprising that there’s a move afoot to have the colleges provide the average salaries for those that have finished their programs.  This is supposedly to alert potential students of the cost-benefit of the various programs.

For example, the Commonwealth of Virginia is now publishing the average wages for each of its state schools.  (See chart below.) And, 9 other states are going to be accumulating and publishing this data, including California, Florida, Tennessee, Colorado and Texas state schools.

Salary, Virginia Colleges

 

Unfortunately, there are a lot of holes in the data.  (For example, the Virginia data covers less than 35% of the PhD graduates from those state schools.)   Part of the reason that Virginia’s data is incomplete is because the salaries are only collected from those employed within the Commonwealth- and also don’t work for the US Government.  Given that in this area, many students choose to work for the US government and others find work out of state, the data may actually not be of any use to anyone.

Salary Data, All Virginia Colleges
Graduates and Salaries, Virginia Colleges 2005- 2010

Right now, the (Virginia) State Council of Higher Education stipulates data be collected for graduates at 18 months and 5 years post study completion.  A new stipulation is that the schools will have to disclose the average student debt as well.

In Virginia, the Jefferson College of Health Sciences graduates have the highest starting wages, since most of them are nurses (a profession in great need).  Their salary average, $ 56,400, is more than $ 15K higher than that of UVA ($ 39,648), one of the finer institutions in the Commonwealth (and the US).   Of course, some 70% of UVA students graduate with liberal arts diplomae (which typically yield lower starting salaries); only 17% are from engineering and applied sciences.

But, I, for one, am still not sure that college education is all about getting high wages.  Of course, I am also thrilled that none of my children decided upon a program that has little utility in the real world.  (There is actually a BA degree available in American Studies of Popular and Visual Culture- I kid you not!)

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13 thoughts on “Education- or Job Training?”

  1. Roy,
    My son–who is a senior this year–is struggling with this issue, of whether to go to college next year or not. He is a self-taught web designer and developer, with a lot of demand for his services. He has a hankering to just start his own business and skip the hassle and expense of college (he’d have to go into debt). I don’t know what to tell him. I have a Bachelor’s degree and my husband has a PhD, so we support education, but we also realize that times are a’changin’. What do you think?
    Amy recently posted..Increase the happiness in your home today: bake bread!

    1. It’s a very tough decision, Amy…
      I never considered my education a ticket to the job world. That may have something to do with the fact that I designed a few novel products before and during my initial college years.
      I do believe education is important, as well. But, as you will see in next week’s post, I don’t believe that our degree inflation is not the answer, either.
      I think your son can start his own business- and go to college. It’s not easy, but it will be worth it. And, instead of following the “curriculum”, he should insure that he takes courses in marketing, accounting (or finance), along with his technical track. So, that he can succeed in his business goals, as well.
      It’s how I always advised my mentees!

  2. LIke many things stats aren’t always super helpful… but it’s a great point for consideration and discussion. A potential student should do some research and, yes, although high earnings is not the be-all and end-all in life, paying ones bills is a GOOD thing….

    1. Given the fact that healthcare exchanges are being developed, which will have access to incomes of all citizens, I don’t know why the same analysis cannot be done at the federal level. At that level, given the known fact of who graduated from where, real statistics can be provided. Ones that may actually inform the potential consumer, Alessa.

    1. I am still unsure if college should be responsible for training folks for jobs. (You can hear more about this next week, when the queued blog continues this rant…)
      But, I am certain that certain degree programs need to be omitted. Not only will they save the university/college system money (that they can use to lower their costs!), but will save countless, perhaps clueless, young folks from obtaining degrees that have no utility whatsoever!

  3. That’s really interesting–and if the data were complete enough, it could be even more useful. Still, worth being aware of.

    I briefly decided I wanted to get a degree. Didn’t even complete one class because I came to the realization that being forced to study things I already knew, or that would not be truly valuable to me in business, was a waste of time and I could be focusing on income generating activities instead. So my own education has been focused on filling the gaps I need to in skills/knowledge and looking at what’s next that I want to learn and master.

    It’s not the right approach for everyone, but it’s been the right choice for me and I make more yearly than most of my college educated friends (and I love what I do!).
    Michelle Shaeffer recently posted..Don’t Cross the “What Not to Blog” Line

    1. What you wrote, Michelle, is clearly the logical approach.
      I knew I wanted advanced degrees, because I would be confronted by those who would challenge my ideas (and get away with it), not on their merits, but via pedigree. Given my desire to develop medical and biological devices, I knew the stakes going in. So, I knew the price of admission (or at least, I thought I did).
      But, I managed to obtain valuable skills and training in business, finance, management, accounting, among other areas- by not playing by the “rules”, so that my life’s ambition would be a possibility- if not a reality.
      I’m glad you, too, found the path to help you achieve your mission.
      Touche!

  4. Great post, Dr. Roy! I know that I have had a lot of grief from people about my choice of going for a doctorate (although I must admit that when I have kids, that will almost certainly include cautionary tales to make sure that they know what to expect if they go this route), but I think that we definitely need to look at what is going on in our colleges. One of the more baffling things to me is one of my colleagues who has no desire to teach after graduation who is teaching now. (In all honesty, it seems to me like if you don’t want to teach, you should open a spot for someone who wants to.) Sorry to go on a rant, but on the larger point of the post, I can understand the idea of CBA for schools, but we need to understand that there is more to college than just a high-paying job at the end.
    Steve Nicholas recently posted..Do You Have the Right Tools

    1. Steve:
      In no special order…
      I’m not sure your colleague was provided much choice. The programs typically demand at least one semester of teaching. And, some only have “funding” for those who follow the rules.
      After all, the PhD program generally prepares folks to teach other folks. So, the powers-that-be consider required teaching efforts as part of their responsibility to prepare you for the future. of course, offering teaching classes (i.e., real training) would be a fantastic concept- one never applied.
      Secondly, obtaining a PhD is something that needs internal drive. Both because of the situation- and similar ones- to the paragraph above. It’s also why so many students end up obtaining the ABD (all but degree) degree- they go through the program, but just fail to complete one piece and never obtain that PhD or ScD.
      Good luck on your completion… I want to be there to clap for you!

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