Lately, I’ve read a couple of books where the authors advocate for men to transition into the HEAL (Health, Education, Administration, and Literacy) job market, which is typically dominated by women, as a way to offset the decline in manufacturing jobs. They also suggest that most people would benefit from vocational training, especially programs offered at community colleges.
While reading The Economist, I came across an article about higher education—specifically, master’s degrees—that I found interesting. I’ll provide a summary shortly, but first, I’d like to share some thoughts on my perspective regarding college education at the bachelor’s, master’s, and PhD levels.
First, I believe having a college degree is important if your chosen career requires one. For example, a chemist needs a bachelor’s degree to work in pharmaceuticals or specialized laboratories and then a master’s or PhD if they aspire to engage in research and development or teach at the college level. Clinical psychologists and counselors, typically require a doctoral degree to treat patients. On the other hand, information technology (IT) and cybersecurity professionals often find certifications sufficient for securing well-paying jobs. However, a college degree becomes necessary if you plan to engineer large networks or design cybersecurity strategies to combat hackers and international cyber threats.
Second, if your career requires a college degree, carefully consider where to attend and the associated costs. A bachelor’s degree in chemistry, for instance, holds the same value regardless of the institution, provided it’s accredited. Why spend $100,000 at Harvard, Princeton, or Yale when you can earn the same degree at your state’s public college or university for less than half the price? The same logic applies to degrees for school teachers, social workers, and business administrators. Law is a bit different since some firms prefer graduates from specific universities, but not everyone needs to attend Ivy League schools or spend enormous amounts at private universities.
Finally, I believe high school counselors and teachers need to improve how they guide students and parents in navigating higher education. Some students would benefit from starting at community colleges to pursue vocational training or even joining the Peace Corps to gain experience and maturity before embarking on their professional careers.
I pursued a master’s degree because, upon reaching a senior echelon in the military, officers are generally expected to possess one. This is essential for reading and analyzing high-level documents, such as the U.S. National Security Strategy and, in my case, Army Strategy documents, as well as for developing plans to achieve strategic goals. A solid understanding of geopolitics is required, along with extensive reading and research. The skills I gained through the master’s degree program proved invaluable during my last 10 years in the Army.
I’ve considered pursuing a PhD, but at this point in my life, I don’t see the benefits outweighing the cost and time commitment. Still, the idea continues to float in my mind.
With that said, here’s a summary of the article from The Economist titled “Is Your Master’s Degree Useless?” The article explores the growing popularity of postgraduate degrees, particularly master’s programs, and raises concerns about their financial and professional value. While a master’s degree is often pursued to gain a competitive edge in the job market, the article suggests that many such programs may not justify their cost.
Key Points:
- Growth in Master’s Degrees:
- The demand for master’s degrees has surged globally, with the U.S. and Britain leading the trend.
- In the U.S., postgraduate enrollments rose by 9% in the decade to 2021, despite a decline in undergraduate numbers.
- British universities award nearly as many postgraduate degrees as undergraduate ones, driven by international students and capped undergraduate tuition fees.
- Rising Costs and Debt:
- In the U.S., postgraduate study costs have tripled since 2000, with median debt for these students reaching $50,000.
- In Britain, domestic master’s students paid 70% more in real terms in 2021 than in 2011.
- Limited Financial Returns:
- The average lifetime financial benefit of a master’s degree in the U.S. is estimated at $50,000, often insufficient to justify the costs.
- About 40% of master’s programs in the U.S. leave students with no financial gain or a loss.
- In Britain, master’s graduates do not earn more than bachelor’s degree holders by age 35 when controlling for socioeconomic background and prior academic achievement.
- Subject and Institution Matter:
- Earnings vary significantly by discipline. Fields like computer science and engineering yield higher returns, while degrees in politics, history, and English often result in financial losses.
- Prestigious institutions do not always deliver proportionate financial outcomes, except for top MBA programs.
- Women vs. Men:
- Women are more likely than men to see financial benefits from master’s degrees in certain fields, partly due to longer working hours after obtaining these credentials.
- Policy and Government Involvement:
- Easy access to government-backed loans has inflated costs for postgraduate education in the U.S. and Britain.
- Policymakers are debating whether to restrict loans for programs with poor financial outcomes.
The article concludes by highlighting the tension between addressing spiraling costs and ensuring fair access to higher education. It questions whether the current model for postgraduate study, often driven by universities’ financial needs and students’ aspirations, is sustainable or beneficial in the long term.
Thoughts about leadership, history, and more 
hi Edward, this is an interesting conversation. Young people do seem to become obsessed with studying. There is a career student mentality with some people. I think young people enjoy student lifestyles and not having to work. After all, work requires a lot of tenacity and there are periods of boredom and a requirement to start at the bottom in work environments
LikeLiked by 3 people
You’re right, Robbie, and in some cases, that leads students to pursue doctoral degrees and stay in academia. In that way, they continue their desire to gain additional knowledge by engaging in research. How was your trip to Japan?
LikeLiked by 1 person
Great points, Edward! It’s good to weigh options and whether it makes sense or not. Education is one thing that can’t be taken away from you. My daughter went back to school in Covid online as an engineer and got her Masters in Bus at Cal and while a lot of money to be a VC she needed it. My husband went 2 years to college and never needed it. It can open windows for sure. Great post!💗
LikeLiked by 5 people
Thank you, Cindy, and that’s the key: weighing the options. The good thing is that, according to the article, your daughter should be able to recoup the money spent on advanced education, as women are more likely than men to earn it back.
LikeLiked by 1 person
Back home, college tuition was covered by the government. Masters were partially covered. I’ve seen it in other countries as well Those are benefits which should always be taken advantage of. I was astonished at the cost of tuition when I came to this country. But a college education is a must when one wishes to pursue certain careers. Having a mentor, leading up to and during the college years, is a great idea as well, as navigating the morass can be daunting.
This was a good post, Edward. Thanks for the research and for sharing.
LikeLiked by 3 people
You’re welcome, Nigel. I agree with you that having a mentor is important. They can guide you through career choices and the type of education needed for a particular career. Thank you for reading and commenting, my friend.
LikeLiked by 2 people
You’re welcome Edward.
LikeLiked by 2 people
I have struggled to decide what I’ll say in my comment because I’m so wildly in favor of as much college education as a person feels they can afford. I do like the European model found in many countries that you can attend any university that you qualify for in your entrance exam. I worry about the extreme stress students in the US have because of the outrageous current cost of a higher education. I don’t think students should have to mortgage their future in order to have a good paying job. All that said, I am glad for my BA and MA in Spanish. They gave me the background to do the work (editing), blogging and memoir wriiting I am doing. On the other hand, I think we need to give students job skills in high school so there is well paying work they can do when they graduate. Trade skills; plumber and electricians are in high demand. Why don’t our high schools train kids in those careers? If they want to go to college too, great, but let’s give them skills to make a living while they do.
LikeLiked by 2 people
Yes to all, Rebecca. I completely agree with you. I think, as a country, we should do better in how we prepare our students for life after high school. The social pressure is affecting our ability to decide on the best path, and only when we are mature enough do we realize that we may have chosen the wrong way. High school is extremely important and the perfect time to expose students to a wide range of options and career counseling.
LikeLiked by 2 people
This is good, and I believe, accurate information, Edward. I received my Masters degree when I was 50. I didn’t work for that degree so much for income but rather for credibility. So, the age we get that degree also has a bearing on income.
LikeLiked by 3 people
Getting a degree for credibility purposes is an excellent point, Mary. I can think of a few instances where this applies, such as leading nonprofits or taking on church leadership roles. Thank you so much for adding that piece.
LikeLiked by 2 people
Thank you for this share, Edward. Of course, I have many thoughts about this subject and the material you’ve shared. A few… those in professions like teaching should not take on costly school loans. I’ve seen it too many times. Like you, I considered pursuing a PhD but decided five years ago that I wasn’t interested in “homework” or debt at this point in my life, though I will always be a lifelong learner. Lastly, my graduate degree and additional graduate coursework has been very beneficial for me and will continue to be, in teaching adults. 🙏🏻
LikeLiked by 2 people
You’re welcome, Michele, and I completely agree with your last comment. I continue to reap the benefits of my education. As for the PhD, I love “homework,” and I think I enjoy it more than my son when we do school work at night. 🤓 The debt, though—not so much. I can think of a few other things I’d rather do with that kind of money.
LikeLiked by 2 people
Yes, like travel! 😊 Including to my daughter. 💕🌷 I do enjoy research and love learning however, I reached a point where I needed to get out (of the classroom) and see the world, before it’s too late. 🙏🏻
LikeLiked by 2 people
Yes 🙌🏼! Cruises have been my preference for the past 12 years. I’ve noticed that you can visit more countries that way, and it’s more affordable.
LikeLiked by 2 people
Though the practical benefits of having a postgraduate degree may not always pay off, there’s certainly a personal advancement in knowledge, skills, and even way of being that stays with you for life. You are transformed as the program unfolds. The Susana completing her PhD was no longer the same, at all levels. I agree with you—greater advice and guidance on the degrees to pursue is much needed. In particular, this should include not only career aspects but also things concerning personal well-being and development. Thank you, Edward, for bringing awareness to such an important topic. Much worth considering. Lots of light and blessings to you, my friend*
LikeLiked by 2 people
Thank you, Susana. You are absolutely right about the practical benefits of having a postgraduate degree. I know I benefited from mine while I was working and even now as a retiree. The analytical skills we gain from those degrees are invaluable throughout our lives. I also liked what you said about the well-being and development aspect. That is so important to ensure the resilience of young people as they pursue college studies or enter the workforce.
LikeLiked by 2 people
A really interesting discussion, Edward. I didn’t know that the increase in earnings sometimes doesn’t offset the cost. As always, you provide a deep-dive look into a worthy topic!
LikeLiked by 2 people
Thank you, Wynne. I had the same thought when I first read the article, but it made more sense after I gave it some thought. I have a friend (in her early 50s) who completed a Master’s degree and is still paying off the loans she took out. At her current job, even with pay increases, she won’t be able to pay off her loans before retirement unless she takes some extreme budget measures. It also reminded me of a documentary I saw about a dentist with $1 million in student debt (he went a little overboard with his choice of schools), and he was concerned that it would take a lifetime to pay it all off.
LikeLiked by 2 people
Interesting points to consider, Edward. Of course, not everyone is college material and I agree 100% that secondary education should lean more towards helping students find the right fit for their career paths. In Canada, high schools often have career/job fairs, which I believe is somewhat helpful. I’m not sure if this is the case in the USA.
LikeLiked by 3 people
Thank you, Terry, and they have fairs here as well. My son’s school held three of them this year, and they are very helpful. But you know teens and their attention spans, they need a lot of reinforcement and continued dialogue to make sure they fully understand their options. I think school professionals should expand their discussions to include cost, job opportunities, and the possible long-term benefits or negative outcomes of pursuing certain areas of study. Far too many students select colleges because they are beautiful, have great fraternities or sororities, or are well-known, which is fine but should not be the priority when selecting a college campus, in my opinion.
LikeLiked by 3 people
One thing I wish guidance counselors would recommend more often are the trades. We will always need plumbers, electricians, builders, etc.
LikeLiked by 3 people
You’re absolutely right, Jen. We’re blessed to have a Career and Technical Education Center at my son’s high school. Last year, he took a woodworking and metalworking class, and this year, he’s taking an automotive tech class. It’s great to expose our kids to different fields so they know their options.
LikeLiked by 2 people
great read! accreditation mattered otherwise i wouldn’t have my license…as i would not have been able to sit for my board exams. i am interested though in so many topics/subjects but i don’t necessarily want to go to school and get a degree on it either.
LikeLiked by 3 people
Thank you and you’re right. So many interesting topics and subjects. My reading list keeps growing every week.
LikeLiked by 3 people
Thanks for sharing the insights from The Economist as well, it really sheds light on the challenges of the current education system. This is a really insightful take on education and career choices. I agree that the value of a degree depends on the field and costs.
LikeLiked by 3 people
Thank you, Willie, for reading and commenting.
LikeLiked by 3 people
Your post is insightful and practical, offering a balanced perspective on the value of higher education. I appreciate how you emphasize aligning education with career goals and considering cost-effective alternatives like vocational training and community colleges. The summary of The Economist article complements your reflections, providing valuable context on the challenges of postgraduate studies. Your thoughtful analysis inspires readers to make informed decisions about their education—great work!🤝👍🌷
LikeLiked by 3 people
Thank you so much, my friend. 🙏🏼
LikeLiked by 3 people
🌷👏
LikeLiked by 3 people
I advised students and taught in nontraditional higher education for over thirty years. One thing that absolutely drove me around the bend was the social pressure to get a college degree, that not having one somehow made an otherwise successful person “lesser.”
The same thing held true for young people unsure what they should do next. I finally learned to ask three questions when someone said they needed a college degee but couldn’t tell me anything more. 1) Do you think you would enjoy sitting at a desk all day? 2) Do you enjoy working with your hands? 3) Do you enjoy working outdoors? I made a lot of referrals to our community college system.
The other thing that drove me nuts was the pressure on students to go to college right out of high school. I couldn’t begin to tell you the number of crash-and-burn transcripts I saw in my career. People in their 30s and 40s who started college right out of college when they weren’t ready came to us ashamed, humiliated, and feeling like a failure.
The final point I’ll make is that the recommendation for post-secondary education got oversimplified to mean a four-year college degree, and any other post-secondary education was “lesser.”
I’ll stop now. Needless to say, you’ve touched a nerve.
LikeLiked by 5 people
Liz, you’re spot on about the pressure, and I remembered the actresses Lori Loughlin and Felicity Huffman, who got in trouble a few years back for paying money under the table to get their kids into college. There are so many options out there, and all are worthy. So, putting pressure on young people to get a bachelor’s degree no matter what makes no sense, especially when they’re not ready. Those three questions are excellent and simple enough to get some good feedback and guide them in the right direction. Thank you for your comments, and sorry that I touched a nerve. I’ll make it up to you on Thursday, and hopefully, I’ll find a good sound. 😀
LikeLiked by 4 people
You’re welcome, Edward. 🙂
LikeLiked by 3 people
Ahh, thank you, Edward, for a well thought out and organized article/essay on something I think about from time to time. I think about my ancestors of whom 2 grandparents got to college but graduation was not the goal. My grandfather learned how to be. abetter farmer on his homesteaded acres in North Dakota and my grandmother graduated from a religious college (majored in music and Christianity) before she started teaching in a one-room school house where everyone spoke Norwegian as their primary language.
Their only child, my mom. was sent to the University of Minn where she met my dad who had returned from WWII to continue until graduation. I went to Calif State Uni as did 4 of my 5 siblings. Then my kids went to Universities – one of Oklahoma and one of North Dakota. – and their kids? – One has graduated from the Uni of North Dakota with a degree in Communications and the other is still a Junior in high school so she’s got a bit of time but she wants the medical field.
This college thing is in the family – I am so grateful I had the money to send my grandkids – I wasn’t able to do that for my own kids.
I really don’t understand why college tuition isn’t free (not room and board) for a Bachelor’s Degree. I could legally quit after the 8th grade – high school was not mandatory in ND then, and parents had to pay for HS textbooks.
Times changed and a high school degree was required for a productive job. Then it changed again and a couple years of college was seen as being definitely worth while for the US as a whole and for the individuals.
And some states started going that way (community colleges all over for awhile). Now? A Bachelor’s degree is usually (NOT always!!) necessary for doing well in the world at large as well as for personal satisfacti on. The costs are outlandish but the wealth gap is getting wider and wider in general.
Thanks again,
Becky
LikeLiked by 4 people
Thank you, Becky, for your excellent comments. I blame it on greed. There is a shortage of nurses, school teachers, and doctors, to name just a few. There should be a national or statewide program to offer students free education in these fields, with a commitment to fill vacancies after graduation. I know some states are implementing such programs, but this should be nationwide. Additionally, the federal and state governments need to address the issue of private universities being excessively expensive. I understand that politics and money play a significant role, but young people are becoming overwhelmed by the high costs.
LikeLiked by 2 people
I so appreciate this post, Ed. I got my Bachelor’s (graphic design) at age 52. Now my Master’s (new media journalism) at 64. I am currently on schedule to pay $500+ per month to pay it back. Haven’t paid back the $75 for the Bachelor’s yet. I found that the critical thinking and research were the most significant skills. These are what should be taught in high school. More emphasis on these skills would help a young person determine if they should wait, go forward, etc. Learning to evaluate your what, why, and how is imperative. I love learning but I probably won’t go back for a PhD. If I acquired any additional degrees it would be for business. I agree that the cost for higher education is ridiculous.
LikeLiked by 4 people
Thank you, Sandra, for sharing a bit about your educational journey. New Media Journalism sounds like a fascinating field of study. I watched your interview with the young lady who is working on bringing a medical school to the Las Vegas area, if I recall correctly, as well as supporting the elderly. The interview was well done, and that’s an excellent area to investigate and report on through social media.
LikeLiked by 3 people
You’ve got lots of useful information in this post, Edward. It breaks my heart that education has become so prohibitively expensive, escalating wildly in the past several years. It’s far less expensive in Canada, but still far more than it used to be. And it’s all about qualifying for specific work these days, although young people aren’t necessarily sure what they want to do when they finish high school. Learning for learning’s sake, to broaden your mind, has gone by the boards. Who could afford that?! Yet another sad commentary on where we find ourselves. Thanks for providing this solid background for people.
LikeLiked by 7 people
Thank you, Jane, and you’re absolutely right about the cost. It’s just insane. It’s really hard to find a public university for under $10,000 a year in the U.S. There is one in my area, but the rest are private and very expensive. It’s really hard for young people to know what they want when they’re in high school. Unless they’re exposed to different educational options and careers throughout their high school years, they’re left to figure it out on the fly and at a very expensive pace. Completing a bachelor’s degree only to find out that your interest was in something else is a painful way to go.
LikeLiked by 4 people
My degrees have meant the world to me, not so much financially as for some, because they are in literature and creative writing, but in all the ways I learned to carry through and learn and grow. My life is rich in so many ways because of higher education.
LikeLiked by 4 people
That’s awesome, Lori. I’m still considering the idea of a PhD because I think I’d enjoy the scholarly work and the research aspect of it, but the cost is pretty high. There is a cost-benefit analysis that I can’t ignore.
LikeLiked by 2 people
Absolutely, Edward. I think I understand. I would probably be in school forever if I could afford it! I’m never as happy as when I am stirred by a fascinating lecture, given something new and exciting to read, and then given an opportunity to make something new of it. When I went to grad school, I thought of it as a much better way to go into debt than if I had bought a new car (which would never have given me any fulfillment). Nowadays, more than ever, I say thank goodness for libraries!
LikeLiked by 4 people
I’m with you about the lectures and libraries. I try to support my local library as best I can. They were extremely happy when I donated a complete series of children’s books, most of which were almost brand new, last year.
LikeLiked by 3 people
I like Lori’s comment. College was an amazing experience in my life. Although, I almost didn’t go because a visiting college recruiter thought that since I didn’t have family support, (extreme poverty, my folks couldn’t read, and no one in my family had gone to college before) he suggested the best I could hope for would be to get a local factory job. Which I did right out of high school, and I hated it so terribly much! By working and saving, I finally pursued my dreams and earned a Bachelor’s in Education with minors (areas of study) in Early Childhood, Psychology, and Library Media. College is way too expensive, and that is something students need to consider before they go. Until it becomes free, or cheaper, us folks in lower income brackets need to understand that it will take a lot of work. I worked 2-3 jobs while in college. With my (expensive) education I’ve been able to work in all the cool jobs I went to college for (and work extra jobs to pay off my college loans within 10 years). I have no regrets about going to college. I’ve met so many amazing people and learned so much more about the world than I ever would have if I stayed in my local factory job. I love taking community ed courses, free online courses, and attending free or low-cost college events. If only I could find that perfect career that pays me to learn the things I’m interested in…
LikeLiked by 3 people
Thank you for your excellent comments, Rose. I also enjoyed my time in college and learned so much. More importantly, that’s where I met my wife, so I’m incredibly grateful for my college experience. I really liked your last comment about finding the perfect career that pays for education. Interestingly enough, the military offers or covers the cost of many classes and seminars. I know I attended a lot of leadership and management training for free throughout my career. I always recommended these opportunities to my young soldiers, but most of them weren’t interested in pursuing further education.
LikeLiked by 1 person
I was the first in my family to complete college also, Rose. It took me years of taking one class a semester at night— but so very fulfilling! Congratulations on your achievement!
LikeLiked by 3 people
NICE
LikeLiked by 2 people
Thank you.
LikeLike
I really agree that high school staff should better prepare students and families. I sure wish I’d had a stronger system when I was that age… who knows how things would have gone. I did eventually complete a degree, but I wonder how differently my education would have turned out, had I started out better prepared. Hugs
LikeLiked by 3 people
Thank you, and I went through the same thing. We had two high school counselors, and they didn’t provide any useful advice. It wasn’t until my second year in college that I actually received some good advice from one of the professors. I’m grateful for her advice and definitely better off now because of it.
LikeLiked by 3 people
Cheers to you, Edward, for your thoughtfulness on this complex topic. I appreciate how you addressed differences in credentials and how needs vary by vocation/industry True enough!
And…I’ve seen a teensy trend toward acknowledging work experience more fully – in tandem with degrees in progress – which is encouraging. Last…thanks for your shout out to accredited schools that do a tremendous job of training skilled workers. Certificates, short-term credentials and Associate Degrees.
😊😊😊
LikeLiked by 3 people
Thank you so much, Vicki, for your comments. I liked what you said about work experience in tandem with degrees. I’m actually noticing a lot of companies promoting from within and supporting employees with certifications and college degrees, which is a great retention tool. I wanted to highlight the accredited school part because there are so many young people attending unaccredited schools, and it’s really hard to see them wasting personal resources on education that, in most cases, is not accepted in the workforce or academia.
LikeLiked by 3 people
I’m so glad you added that important — but honestly STILL overlooked aspect. Accreditation matters, especially given the costs and the time involved. Great post! 🥰
LikeLiked by 3 people
Absolutely! Thank you, Vicki. 🫶🏼
LikeLiked by 3 people