Over the past few years' different economists and researchers have encouraged the students to reevaluate their educational plans. Mainly because the four - year degree plan seems a bad choice in certain cases for the students. This at times results in low graduation rates, higher debts for the students, losing the working hours and also inadequate learning for the students which in turn results in poor job prospects for such individuals. These studies need to be given more importance and the data needs to be analyzed more deeply in order to understand the importance of college degrees and evaluate the degree in terms of jobs and earnings and how this would impact the career growth of students in the longer run.
The degree of students and its impact on the overall career growth of the students holds a major importance. A number of studies have been conducted over the period of time to discuss the particular issue. Different economists and theorists have argued that most of the students have taken the jobs which do not complement their degrees. These jobs provide an advantage of approximately 80 % of general earning for the students with a baccalaureate degree as compared to the students who are only diploma holders. Another known fact is that the employees with significant college degrees have a better opportunity to earn better as compared to less educated individuals (Fuller, 2017).
It would not be wrong to say that education has become essential for the socioeconomic advantage of any society which also aspires the economic mobility in the longer run. A well-educated workforce proves to the most vital core component for the future economic growth. Higher education is currently demanded by almost all of the employers across the world. It is obtained through a complexed private-public market where different individual get affiliated with different institutes. This has also resulted in an increasing trend for the post-secondary education which in turn demands an importance to be given to cost and affordability of the higher education.
Graduation rates
The importance can be witnessed in the increasing number of college enrollments all across the world. It has also been analyzed that a qualified workforce is essential for building the economy of any society. The graduation rates among the students also hold a major importance in ascertaining the jobs and earnings for the individuals. It has been analyzed that if the number of dropouts is higher than the cost and the time required to understand the benefits incurred by certain colleges and thus making the whole process questionable. The graduation rate is still difficult to ascertain according to certain studies the graduation rate is below 50 % while others suggest that it is more than 57 %. This makes it difficult to analyze the actual situation of the level of education and its impact on the overall earning of the employees making these number flawed when comparing at a national and international level (Burning Glass Technologies, 2014).
Studies have determined that almost 50 % of the students have enrolled either in 2 years or a four-year bachelors program, including the 50 % of the students who start the community college at a competition of the baccalaureate degree only 28 % of these students end up completing their diploma programs. Studies have also shown that a large number of students have enrolled in the public or no t-for-profit post-secondary programs. Among these students almost 61 % of the students have obtained a bachelor’s degree, 4% of these students have obtained an associate degree while 2 % of these students have received the certificates of diplomas. While 15 % of the students are still in their race of education enrolled in the colleges getting degrees.
The increasing trend in higher education of the students has resulted in one of the major factors, initially, the increase in tuition fee of the individuals have implied a major impact in declining the state government funding for supporting the public higher education. As initially the government provided almost 80 % of the fee for the deserving students and 20 % was paid by the students themselves. But after the increase in the tuition fee, the government takes a burden on only 40 % of the tuition fee and the rest 60 % is paid by the students themselves.
Higher education landscape
The post-secondary education represents the significant aggregate in the growth of economy all across the world. In the current scenario, the colleges and the universities have been divided into three major categories including the public institutes, non-profit institutes and the private for-profit institutes. The public institutes rage from the two - year community college to higher graduation level research institutes, while non-profit private institutes include the institutes which receive a portion of their funding directly from the state or the government level. While the private non-profit institutes include some of the most selective institutes of the society i.e. the Ivy League schools and other small religious and liberal arts institutions. Contrary to the non-profit schools, for-profit institutes do not have a tac preferred profit status which in turn allows them to distribute the profit earned to the investors in the later run. Analyzing the importance of a degree, the number of enrollments have also increased in all these kinds of institutions.
Why education
Studying a number of theories, it has been analyzed that education is the core to the success and growth of any society. It is the most vital component for providing any society with the compelling success as required. This helps in strengthening the economy of any nation as an educated workforce is the most productive workforce. A proper education helps in increasing the skills of the individuals and is most likely to fight against the unemployment in most of the cases. It has been observed that almost 65 % of the bachelor’s degree holders end up in attaining higher earnings as compared to the high school graduates. A better education is most likely to result in better understanding of the technological advancements and a better knowledge to cope with these technological advancements in order to attain a higher level of earning and provide the society with a better economic growth in the longer run (Schinkel, 2017).
Education also results in providing a better intergenerational mobility and a better chance for the individuals to attain the independent economic status in the society. This helps in providing better economic mobility staked by different college and high school graduates. Without a college degree, children end up with the lowest economic growth and have a low or nil chance to attain growth in the society.
Discussion
In the current times, different students look for different options when it comes to deciding their career paths. The above research defines that education is essential for the growth of any economy and also provides with better opportunities for the students to choose a career of their own choice with better prospects associated with them. In order to live a comfortable life, a handsome wage is mandatory for any individual, which can only be ensured through proper higher education. Students are now observed to choose their field of education which ensures them with a bright future with a number of future prospects awaiting them. The increasing degree of inflation is undermining the level of growth prospects defined by the society defining the career and growth opportunities for the students.
The increasing inflation in the current times is one of the major reasons for the increased competition in the society. This has, in turn, resulted in an increased demand for higher education of at least a four -year degree program instead of just getting a diploma or any higher school education. Most of the jobs in today's time period are dependent upon the level of degrees of the individuals and how compatible they are with a certain job type. Earning a proper income is one of the major demands in order to meet a set life standard (Griggs, 2015).
Although a number of individuals are also observed who do not have the required educational background but still have achieved a higher income level just by their sheer luck. This might include some celebrities or sports stars who have achieved a certain income level because of their hard work and the luck which supported them at the right time with the right availability of opportunities. In the case of these celebrities, they even end up earning more money than any of the highest education holders. But this does not mean that education can be ignored or that one should only rely on their luck. The employers in the current times are searching for the individuals with the right and higher education which cannot be ignored under any circumstances which define the importance of education for the students.
Conclusion
Higher education is extremely critical for the socio-economic advancement of any society which results in aspiring the individuals to better economic mobility and helps them in leading a comfortable and better economic growth for the individuals. The employers in the current times are looking for not only highly skilled professionals but also the higher educated individuals who are qualified according to the current demands of economic growth.
The economic return of higher education still remains the pathway for the economic mobility of the current society. The colleges and schools now educate the majority of the students according to the demands of the higher education required by the employers and the economic growth of a society. The importance of education can never be ignored under any circumstances as this holds the key to the success of any society.
References
Burning Glass Technologies, (September 2014), Moving the Goal post. Published by Burning Glass Technologies
Fuller, J., Raman, M., et al. (October 2017). Dismissed By Degrees. Published by Accenture, Grads of Life, Harvard Business School.
Griggs, G. (August, 2015). Physical Education: primary matters, secondary importance. Education 3-13, 35(1), 59-69.
Schinkel, A. (March 2017). The Educational Importance of Deep Wonder. Journal Of Philosophy Of Education, 51(2), 538-553.
