Earning a college degree will leave many young adults in debt for the next... oh, let's just say, the rest of their lives. And you can wrap your head around that, at least to some extent, if you think the investment you make in that degree (which generally falls between $100,000 and $200,000) will be the ticket to higher salaries, quicker promotions, and a better quality of life.
But is that just a lot of Ivy Tower propaganda? Does college really prepare you for a career?
GlobeSt.com, a commercial real estate media site where I once worked, suggests in a post this week that it doesn't, at least not in real estate. In "Baptism by Fire: On-the-Job Training Best Schooling for Young Brokers," John Salustri notes that brokers often benefit most from experience.
When Clark Finney, 29, joined Cushman & Wakefield in 2007, he came with a newly minted business management degree from Washington & Lee College tucked in his resume. But he says his real education started with his first day on the job, under the guidance of executive vice chairman John Cefaly and his team.
“The business major doesn’t really translate hugely into real estate,” says Finney, who started as an associate and after three promotions is now senior director. “Going to Washington & Lee helped because as a liberal arts college, it gave me a full background in writing, properly drafting documents and analyzing what you’re reading.”
But in terms of professional development, he credits “everything I’ve done to John and to
[vice chairmen] Rob Lowe and Gus Field. They take great pride in mentoring junior team members. And from Day One they gave me the opportunity to actively participate in their transactions.”
But as parents nationwide trek to stores like Target and Bed Bath & Beyond to stock up on all of the stuff their soon-to-attend college kids need for the year -- and spend countless hours comparing the merits of raiding the 401k versus taking out a 7.9 percent federal Parent Plus Loan to pay the little darlings' tuition bills -- it's worth considering once again.
@Noreen, it's such a GOOD question, but the answer is so complex in my mind. The one thing that is clear is that things can't continue as they are now with unsustainable debt levels and record unemployment and underemployment for our young people. It's the stuff of revolt...and not just Occupy Wall Street.
I'd like to see the return of tracking in schools and vocational programs in high schools so that there truly is a viable alternative path for kids who don't have the interest and/or intellectual spark for traditional four-year schools.
That way, we wouldnt fall into the trap as a nation of punishing our best and brightest by having the pendulum swing too far toward trying to push our square peg vocational students into the round hole of college...any college at any price.
For some, college is the best investment they'll ever make.
For others, it's the worst. As we funnel more and more people on a treadmill straight from High School to College, more people are finding college is something they regret.
There needs to be more room for alternatives. The Cisco and Microsoft certification credentials seem to be one path that is a win-win-win. The sponsoring companies benefit as more people really understand their products. The network of employers benefit from standardized knowledge that's applicable to the workplace. And the students benefit from education that is directly applicable to work that remains in high demand.
Street smart is right on, the answer to this question is a complex one. and I have never really viewed Real Estate sales as a job one would need a degree for anyway.
But that being said, there is a need for a college degree to enter many fields. And even the fields where you need a dgree (or a TON of experience) to get your foot in the door on the job and vendor training will play a big role in how you move up the ranks.
I hadn't gotten around to reading the NY Times Sunday Book Review until 11:30 last night, but when I read the link I'm about to give you, I sat bolt upright in bed and wasn't tired anymore.
I can't wait to read the book being reviewed, Teach Your Children Well: Parenting for Authentic Success by Madeline Levine.
Sounds like the author, a psychologist, makes the case that loving parenting should not have anything to do with pushing kids toward college.
David Alan Mamet, a playwright who won a Pulitzer Prize and received a Tony nomination for Glengarry Glen Ross (1984), also received a Tony nomination for Speed-the-Plow (1988). As a screenwriter, he received Oscar nominations for The Verdict (1982) and Wag the Dog (1997).
Last year he wrote a book, The Secret Knowledge, in which he provided support for your point of view about higher education as you presented in your blog -- see chapter 24, which starts on page 123.
He makes some points that you and I discussed on this site some months ago, but he presents them in a concise and convincing manner, where I tend to be verbose and confrontational.
I agree. I don't think I would want a doctor or lawyer or even engineer without a degree. College prepares you in many ways for life, but it is not for everyone and is not always necessary for success.
Well said, college prepares young people many ways in life. It's not necessary for everyone, but I think it's the best option (note, just an option) for the majority.
For way too long people have looked at a College Degree as a sure-shot way towards Upwards Income mobility and now suddenly you want to discourage people from Pursuing the American Dream???
There will always be exceptional people who can succeed in most any field, except those requiring a state license or such, on only the strength of their determination, intelligence and convictions. But the rest of us need a little help: some kind of degree, certificate or anything that validates our ability to do a job.
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