The Value of a College Degree in 2024
Deciding whether to get a college degree is a significant investment of time and money.
A college degree remains a critical asset in today's competitive landscape. Beyond merely serving as a qualification for employment, it equips individuals with critical thinking skills, adaptability and a broadened perspective essential for success.
Many colleges, like the University of Illinois Springfield, offer flexibility in learning through in-person, hybrid and online classes. Online classes allow students to learn on their own schedule, helping with work-life balance.
A degree can open the door to many career opportunities that would not be possible otherwise, increase earnings over a lifetime, help you develop new skills, introduce you to new people and help you better understand global perspectives.
The College Experience
A university education, like the one offered at UIS, cultivates problem-solving and communication skills. All these skills are highly valued in any job market. It also promotes personal growth by teaching students to manage time, finances and responsibilities more effectively. Diverse student populations broaden perspectives and enhance the ability to work in varied environments, while the shared journey of newfound independence fosters lifelong friendships.
College provides extensive networking opportunities with peers, professors, alumni and industry professionals through classes, clubs and campus organizations. These connections are crucial for career advancement and long-term success. Additionally, colleges offer valuable resources like libraries, labs and career services. UIS offers robust support including counseling, career services, internships and hybrid programs to support academic and professional transitions.
Practical experience is also integral to a college education. Advanced classes address real-world problems, simulate projects and involve fieldwork. For example, students studying education at UIS spend time teaching in classrooms. Our business students collaborate with companies and go to international marketing competitions. UIS students aspiring to be therapists work with clients while completing classes.
Long-Term Benefits
A college degree offers numerous long-term benefits, including greater job security, higher earning potential and better health outcomes.
College graduates generally earn significantly more over their lifetimes compared to those with only a high school diploma. According to the U.S. Bureau of Labor Statistics, the median weekly earnings for someone with a bachelor's degree were about 67% higher than for those with only a high school diploma. The most recent UIS Economic Impact report found that for every dollar spent toward a UIS education, graduates will see an average annual rate of return of more than 18%. Economists estimate that over their lifetime, a UIS graduate will earn over $1 million more than someone without a degree.
College graduates typically enjoy lower unemployment rates, higher lifetime earnings and longer life expectancies. They also have opportunities to engage in meaningful research, pursue higher education for career advancement, innovate, lead and contribute to society. Educated individuals are more likely to be informed and engaged citizens, adding purpose to their careers. Many high-paying jobs, especially in fields like engineering, healthcare and education, require a college degree, making it a gateway to broader career opportunities and faster promotions.
Making the Decision
When deciding between college and starting a job after high school, consider your career goals, financial situation and personal readiness. Research whether your desired career requires a degree at any point in time, certification or specific training. Also assess the financial implications, including potential earning power with and without a degree.
If a degree is necessary for future career growth, completing it early may be advantageous for you. Explore flexible programs like those offered by UIS to align your education with your career aspirations.
Resources
Here are some resources to aid your career journey:
- Salary Calculator- Estimate your potential salary based on your current qualifications and explore how further qualifications may impact your earnings.
- Education Requirements and Career Guide - Discover projected salaries across various fields, understand job requirements, and explore the educational qualifications needed to excel in your chosen career path.
- Is a degree needed? - Gain insights into the necessity of a degree for your desired role by understanding the percentage of professionals who believe it's required in your industry.