With the skyrocket in uni fees and the feeling that more people than ever now have a degree, we’re questioning whether going to uni is worth it. How can you differentiate yourself from the competition if a degree is common currency nowadays? How can you get a high skill job without the years of education and huge debt?
Here we’re discussing the big questions you are asking about further education.
Will you earn more?
Yes, a degree will enable you to earn more. According to The Department for Business, Innovation and Skills, who has published new figures on the graduate labour market, you can expect a higher salary.
- The average salary for young graduates is £24,000
- The average salary for young non-graduates is £18,000
Quite a jump right?
Is the debt worth it?
The shocking truth about this government report is that salaries aren’t increasing. A young graduate back in 2008 was typically earning about £24,000 and it’s the same for young graduates today – £24,000! But the cost of studying is rising, which isn’t being accounted for in salaries. Graduates now come out of uni with £27,000 in tuition fee debt, not to mention the rising cost of bills and rent. Young people are spending more but they aren’t getting this back in terms of a salary when they do find employment.
Is doing a masters the answer?
People with postgraduate qualifications actually have the sort of benefits that used to be given to those with first degrees. Masters are the new degrees – the new point of differentiation. The research showed that those with postgraduate degrees are earning considerably more than graduates.
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Are non-graduates barred from the jobs reserved for graduates only?
No non-graduates are still finding employment in high skill jobs. The study showed us that –
- Young graduates – 56% are in high skill jobs and 31% are in medium and low skill jobs
- Young non-graduates – 17% are in high skill jobs and 54% are in medium and low skill jobs
What do you think? The jury is still out on this one…