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The Forum > General Discussion > What is the dollar value of a university degree?

What is the dollar value of a university degree?

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'My degrees provided me with the skills and training that are a **NECESSITY** in my field of work'

Engineering perhaps?

'the world is full of people who blame everything and everyone for their lack of progress.'
Well, I'm personally happy with my 'progress', but I can honestly say that I could have achieved the same thing without the 3 years of very costly 'training' at university.

'Almost any degree is invaluable.'
Hmmm. Stretching it there. I don't think you appreciate the debt that university students are saddled with and the opportunity cost of those 4 years not working. Added to the fact many end up working in a field totally unrelated to their degree as they chose their course at the young age of 17 or 18. Which would be fine if universities were more than sausage factories training kids for specific occupations and actually gave a broad based education and promoted original thought and learning.

'That's why many people with degrees are failures. '
Really? What is your criteria for success and how much do you think it matters to those you label failures?

I would be with you if university was a house of learning and independent thought for those with very high intellect. These days you need a degree to work in HR.
Posted by Houellebecq, Friday, 2 July 2010 8:28:46 AM
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Foxy,

Income is related to need, access and demand. In medicine in particular, we find vertical demand curves, wherein, the buyer will usually pay what ever it takes. If you need by-pass surgery, you must pay for on the seller's terms.

We have all expienced the five minute consultation at an HMO (Medical Centre), wherein we a paying often times for access and what the GP knows, rather than what the GP does. Compare this to a university lecturer with higher quilfications than a GP, wherein, the academic is paid for what he/she does, not usually what they know: e.g., marking.
Posted by Oliver, Friday, 2 July 2010 12:30:16 PM
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Houellebecq, you seem to have missed the bit where I stated that people can become successful via "on the job" learning. In fact that's exactly where the vast majority of people gain their most applicable skills.

You ask, "what is your criteria for success?". Well Houelly, "my" criteria to anyone else is utterly irrelevant, as is your's. Each individual's criteria is important to "themselves", NOT others. Surely you could not be implying that there are no failures with university degrees? Therefore, what I said was that there are failures with university degress, just as there are failures without university degrees. The final definition of "failure", as I said, rests with the individual. Not EVERYONE with a degree considers themselves successful. Not everyone with a degree considers themselves failures.

I hope it clearer now for you. The written page can be VERY bad for "communication", as dotting every i and crossing every t can result in posts that go on for pages and pages and pages.

Engineering? No.
Posted by benq, Friday, 2 July 2010 1:43:35 PM
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StG: Congratulations to your brother and I hope you go forward with your plans.

Formal study is a wonderful thing to do at any age.

Depending on the industry, new graduates nowdays earn anywhere from about $38,000 to $55,000. However, you don't have to have completed your course to increase your job prospects. Just having the course in progress tells prospective employers that you're disciplined and goal directed and open to new ideas.

Sure you can survive without a formal qualification, but why not grab every advantage that you can and enjoy some seniority and authority at work?

Apart from all the job biz; study (TAFE or Uni) can just be a wonderful past time. It also sets a good example for younger ones in the family.

Don't worry about HECS debt; you have to earn over a certain amount to pay any and it's deducted from your wage at a set rate (like 4% of income or something) before you're paid. Each subject might cost about $500. If your earnings never reach some minimim amount then you can take the debt to your grave; you won't notice it anyway because you'll be paying it as you earn.

Again, very best of luck with it!
Posted by Pynchme, Saturday, 3 July 2010 1:27:51 AM
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I find the comments here very interesting.

First a point.

Obviously, as Foxy and Oliver have pointed out, certain professions such as accountancy, engineering, law and medicine, command high pay. Obtaining the qualifications that enable you to practise in any of these fields almost guarantees an above-average income.

However most university entrants either fail to complete their course or emerge with a bachelor's degree that does not qualify them to practise any of the high paying professions.

So let me restate the question:

WHAT IS THE DOLLAR VALUE OF A BACHELOR'S DEGREE THAT DOES NOT LEAD TO ANY PROFESSIONAL QUALIFICATION OR FURTHER STUDY?

Note, UNIVERSITY DEGREE, not tertiary qualification. The economics associated with TAFE qualifications or IT qualification are entirely different.

What for example is the dollar value of, say, a B.Com degree from Deakin or University of Western Sydney assuming no further study?
Posted by stevenlmeyer, Saturday, 3 July 2010 8:46:48 AM
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stevenlmeyer hi.

That's an odd request. I always thought that B. Comm were pretty valuable degrees that make one eligible for professional membership in whatever specialty is studied in the course - like accounting for example. So any graduate could find employment in almost any field - management (of any organization from retailers to health services, NGOs and the like); government department - policy or admin or management, and other areas. As a member of a public, I'd prefer to pay someone with a degree and professional membership to do my taxes or to give me financial or investment advice, so I think it gives someone wanting to set up their own business some credibility.

Let's consider something like a basic Bachelor of Arts. That might include studies in journalism, history, English, maybe a language, economics, sociology or perhaps psychology. Apart from it being a path towards teaching high school and adults; in its own right it develops advanced research and composition skills. So someone could end up working in human service organizations like neighbour hood centres and NGOs, as a research or policy officer or archivist in a range of fields and local or state goverment - diplomacy, stats, local and state history; journalism; publishing; even as a tour guide! It all depends what subjects and major areas of study the degrees contain.
Some of these studies are the beginning, not an end.
Posted by Pynchme, Saturday, 3 July 2010 12:13:25 PM
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