Is the cost of higher education really worth it? Absolutely. In fact studies prove that continuing your education beyond secondary education will result in greater lifetime earning potential. Today, more jobs than ever require specialised training, and often, a 2 or 4-year degree, so it is important to consider the benefits of higher education.
More education means the opportunity to access a greater market of jobs. Having access to a larger pool of jobs means more opportunity for you to find the job that is best suited to your needs, rather than simply finding a job to pay the bills. It is also estimated that by 2014, 90% of the fastest growing careers will require some postsecondary education.
Secondary education is useful, and it will result in some increased earning potential when compared to those who did not complete secondary education. However, by pursuing some form of postsecondary education, you will increase your salary potential, and decrease the risk of unemployment by nearly 50%. A study by the London School of Economics also showed that receiving your degree from a university in the top quarter of all universities results in even greater salary potential than a degree from a bottom quarter university.
Additionally, jobs for college graduates typically offer a more extensive benefit packages than those requiring just secondary education. Benefits often include medical insurance, life insurance, paid holiday, and investment packages. That being said, the advantages of higher education result in many benefits, increased salary included, which result in a higher standard of living for the individual and their prospective family.
Studies by the London School of Economics show that graduates of more competitive universities have the ability to demand higher wages. For instance, a degree from a top quarter university, such as Cambridge or Oxford, will result in wages that are 10-1% greater than a degree from a university in the lowest quarter. In fact, this study showed data estimating that over a 25-year period, a student who attended a leading university would earn an additional £35,207. The study also showed that even degrees from the second quarter earn wages 5-7% higher than the bottom quarter universities.
The list below illustrates the average yearly salary that corresponds to the level of education. Additionally, this list shows further that the cost of higher education is greatly outweighed by the increased earning potential for the student. Higher education is, indeed, an investment in your future.
Level of Education Average Yearly Salary
Less than Secondary £10,500
Completed Secondary £16,3002
Year Degree £21,000
4-Year Degree £37, 925