College Pay Myth Busted

[Basket Weaver]

As I stated in my some of my posts, DO NOT BELIEVE WHAT COLLEGES TELL YOU concerning earning potentials! College is a business, nothing more. The more students they pump in and out the door, the more money they make. Just like the proverb about Las Vegas goes...who do you think pays for those fancy buildings?

Found this on the web today:

mba-pay-riches-for-some-not-all: Personal Finance News from Yahoo! Finance

Judging from the job listings in this part of the country, I would say the same thing goes for a bachelors degree as well. My point here is not to burst anyone's bubble, just shed a ray of reality amongst all of the collegiate lies. Insure you do your research concerning what degree you pursue, while a general degree is easier/quicker to complete, it may not be worth the paper its written on once the job search commences (especially true if you have the infamous Excelsior "Cracker Jack" looking diplomas! ). Another point that I garnered from the article is that it DOES matter what school one attends, at least in the earnings category. I guess in the end, you do get what you pay for. That should get some interesting rebuttals going....

[barcotta]

As I stated in my some of my posts, DO NOT BELIEVE WHAT COLLEGES TELL YOU concerning earning potentials! College is a business, nothing more. The more students they pump in and out the door, the more money they make. Just like the proverb about Las Vegas goes...who do you think pays for those fancy buildings?

Found this on the web today:

mba-pay-riches-for-some-not-all: Personal Finance News from Yahoo! Finance

Judging from the job listings in this part of the country, I would say the same thing goes for a bachelors degree as well. My point here is not to burst anyone's bubble, just shed a ray of reality amongst all of the collegiate lies. Insure you do your research concerning what degree you pursue, while a general degree is easier/quicker to complete, it may not be worth the paper its written on once the job search commences (especially true if you have the infamous Excelsior "Cracker Jack" looking diplomas! ). Another point that I garnered from the article is that it DOES matter what school one attends, at least in the earnings category. I guess in the end, you do get what you pay for. That should get some interesting rebuttals going....

Well, I'm not sure this is a rebuttal per se, but I enjoyed the article--although it was somewhat lengthy and convoluted in places. Nonetheless, at least they made an effort to provide meaningful statistics. Typically, basic statistics are less useful than complex statistics. Basic stats are only useful to advance a specific agenda--not to critically analyze. Colleges and other organizations likely look at all the stats they can easily acquire and promote those that are in their best interest. So we can take that as a given.

Anyone looking to determine the value of a degree by the income of graduates possessing that degree is going to miss A LOT of other important factors that ultimately determine income. If we narrow the field to exclude the self-employed, you are left with employers' criteria for hiring. High-end professional services firms hire the top ten or twenty percent of the top ten or twenty schools. There is no comparison between that circumstance and someone that barely scrapes by at an on-line, no-name college--even though both groups' graduates possess an accredited MBA. Cramming those two completely disparate groups into the same category is like this nonsense of ranking US health care against countries like Oman--that has less than 1/3 the population of Los Angeles!

This article doesn't change a couple of basic, irrefutable truths:

1. Any regionally accredited bachelor degree is better than no degree at all. There are too many jobs that require one just to be considered. It's the cost of your ticket to the dance. While you have options without the ticket (sneaking in the back door, dressing as a security guard) none are as good as actually having a ticket. Now--there's no guarantee that once you get in that you'll be the best dancer--or even good. There's no guarantee that you'll find a partner or have a good time. But, in many cases it's the only way to get in.

2. In the overwhelming majority of cases, you must have a bachelor degree to qualify for grad school. So, if you know which grad school you would like to attend, the acquisition of the most inexpensive undergrad degree that would qualify you for acceptance is an economically sound approach.

3. Employers who publish pay scales often offer higher pay for employees with degrees. In those cases, you can clearly and easily determine the value of a degree.

With regard to the Excelsior diplomas--I'm pretty happy with mine. I work with lawyers who often frame their degrees--and while some do look a little more regal and latin than mine, there isn't THAT much difference. If you click on the "My Excelsior Degree Journey" link in my signature, you will see a post that contains a link to my diploma. The link is towards the middle of the post. Check it out and let me know how it compares to yours.

[Gary]

I agree w/BW's first paragraph BUT, overall, I agree w/Michael. I work w/3 people who earn 6 figures w/no degree. At Sunoco, there were many, of course w/OT, but had I stayed, I was one also. What the frig was I thinking???? Still, I think MBA is the way to go along w/engineering, nursing and those other fields w/good demands. The paper means a lot and will mean a lot in the future I believe. Look at USAJOBS for fed employment and you will see some crazy requirements for very average if not below average salaries. Like I've stated many times before (and I have one), as many people on here who will say their Lib Studies degree has been instrumental in getting a job/promotion, my strong belief is that it is a very weak degree. Still, there are many municipal and state gov't employees that make excessive salaries w/out the paper. :confused:

[Basket Weaver]

Barcotta & Gary,
Great responses and I agree with you both on most points. Having a degree is better than not having one at all, that's a given, it's just not a guarantee towards more pay which was the gist of my post. I am currently pursuing a new job and I can tell you this irrefutable truth; employers are taking full advantage of the nation's very poor economy. As Gary stated in his post, there are all kind of jobs at the federal level that require a doctorate just for a GS-11 position. My current state has a whopping 7 jobs requiring a Masters degree...that's the entire state mind you...one of which is for a social worker. Additionally, this position requires the job applicant to be state certified...the punchline is that it starts off at $15.00 an hour; I'm sure that will make someone elated to have spent all that time pursuing their degree. Check out the link:

https://www.arjoblink.arkansas.gov/ada/s...and=109915

I agree as well with the degree opening the door (getting one in the dance, good analogy) by filling the initial requirement. I feel as though the problem is that many employers are simply not paying what was once the going rate for a degree. With a flooded labor pool of educated applicants to choose from, the degree requirement has been watered down to the point that it is almost a given that you have one. You probably won't get paid much more for it yet you'll be required to have one regardless. This is the reason that I posted to be sure and research exactly what degree you are pursuing, what you are going to use it for, and most importantly; is it even needed.

As far as the MBA goes, I think it is something that will help you if you are already in a career field where it will give you a step up. Not many jobs make it an initial requirement other than medical/professional fields. How many here are pursuing these types of bachelors degrees? Without a bachelor degree in these fields it is often difficult to be accepted into a graduate program without repeating a good portion of you undergraduate degree. Again, an excellent reason to research first.

As to the Excelsior diploma, I will not mount mine in a professional environment, actually its still in the folder it came in. I think its tacky, ill conceived and provides fodder for critics of distance education. There are several posts on IC already about this, one of which I started, so I won't go into another rant about the kindergarten gold seal they slap on . I've had training courses put out better looking diplomas. Sorry, but that's how I feel about it.