subject: What Kind Of Education Matters [print this page] Weve been oriented that the more a college degree costs, the more it gives returns in the end. These days, education is treated as an investment, so it is only fair to gauge if the degree is really worth as much as you pay for it. Unlike products and other material purchases, it is more difficult to gauge the effectiveness of education. It is also, however, more worthwhile to do so. An article by The New York Times attempts to shed light on this issue, using the PayScale Graduate Salary Statistics. These are some of the results worth noting.
More Education Does Not Necessarily Mean More Money
This conclusion does not, apparently, include those jobs requiring full-blown post-graduate degrees like doctors and lawyers. Teachers, however, even if they do need a masters degree for it, usually receive a meager income compared to other professions of the same standing. People from two majors that may be classified under teaching, namely Education and Elementary Education testify that their mid-career salaries are lower than the rest.
Math Is a Good Investment
Several degrees that are heavily-grounded on mathematics usually lead to higher pay. Majors like Aerospace Engineering, Chemical Engineering and Computer Engineering top the charts when it comes to association to high salaries. Not only do they lead to high salaries, careers borne from these majors are also associated with higher starting salaries. These are not only true for engineering majors but also for those majors that are not as heavy on math in their curriculum like economics. So, rather than the quantity of education received, the type of education seems to matter more. In terms of returns, it seems that math and the careers that are grounded on it may be a good option.
University Matters
While the type of major matters, it seems that the university one enters matters even more. Majors that are decidedly soft on math earn quite a lot when their graduates are from reputable schools.
However, in the end, all the statistical data boils down to association rather than causality. While it is true that the university and the type of major matters, it is what the person does and has done with the education that matters more. If an engineering graduate from an elite university decides to flip burgers for a living because its easy to do, then its not exactly the fault of the university or major that he or she ended up like that.
The motivation also plays a key role. Sure, teachers may not be earning a lot and may be losing in terms of their investment in their education but whos to say that money is their primary goal for graduating? Some of the most excellent schools in the country may not be producing the highest-paid graduates but this may be because the education they are giving does not necessarily gear their students up for a material investment returns. Education is a very expensive investment but it is up to the person to follow-through with it. GP
