Role of a College Education
Over the last several years, the importance of a college education has been continually debated. This is because there are many examples of individuals who never went to or dropped out of college that are successful. For instance, Michael Dell (the founder and CEO of Dell Computer) quit the University of Texas in order to build low cost computers. At the time, many people laughed and though he was crazy. However, years later, the choices that he made have provided greater financial results than if he had stayed in college. (Baldwin, 2008)
Moreover, there are a number of university graduates who are not working and have trouble finding a job. According to study that was conducted by the job placement firm Adecco. They found that nearly 60% of graduates are underemployed in their field. This is because most candidates have focused on understanding concepts within their discipline / degree requirements. Yet, when it comes to having specific skillsets that many firms require, these individuals are lacking in these areas. A few of the most notable include: writing, critical thinking, marketing, web design and search engine optimization. At the same time, employers have a larger pool of candidates to choose from. The combination of these factors is showing how many people have questioned the value of a college degree in the U.S. labor market. (Crotty, 2012)
To fully understand the magnitude of college education there will be a focus on its significance. This will be accomplished by looking at different viewpoints and making an analysis based upon these findings. Together, these elements will provide specific insights that will highlight its importance in today's workplace.
Is a college education essential in the U.S. labor market?
The U.S. Census Bureau estimates that a person with a two-year college degree will earn $500 thousand more over the course of their lifetime (in comparison with a high school graduate). While someone with a four-year degree will earn $1 million extra. At the same time, an individual with a Bachelor's degree has an average salary of $51,554 (versus $28,645 for high school graduates). This is because someone with a university education has enough of background to learn a variety of skills. (Baldwin, 2008)
As a result, having a college education is essential in the U.S. labor market. However, it depends upon if the discipline is in demand, the personal attributes of the individual, ambition, and willingness to learn new ideas. The combination of these factors will have an impact on the kind position someone obtains, their ability to hold the job and the possibility of realizing career advancement. These are the key elements that will help increase anyone's value to their employer. (Baldwin, 2008)
The Discipline must be in Demand
A common myth that most people believe is they can go to college, obtain their degree and employers should immediately offer them jobs. In the real world, this does not happen, as employers need individuals that can address their needs. This means that they do want college graduates. However, they are searching for people, who have a background in the areas of specialization they require. (Baldwin, 2008)
For example, someone with a degree in IT Technology or Nursing will be more in demand than a person who studied Liberal Arts. This is because employees that are trained in IT Technology and Nursing are in short supply. In order for employers to attract the best candidates, they have to offer them more money. This means that those career fields with the largest shortages have the lowest unemployment rates. (Baldwin, 2008)
For college graduates, this is a sign that they need to focus on those areas that will be in demand over the next several decades. If this kind of approach is taken, there is an excellent possibility that the person will never have to relearn new skills from an industry that is no longer essential. As a result, this is illustrating how a college graduate's ability to find a job will depend upon if there is demand for individuals with this training inside the workplace. (Baldwin, 2008)
Those people who have a background in these areas will find it easier to locate work and earn high amounts of income. Whereas, graduates with degrees in fields that are not in demand will have to search longer and they will be underemployed for a certain amount of time. In the event that the economy slows, these people are more than likely to...
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