A friend emailed me the other day asking for my opinion on going back to college. He works for a company that places a large emphasis on college degrees. He is in a position where he will not advance unless he finishes his education. He also works in an industry dominated by college educated people. He is at a distinct disadvantage.
He knew my background and my experience with the challenges of going back to school. Why? Because I’ve done it twice earning my BS in Business and my BS in Engineering Technology. Both were done while employed full time and with a young family. He also knew that we were writing a book on the problems with traditional (campus based) college, distance education, and how to get the most degree for the least investment in time and money.
I was going to respond directly but changed my mind. This is a question on many minds and will only become more urgent as the economy flounders. In other words I wanted to share it with everyone!
I am a huge fan of education. I find it vital to keep learning and growing. It always amazes me how few people read even one non-fiction book a year. If you pick the right books you can distill decades of experience into one reading. Hmmm…gain a decade of experience in exchange for a few hours of reading…
I am a supporter of a college education but I’m not a fan of the traditional college experience. Why don’t I like traditional college?
- Expensive: There is almost no way to justify the extra expense. Don’t tell me that having an elite degree will pay for itself with future earnings. Unless it is a requirement for one of a few careers (for example investment banking) it will never pay for itself. Once you have a few years of experience no one cares where you went. They just care that you have an accredited degree and that you can do the job!
Al Jacobs wrote a great article Survival in Tough Times: The Cost of Schooling. Al and I have similar views on education. Basically the cost is too much to justify. You either bankrupt your parents or you start life deeply in debt. All this for what is a second rate education. He recommends going to community college for your first two years then commuting to a local state college to finish your degree. While that is one approach it isn’t the method I would recommend.
- The quality of education has been diluted: Walter Williams wrote a great article How good an investment is college? In this article Walter points out:
- 23% of high school seniors taking the ACT college entrance examinations were prepared to do college level study in math, English, and science. What about the other 77%?
- Only 55% of entering freshmen will graduate. Only 45% graduate in four years.
- 50% of college seniors failed a test to interpret a simple table about exercise and blood pressure.
- 20% of college seniors did not have the quantitative skills to estimate if their car has enough gas to get to the gas station.
- Colleges are not flexible. It is hard to work and go to school at the same time. Add in family responsibilities and it is unrealistic.
- The only way to get a traditional college degree in a reasonable amount of time is to quit your job and go full time. I can’t see how you can ever make up for several years without income.
- Lifestyle: I’m not interested in the college experience. I have no desire to hang out or party. I want the best degree for the least amount of money in the shortest time.
This raises several questions that must be addressed. In fact we are writing a book on this very subject (soon to be published).
What questions you should ask yourself to see if returning to college is right for you?
- Will it help you?
This is the million dollar question. It starts by asking yourself what you want to achieve. Your chosen career path may not benefit from a degree. On the other hand most people’s careers will be enhanced.
Looking at the Bureau of Labor Statistics data it is pretty clear that your income potential will increase while your chance of unemployment will decrease.
What if it doesn’t enhance your business or career? In this case there can still be a downside to not getting your degree. For example I’ve known several entrepreneurs who didn’t finish college. In every case they had a little bit of an inferiority complex. Don’t get me wrong they were fantastic at what they did. It just was that they were intimidated by people with degrees.
Also, many companies have minimum degree requirements. I know this first hand. When I went to work for GE my boss was blunt. “Your experience was top notch but I couldn’t have hired you without a bachelor degree.” Did it matter that it wasn’t from an elite school? He couldn’t care less. As he said “I hired the man not the piece of paper.” Unfortunately I could not get through the human resources screening without having a degree.
Another personal example came from my second degree. I had spent a decade working in a field dominated by engineers. Most employers accepted my decade of experience combined with a bachelor degree as an equivalent to an engineering degree. Getting my engineering degree solidified my expertise and greatly enhanced my career. Again, no one has cared that I didn’t go to MIT, Texas A&M , etc…
- Is it worth the cost and sacrifice?
This is a basic cost benefit analysis. Estimate the increase in earnings. Estimate the decrease in unemployment. Look at the expected expenses involved. Now compare how long it will take to overcome these expenses.
If you look at traditional college it will take quite a while to overcome the $6,585 per year in fees and tuition (average cost per College Board). Most distance learning (accredited) programs cost an average of $6,394 so it isn’t much better. But if you know what you are doing (or you are coached by someone who does) you can cut the cost down to about $6,915 for the entire degree program.
This cost benefit analysis also should take into consideration the non-financial aspects. How will your job or business improve? Will it increase your sense of worth? What impact will it have on your family? Remember, going back to school is a big commitment and takes up most of your free time. It will affect your family and they need to be involved in this decision.
- Are you ready?
- Do you have the necessary skills? If not it may be in your best interest to make this happen first. In fact I usually recommend people learn speed reading, learn better study skills, work on their memory techniques, study time management, etc before they start school. A few weeks of extra work will save you hours of effort down the road.
- Do you have the motivation to complete your degree? This can be a serious undertaking requiring two or three years of commitment. Do you have what it takes to make it all the way?
- Is your family on board? If you don’t have the support of your family you won’t be able to finish college…with your family intact!