The problem with good advice is that it’s often not good enough. This is the case with higher education. Yes, having a college degree or other high-quality credentials pays off very well — for example, a college degree is worth $2.8 million in lifetime earnings.
And the payoff is increasingly certain: A new report from Georgetown University’s Center on Education and the Workforce shows that by 2031, 72% of jobs in the United States will require education or training beyond high school. The report shows that fast-growing fields require college-level knowledge and skills, and we need more people with high-quality qualifications to fill millions of new jobs.
So the best advice for next spring’s high school graduates – and others considering their career prospects – is to get all the education they can. This is good advice, but it is not enough. People planning their future need to read the headlines. Armed with the best information available, they must carefully consider their interests and choices.
Take, for example, the new Georgetown report: By analyzing major industry groups, the authors identify the two areas that will add the most new jobs in the next eight years.
“Health care, professional and business services will grow so rapidly that most annual job creation will be for entirely new jobs,” the researchers said.
Healthcare is no surprise, given the growing population of aging baby boomers and rapid advances in health technology.
“Between 2021 and 2031, employment in this industry is expected to increase by 20%, or more than 4.2 million net new jobs,” the researchers said. “This is much bigger than any other industry.”
As always, students should use their critical thinking skills to look beyond the top numbers. It would be wrong, for example, to conclude that a health care degree or certificate is the only way to go. Wise choices require thoughtful research — and there’s a wealth of information available to smart education shoppers, including Georgetown CEW’s report, “The Economic Value of College Majors.”
The federal government’s College Scorecard can also help. It allows prospective students to compare schools by their programs, cost and other factors, important information when trying to determine how quickly an investment in education will pay for itself.
Further help in understanding costs and benefits comes from Tuition Tracker, a data tool produced by The Hechinger Report. It shows the relationship between the college’s published tuition fees and the actual costs of attendance.
Details are important. Smart shoppers wouldn’t dream of purchasing a car or any big-ticket item without taking a close look at what they’re getting — gas mileage, safety, and reliability. Education should not be an exception.
But some today are receiving the wrong message – the wrong advice, so to speak, from those who misunderstand or distort the importance of learning. There is a growing wave of skepticism about post-high school education, and it has serious consequences. The Bureau of Labor Statistics reported that only 62 percent of recent high school graduates had enrolled in college as of last year, down 4 points from the rate three years ago.
“We’ve seen waves of this in the past, but the growing doubts about the value of a college degree are worrying,” CEW director Anthony Carnevale said. Carnevale, the lead author of the new report, points to the growth in infrastructure jobs — and to politicians of all stripes who say people don’t need degrees.
“You get a generation of young people who think college isn’t necessary,” he said.
This skepticism can be costly: we know that some lower-skilled jobs appear attractive while there is a national talent shortage. But good-paying jobs—those that offer family-sustaining wages and opportunities for advancement—increasingly require college-level credentials. Workers who ignore this reality will increasingly find themselves stuck in low-paying jobs.
This is as true in education as anywhere else: even good advice has limits. Bad advice, when it affects a person’s economic future, can be crippling.
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In today’s competitive job market, the value of a college education cannot be overstated. However, with rising tuition costs and an uncertain economy, it’s more important than ever to choose a college that will provide a strong return on investment. While the smart money is still on pursuing a college degree, it’s also important to hedge your bet by choosing a college wisely. As you weigh your options, consider factors such as graduation rates, job placement statistics, and the overall value of the education you will receive. By carefully evaluating your choices, you can ensure that your college investment pays off in the long run.