In one of our previous blogs, 4 Reasons to Consider NOT Going to College, we looked at some of the reasons why college may not be the great investment that it used to be. While the purpose of that blog was to show that college isn’t the only option, it may have seemed that college isn’t worth the time and money at all. So to understand the complete issue, this blog will outline the benefits of college that still exist today.
By furthering your education, you open yourself up to obtaining more knowledge that can be applied to a variety of situations upon graduation. So while the end result is to obtain a degree in a specific field, taking courses in a wide range of subjects along the way is crucial to growing your base of knowledge that can be brought into the workplace. This ability to learn and apply knowledge on different types of projects will be beneficial to the job you pursue regardless of the industry.
According to the Bureau of Labor Statistics (BLS), the national unemployment rate for those with a Bachelor’s degree is 2.8%, which is about 50% lower than those with a high school diploma (5.4%) and just over 40% lower than the national average (4.8%). With a college degree, the statistics show that you are less likely to be laid off and more likely to receive promotions. If you do happen to lose your job, a college degree that is matched with experience will go a long way in shortening the length of time between jobs.
Perhaps, the largest factor behind someone going to college is to improve their financial future. And while there are some exceptions to the rule, it is more likely that someone with a college degree will out earn someone with a high school diploma. According to the BLS, the median weekly earnings for an individual with a Bachelor’s degree is $1,137 while those with a high school diploma make around $678 per week, which leads to an annual difference of over $20,000. The income isn’t the only benefit that should be looked at as a result of additional schooling though. You also have a higher probability of receiving additional benefits from your company as well as a greater chance for advancement opportunities.
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