Is uni worth it?Friday, April 11, 2014 12:00 AM
Making that decision of whether to go to university is undoubtedly a big one. With tuition fees looming and the pull of finally being able to earn some money in full time employment seemingly right around the corner, it may feel like skipping university is a step in the right direction to fast track future success and hasten the attainment of potential earnings. Before this decision is reached however it is really important to think about what might be best for you, a good step being to take a look at the facts regarding the influence higher education has on future income and how a degree might have an effect on your future career.
Rather than discarding university as an unnecessary stepping-stone, statistics show that higher education can be seen as more of a gateway than an optional path to increase potential earnings. For example, chartered accountants with a degree earn an average hourly wage of £22.34, versus £18.05 for non-graduates in the same profession, revealing a strong and direct link between higher education and an increase in future income.
With 95.9 per cent of solicitors, lawyers, judges and coroners having degrees it is clear to see that for a great number of professions a degree acts as an integral springboard to professional status, even though the degree obtained may not have been taken in the relative subject. This rings true for journalism, with 70.7 per cent of journalists having a degree, graduates statistically have a better chance of becoming a journalist with an English degree than a journalism degree.
With statistics highlighting that the average graduate earns around 23.5 per cent more that a non-graduate with A levels only, translating into a net additional lifetime earnings premium of £120,000, it pays to be savvy by thinking further ahead. So before writing-off university as a delay to income, take a step back, think of the investment potential of further education, how it will impact your ultimate potential and increase your earnings.