“Is college worth it?” is a common question for many potential students. From a financial perspective, data indicates the answer is “yes.” According to a CollegeBoard report, the average graduate will earn enough to offset the cost of college by age 34.
But in a market that encourages innovative business models and unconventional career paths, many wonder if it’s still necessary to get a four-year college degree to achieve success. There are the well-told stories of Mark Zuckerberg and Steve Jobs: outliers who turned their ideas into billion-dollar empires without a college degree. They are proof that there are many paths to success.
However, the definition of success varies widely from person to person. Ultimately, the questions most students are truly after are: “Will earning a bachelor’s degree make me more likely to achieve my goals as opposed to my alternative options?” and “Will a bachelor’s degree provide the best return on investment for my time and money?”
For the majority, the answer remains “yes.” A bachelor’s degree is much more than a piece of paper. It equips you with essential knowledge, skills, industry connections, and practical experience that can dramatically alter your life and career path.
But to answer the question “Do I need a college degree?” on a personal level, you must consider the benefits of a college degree compared to your personal, career, and financial goals. Continue reading to decide for yourself if earning a degree is the next step for you.
Are college degrees worth it?
People often debate the value of a college degree, especially with rising tuition costs and the availability of other learning options.
Having a bachelor’s degree opens up rewarding opportunities that might have otherwise been inaccessible. College graduates currently see 57% more job opportunities than non-graduates and it’s estimated that, by 2031, 72% of all jobs will require a postsecondary education. Plus, when applying to positions, college graduates find jobs faster than non-degree holders on average—in 27 weeks versus 31. A degree will enable you to qualify for these additional opportunities and offer you more flexibility in where you choose to work.
A degree also grants access to professional networks, leads to greater job satisfaction, and helps develop important life skills like problem-solving and communication. The worth of a college degree depends on individual goals and circumstances, but many people believe the benefits outweigh the costs.
How to determine if you should pursue a college degree
Deciding to get a college degree requires careful thought beyond just the educational benefits. This decision will affect your career, personal life, and finances, so it is essential to ask yourself the following questions.
What are my career goals?
Answering this question requires thoughtful reflection on your current professional path and where you hope it will lead. Start by considering your current role, industry, and skill set. Where do you see yourself in five years? What position, impact, or expertise would you like to achieve? And most importantly, what steps might be necessary to get there?
Research shows that many times this means going back to school. A recent study by the New York Federal Reserve bank found that “investing in a college degree may be more important than ever before because those who fail to do so are falling further and further behind.”
For example, if advancing your career is a priority, a bachelor’s degree could be the key to unlocking opportunities. According to the U.S. Bureau of Labor Statistics, the unemployment rate for individuals with a bachelor’s degree was about 2.2%, while for those with only a high school diploma it was higher at 3.9%.
In addition, recent data from the U.S. Bureau of Labor Statistics, found that more than 19 million job openings each year, from 2023 to 2033, will require various levels of education, with a substantial number of employers specifically seeking bachelor’s degree holders. Considering these trends, earning a bachelor’s degree could be a necessity if you hope to take your career to the next level.
Career goals do not need to focus on earning a promotion though. It can also be about finding the right fit for your personal and professional interests. Research shows that having a bachelor’s degree leads to greater long-term job satisfaction. Sixty percent of bachelor’s degree holders say they are highly satisfied with their job, and view it as “more than just a paycheck,” whereas 42% of high school graduates say their job is “just to get them by.” If finding long-term fulfillment in your career is highly important to you, a bachelor’s degree can help you find it.
In this case, a degree can add to your credibility and develop skills employers are seeking, like communication, leadership, critical thinking, and problem-solving, giving you a competitive advantage.
And since employers prefer hands-on skills to academic credentials, pursuing a degree that offers experiential learning opportunities, like the internships and project-based work offered at Northeastern, can show employers you have the best of both worlds.
What are my financial goals?
Will a bachelor’s degree make a difference in achieving your financial goals? The simple answer is “yes.” While taking a seemingly high-paying job offer may seem more enticing, over time, the benefits of investing in a college education will outweigh the costs. How?
With a bachelor’s degree you’ll:
- Earn more money in your lifetime: Full-time employed bachelor’s degree holders earned approximately 56% more than those without a degree, with average earnings of $16,900 compared to $10,800. This difference adds up significantly over time. According to a study, a bachelor’s degree is worth $2.8 million on average over a lifetime. And the wage gap between college and high school graduates’ salaries is increasing over time. Adults with a high school diploma earn approximately 54% of what their peers with bachelor’s degrees earn.
- Be more financially stable: According to recent findings, educational attainment significantly impacts poverty rates. Individuals without a high school diploma face the highest poverty rate at 25%, in stark contrast to those with at least a bachelor’s degree, who have the lowest rate at just 4%. This dramatic difference underscores the critical role of higher education in providing economic stability and security, illustrating that earning a bachelor’s degree can substantially reduce the risk of poverty and enhance future financial opportunities.
- Receive retirement benefits: According to a report from the College Board, individuals with higher levels of education, such as a bachelor’s degree, are more likely to receive job benefits including retirement plans.
What are my personal goals?
Reflect on your values, and how you feel about pursuing an education. Has earning a college degree always been on your bucket list? If it’s something you’ve always aspired to, earning your bachelor’s degree will give you an ultimate sense of personal achievement and, in turn, can boost your sense of confidence and self-esteem.
What are my hesitations?
What’s keeping you from going after that degree? Question your objections. Are those voices in your head really telling you a bachelor’s degree isn’t worth it? Or is it that you really feel a college degree isn’t realistically within your reach?
- If you find yourself saying, “A college degree is too expensive,” it is important to know your options. If you already have a job, reach out to your human resources department to investigate your tuition reimbursement options. InStride’s research highlights that employers collectively spend $28 billion specifically to tuition reimbursement programs, emphasizing a significant investment in enhancing the skills and education of their employees. There are also many financial aid options available, including scholarships, grants, and military benefits. Speak with an academic advisor who can walk you through your options and make your goal a reality.
If you believe you don’t have time to go back to school, you’re not alone. This is a common objection for those who want to earn a degree but feel they cannot commit to full-time classes or their schedule is prohibitive to being successful. Balancing work, school and family is challenging, but others have done it—and so can you.
Pursuing a college education
The first step is to find a school that can flex to your schedule, offering part-time or online options that allow you to make your personal obligations a priority. Many online programs today are geared toward adult learners and are designed to meet the challenges you face, enabling you to meet your goals and continue to excel in other areas of your life, too.
Are you convinced that pursuing your college degree is worth it? If so, we assure you, it’s within your reach. To learn more, explore Northeastern’s bachelor’s degree completion programs or get advice from an admissions counselor today.