active network espn
Community: Exchange advice in the forums and read running commentary Resources: Personal running log, calculators, links and other tools for runners News: Running news from around the world Training: Articles and advice about fitness, race training and injury prevention Races/Results: Find upcoming races and past results Home: The Cool Running homepage
Cool Running homepage  Search Cool Running Community
Login to Reply
1 2 3 ... 5 Previous Next
Click to view MnD's profile Pro 146 posts since
Jan 21, 2005

Nov 26, 2007 3:33 PM

Are college and advanced degrees worth it?

Usually but it depends - you would do better burying your money in a hole in the ground versus "investing" in a masters degree in the social sciences or liberal arts.

What I was looking for was the "present value" of the increase in future income that could be expected with various educations. A dollar paid in the future is worth less than a dollar today, but it does have value. Compute the values of all those future dollars and you get a lump-sum figure that can be compared with the cost of an education to see whether the investment in tuition was worthwhile.

Normally, a net-present-value calculation would subtract the upfront investment cost. Since education costs can vary so widely, I'm presenting the numbers without that subtraction. You can do your own math, depending on how much you think your education will set you back.



Bachelor's degree
Average
$308,588
Liberal arts
$243,883
Business
$349,028
Social science
$210,080
Computers
$443,180
Science
$283,286
Engineering
$497,930
Education
$108,461

Master's degree
Average
$180,010
Social science
Less than 0
Business
$375,780
Science
$136,873
Engineering
$362,092
Education
$106,388
Liberal arts
Less than 0

Professional degree
Average
$716,927
Law
$748,865
Medicine
$977,601

The PhD
Average
$187,920
Science
$299,190
The bureau's sampling was too thin in the Ph.D. stratosphere to tell us much about payoffs other than the doctoral science degree is more valuable than the average Ph.D.

http://articles.moneycentral.msn.com/CollegeAndFamily/SavingForCollege/IsYourDegreeWorth1million.aspx?page=2[/URL" target="_blank">
Click to view makeda023's profile Legend 825 posts since
Aug 16, 1999
1. Nov 26, 2007 3:35 PM in response to: MnD
It's hard out here for a pimp.
Click to view danadear's profile Legend 376 posts since
Dec 14, 2007
2. Nov 26, 2007 3:42 PM in response to: MnD
quote:<HR>Originally posted by makeda:
It's hard out here for a pimp.<HR>


Especially when he trying to get this money for the rent.
Click to view Lintu's profile Legend 257 posts since
Dec 14, 2007
3. Nov 26, 2007 3:43 PM in response to: MnD
I have read that it's better to keep working without an MBA or go part time than to take off to go full time unless you're in a field that requires it or get in to someplace like HBS. Or maybe I just love that article because I really don't want a business degree.
Click to view makeda023's profile Legend 825 posts since
Aug 16, 1999
4. Nov 26, 2007 3:44 PM in response to: MnD
quote:<HR>Originally posted by danadear:
Especially when he trying to get this money for the rent.<HR>


Indeed!
Click to view ElDuderino095's profile Legend 276 posts since
Oct 17, 2005
5. Nov 26, 2007 3:48 PM in response to: MnD
So social science and liberal arts masters earn less than their Bachelors-only counterparts, because their income gain is "Less Than 0"?

Interesting that once you subtract out my school loan costs (plus interest) it brings me back down to the average for a professional degree.
Click to view wkm99's profile Legend 407 posts since
Jun 30, 2006
6. Nov 26, 2007 3:51 PM in response to: MnD
No liberal arts or social sciences over here. You are right, usually it depends.

We only went to the grad level, no doctorate degrees. I'd say so, yes, grad degrees did make a difference in income. I don't know about other people, but it's fiercely competitive where we live so advanced degrees coupled with job experience made a huge difference in income and job classification.

Example, under grad degree right out of college left us with an okay income but not enough to compete with the big guns. Few years later with grad sheepskin in hand or feathers in our cap, resulted in big jump in promotions and pay. It led the way to more job opportunities and suddenly more doors were open to us. Incentives were given for us to stay and if we weren't satisfied, we always have flexibility and other "options" Our employers were aware and did whatever it took to keep us. Also, we were no longer tied to our jobs and if we're not satisfied, we became immediately more marketable elsewhere.

My friend received his doctorate degree and struggled raising a family while getting his doctorate. After graduating, he became division manager or manager to about 500+ employees. Not bad.
Click to view Laura on a bike099's profile Legend 204 posts since
Feb 22, 2005
7. Nov 26, 2007 3:59 PM in response to: MnD
Not if you get one in anthropology.
Click to view bigapplepie's profile We're Not Worthy 2,636 posts since
Dec 14, 2007
8. Nov 26, 2007 4:00 PM in response to: MnD
Worth it financially or academically?
Click to view wkm99's profile Legend 407 posts since
Jun 30, 2006
9. Nov 26, 2007 4:01 PM in response to: MnD
quote:<HR>Originally posted by bigapplepie:
Worth it financially or academically?<HR>


Both.
Click to view Ripplerun's profile Legend 292 posts since
Dec 10, 2002
10. Nov 26, 2007 4:03 PM in response to: MnD
It worth it because you smarty-pants contribute much to society -- by staying out of the work-force.

JK -- you know medical doctors and them...we need them folks.
Click to view xBarry31's profile Pro 132 posts since
Dec 14, 2007
11. Nov 26, 2007 4:20 PM in response to: MnD
An MBA helps our new hires/campus recruits in that they typically can get a bigger title and about $10-15K more in starting salary.
This assumes they come from a good school and have at least 4 years work experience.
Click to view bigapplepie's profile We're Not Worthy 2,636 posts since
Dec 14, 2007
12. Nov 26, 2007 4:22 PM in response to: MnD
Slight hijack...

Average cost of higher education:

Countries with free tuition, registration and educational materials
Finland $271
Belgium $821
Sweden $852

Countries with free tuition only
Ireland $1,575
France $1,738
Germany $2,083

Countries with low tuition costs
Netherlands $1,990
Italy $2,135

Countries with medium tuition costs
UK $3,257
Australia $3,828
Canada $4,149

Countries with high tuition costs
Japan $8,248*
US $9,604*

*Combines the average of public and private provision of education.

Source: Educational Policy Institute

NB: Canada and the United States, on the other hand, have the opposite problem in that many people believe these countries? systems to be less affordable, in a comparative sense, than they really are. If recent debates are anything to go by, government critics seem to assume that the absence of tuition fees and loan programs in much of Europe implies that higher education in North America is much less affordable than in these other, tuition-free countries. This is certainly true if one compares Canada and the US to the rather special cases of Sweden, Finland and the Netherlands ? but as for the rest of Europe, it can only be considered true if one blinds oneself to international differences in student aid and average incomes. The fact is: compared to much of Europe, North American student assistance programs are reasonably generous and net costs are close to the same as a percentage of family income.
Click to view runbill's profile Expert 51 posts since
Dec 14, 2007
13. Nov 26, 2007 4:30 PM in response to: MnD
Another point of view: With my social science degree, I didn't have to waste time studying so I could APPRECIATE my college experience. Life is not an investment program.
Click to view runbill's profile Expert 51 posts since
Dec 14, 2007
14. Nov 26, 2007 4:32 PM in response to: MnD
Another point of view: With my social science degree, I didn't have to waste time studying so I could APPRECIATE my college experience. Life is not an investment program.