Eric Schmidt On Why College Is Still Worth It 281
An anonymous reader writes "The wisdom of getting a college degree and saddling yourself with a huge amount of debt has been called into question recently, but not by Eric Schmidt. The Google Chairman says it's still worth it, noting that: 'The economic return to higher education over a lifetime produces significant compound greater earnings.' From the article: 'When asked about the difficulty in paying for college, Schmidt was adamant: "I appreciate it's expensive and we need to fix that," he said, but "figure out a way to do it." One potential problem with Schmidt's statement is that it was an argument for the average student. It may be more advantageous for students at the bottom and top quartiles of the talent distribution to go straight into the workforce (or get vocational training). Case in point, Mark Zuckerberg dropped out of college, and I don't think anybody would say he made a mistake.'"
Old thinking. (Score:3, Interesting)
'The economic return to higher education over a lifetime produces significant compound greater earnings.'
That has been true in the past.
And, let's take the bottom line: let's say it IS true and you have "significant compound greater earnings." - if you are straddled with obscene student debt while working at a shitty retail job, your net is going to be less than if you worked as a plumber [yahoo.com] let's say.
And let's stop this crap about how all unemployed college graduates majored in English or some other liberal or fine arts. EVERY major is having issues with employment in this economy.
Re:Going bust not unique to drop-outs (Score:3, Interesting)
Not really.
There are people smarter than myself without degrees. There are morons who have master degrees who I had to let go because they are book smarts but can't do shit in the real world without the deer in the headlights look when independent analysis and goals are needed.
A degree you get an outrageously expensive education yes. You learn some cool things. But in a down economy it means you get that internship or entry level job with the foot in that door. While HR ignores you unless you have many years of experience and letters of recommendation even for the most basic entry level jobs today.
Re:Mod parent up! (Score:4, Interesting)
Of course if everyone had a degree then they would be worthless, so rather than limit student numbers with the cost of entry, the universities in Oz limit numbers on ability alone.
This is not true. If everyone had a degree society would be much more efficient and productive. There is never a downside to more education (except maybe the cost). I have a feeling "Oz" is limiting student numbers due to cost as well.
Re:Going bust not unique to drop-outs (Score:5, Interesting)
That said - On average, I would say a college degree proves one, and only one, thing about you - That you had the ability to learn enough, and follow directions enough, to complete the basic requirements of that degree... And that already puts you in the top third of applicants, even if you smoked your way through a humanities major.
HR: "this guy is perfect as a corporate drone".
Hiring Manager: "OK, make him an offer."
Two years ago I applied for a position at a large It company (*ahem*Dell*ahem*). I was nixed because I was a college drop-out (for financial reasons but who the fuck cares) and a graduate was chosen. They never actually said that (never provided any feedback except the ubiquitous "we gonna call you"), but I knew because I have friends working there. Last year they asked me to come to a "final" interview. I asked them on the phone what happened with their graduate who they had chosen and they lied to me, said he left the company for another opportunity (I knew for a fact he was fired for being incompetent). I told them to fuck off and find another graduate, because apparently the previous one was great, since he moved forward, wasn't he?
Not saying graduates suck, but choosing one over another simply because of an extra piece of paper is retarded. But that's really not surprising when you apply for a large company with a fucked up culture.
Re:Mod parent up! (Score:3, Interesting)