The Beauty of Education by McKinsey

The Beauty of Education by McKinsey - April 2020 Scholarship Essay

Do the benefits of a college education truly outweigh the cost tied with it? This is a controversy that has been debated for many years, and will likely continue as college costs steadily rise. What many older generations, with little experience and access to college, fail to acknowledge is the pertinent life skills that universities, specifically liberal arts education, provide students with. The basic high school education fails to adequately prepare students for the adult world, whereas colleges, often unknowingly do. The intrinsic, monetary and job security benefits of college strongly outweighs the cost, however, not all students are cut out for a four-year university.
The liberal art education is often called career education, as it provides a better investment in a students' future. The college education system has the goal to teach students proper communication, collaboration, problem-solving, and general skills such as reading and writing. Additionally, this includes providing students with knowledge of community problems and social change. The humanities and social sciences are important to college educators as they influence serious discussions and random initiatives of voluntarism that evidence social concerns. Geoffrey Garin, president of Hart Research Associates believes that higher education is used to provide students with the knowledge to be prepared to work jobs that do not yet exist. Not only does this make a student more prepared for any job, but it also increases their intrinsic value to employers. Additionally, this could be particularly helpful for those students who have not decided on their career path by opening their eyes to different subjects and principles. Using this information and logic, it is clear that attending college can be rewarding for everyone if they so chose to take that path by creating opportunities for students to have the resources they need in the future. Freeman Hraboski believes colleges prepare people for jobs, but more critically, they prepare people for life. As an advocate for college education, he suggests that a good education will provide students with whatever they long for. This may be a great job, but it also may be skills and assets to take on the world. No matter a student's background or what they are looking for when they enroll for college, the higher education system is prepared to provide knowledge and resources for every student.
However, if a student is seeking to earn higher wages, the original cost of higher education is outweighed by the benefits of a higher job salary due to increased knowledge. According to scientists, the best-estimated return rate for each additional year of education is ten percent. In 2010, a study found that the difference in income between a high school graduate and a student holding a bachelor’s degree is around $15,000 per year. That same study suggests that even holding an associate degree increases salary by $6,000 for full-time workers between the ages of 25 to 34. The Hamilton Project also suggests that earnings of a degree increases over an individual's lifetime, which means a fifty-year-old with a bachelor's degree would on average make $46,500 more than a high school graduate per year. When lifetime earnings are calculated, the total return for a bachelor’s degree is $570,000 and for an associate degree is $170,000 compared to the average cost of $102,000 for four years of college. For students who receive financial aid and scholarships, their earnings will be even higher by paying less for their education. The Hamilton Project is not alone in arguing that investing in college provides a tremendous return. Accessing all the monetary value data, there is no question that a college degree will allow students to earn significantly more over their lifetime.
Although attending a four-year university provides the greatest educational value, not all students are willing or should choose that path. For some individuals, paying for a bachelor’s degree will outweigh the benefits of the job they are striving for. There is no simple and fool-proof system that tells students what level of higher education they should reach for their job. What experts do know is that the fastest-growing job categories require at least some sort of college education. Even holding an associate degree will make an individual more likely to find a job and earn higher wages than just someone who graduates from high school. This shows that not all students need to earn a bachelor’s degree or higher, but everyone should make the investment in at least some higher education to be more competitive in the job field. Freeman Hrabowski tells the account of the late Walter Sondheim who used the knowledge that college gave him to become a civic leader in Maryland. Education helped Sondheim get on his feet, but more critically, it helped him change Maryland
Undoubtedly, the benefits of higher education ring true throughout individuals' lives. The preparation for jobs that do not yet exist provides students' an inside perspective for the world to come. However, the growth of knowledge for the jobs that do exist gives students a leg up in the playing field and provides them a higher salary than their less-educated co-workers. No matter what career path a student is taking, it is important that they consider continuing their education even if that only means 2 more years. Higher education is the starting point for the rest of one's life, choose it and use it wisely.