I firmly believe that the overwhelming majority of college goers are simply wasting their time and money. If you want to be a doctor you need to go to Medical School, a future lawyer should go to Law School ect. However I have spent my entire working carrer with people who went to college and got degrees but have never used them. I even had a coworker who got 2 Masters Degrees in finance only to be a credit underwriter, not that there is anything wrong with underwriting (very far from it) it's just not what you do with double majors. But at least that person got a job in their chosen field, I work at a bank and am surrounded by writing majors, political science majors and even a Masters in anthropology. I never went to college. I don't regret it at all. If there is a subject I want to know more about I head to the library and check out a few books. Its cheaper, less stressful and I get to apply my knowledge right away instead of cramming for a test.
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I agree with most of your points, however I do not find it to be a waste of time and money. I think it is an excellent avenue to improve the 'soft' skills that makes most successful people successful, such as presentation, charisma, leadership, confidence, teamwork, networking, etc. It does this with relatively small pressures, whereas in a job situation a major mess up or loss of composure means termination. Technical skills are where it sometimes becomes a waste, because most jobs will have a specialty that you will train in, while college tends to present more of a survey of a whole field. It's also a testament to one's ability to keep on keepin' on, and therefore strength and willpower, which are also valued qualities in job candidates. Finally, and most practically, it is a standardized way to more easily sort through individuals on the basis of qualification. Sure, the library is free, but I doubt that any job will take a candidate's word that they know their stuff because they read. And even if they did, they most likely did so on their own and so never received any constructive criticism, so they could be applying their knowledge all wrong. College is a way to counter this.
I think where we see students with degrees unemployed and or working in fields unrelated to their degrees, it mostly has to do with the lack of real world skills gleaned and lack of drive. Due to economic conditions, I find that most enrolled students are living off their parents or the government. It seems like there are smaller and smaller amounts of kids working their way through college (and I mean really working. Not working just to have fun money or save or whatever, but working to pay the bills), and those who are tend not to do as well. I am enrolled in the honors finance program, which accepts only the top 28 or so students out of the business finance program which comprises thousands, and not one of my peers, all of whom have at least a 3.7, works. All are from well-off families or at least those who saved for college. I do work to pay the bills, and I am on the lowest end of the spectrum GPA wise because I simply do not have the time. However, I am more likely to get hired over many of them because of the real world grit and ability to converse with anyone that I have gleaned from my life outside of school.
Basically, I'm saying that many students go to college simply because they feel they have to, and they spend more time on 'fun' than seeking out their passions and developing themselves, which they figure they will decide later. But then later comes, and they end up unemployed or at a job they don't care for and/or didn't study for, because they didn't make sure they got the most from their experience. However, for those who truly value their educations and made the most of them, it is likely they will end up exactly where they want to be.
There must be some reason why nearly every major career requires a college background, after all.