College is possibly the largest financial investment people make for their future. We all want to study something we love, but there is an underlying question that prevents us from making a quick decision: "is it worth it?"
As the cost of education becomes greater by the semester, the economy remains weak. When people graduate from college with over $50,000 debt related to their education, they enter a struggling economy that's unable to absorb all that capacity.
That is why future college students should understand the concept of ROI - return of investment. Prospective college and graduate students should have an idea whether or not their passions and dreams would lead them towards a financially-rewarding future. If that's not the case, maybe it's wise for them to consider other options.
For start, a list of the worst degrees will prevent students from making the wrong decision. Essays ScholarAdvisor, a team of educational reviewers, crafted a list of 5 worst degrees for jobs in 2016.
Social behavior has to be one of the most exciting things to study. In the workforce, the studies of the origins, development, and conventions of social behavior translate into jobs based on social services. In other words, you'll hope to get a position as a correction officer or social worker. Besides the fact that these positions are generally boring, they are also low-paying.
The median sociology degree salary is $45,900. If you attend Dartmouth College, for example, the total cost of attendance for a single year would be $65,133. It's easy to do the math.
The ROI for a degree in tourism is uncertain, since the activities on this market depend not only on the economic, but the political climate as well. Turkey, for example, has always been a famous and beautiful destination for travellers. Now, the county is facing a crisis that affects the entire tourism industry.
Recent statistics say that 10.96% of hospitality/travel graduates are unemployed. As an example, the estimated cost of attendance at Johnson And Wales University - North Miami is $42,649. Hotel resident managers earn an average of $68,649, but let's face it: it's nearly impossible to get such a position right after graduation.
A philosophy university degree program is not only aimed at teaching students about the history of this niche, but also at teaching them how to think, question, and analyze. In other words, it teaches them how to use their minds. That sounds great, but will the investment pay off?
According to the information provided by Students Review, only 35% of graduates stayed in the field of philosophy, whereas 65% got out of it. The average salary in this niche is growing, but the fact that many philosophy graduates decide to change their career paths speaks enough: the jobs don't return their educational investments.
If you love art, nothing can prevent you from expressing and enjoying it. College education, however, doesn't guarantee you'll avoid the status of starving artist. If you're that good, after all, you can become a famous artist without holding a degree, right?
The cost of attending the School of Visual Arts in New York is $33,560. If you include room, board, and other fees, the total cost will sum up to $56,373 on a yearly basis. The median annual salary for painters and illustrators is $39,781. When you're aiming for a position with a yearly salary that's lower than college tuition, the ROI is not good
Teaching has to be the noblest profession ever. If you aim towards this industry, you will be responsible for the intellectual development of future generations. That's a priceless role to play, so it's unclear why teachers get such low pays.
The average annual wage for preschool teachers is only $32,040. High school teachers get a bit higher salaries - the median pay is $52,200 per year. According to the information provided by Students Review, the unemployment rate in this sector is 8.67%.
Do What You Want to Do... Does That Work?
Not necessarily. Prospective college students have to choose majors they are interested in. When they pick the niche of their studies, they are making a decision that will affect their entire future. They need to think about careers that would make them happy to go to work every day, but they also need to consider the financial aspect.
Without a good return of investment, the educational journey can turn into the biggest mistake of their lives. Additional degrees and qualifications would cost even more. That's why it's recommended for students to think about the opportunities on the market, avoid the worst degrees and shift their interests into a direction that still makes them happy, but is also financially rewarding.