Tag Archives: Top Five Reasons to Go to College

New York Federal Reserve Bank report: Many college grads underemployed

11 Aug

One Tennessee Study found that quite often kids are encouraged to choose college over vocational or trade options. The societal push the last few years has been to have more kids go to college. Quite often schools are ranked on the percentage of kids that go directly to college from high school. So, counselors are following cultural cues they have received from administrators, parents, and the media. http://www.tennessee.gov/education/cte_council/doc/career_college_advice.pdf The Pew Research Center has a report, Is College Worth It? http://www.pewsocialtrends.org/2011/05/15/is-college-worth-it/ Amanda Paulson of the Christian Science Monitor has a great article, Does Everyone Need A College Degree? Maybe Not Says Harvard Study http://www.csmonitor.com/USA/Education/2011/0202/Does-everyone-need-a-college-degree-Maybe-not-says-Harvard-study about a Harvard study.

A new report released by Harvard Wednesday states in some of the strongest terms yet that such a “college for all” emphasis may actually harm many American students – keeping them from having a smooth transition from adolescence to adulthood and a viable career.
“The American system for preparing young people to lead productive and prosperous lives as adults is clearly badly broken,” concludes the report, “Pathways to Prosperity” (pdf).

Harvard has quite a bit of press about the report. Jill Anderson wrote the press release, Pathways to Prosperity Seeks to Redefine the American Education System which is at the Harvard site. The point of the report is whether there should be a variety of post-high school paths and not just the focus on a B.A. Still, there should be post-high school training which would provide additional skills. http://www.gse.harvard.edu/news-impact/2010/02/pathways-to-prosperity-seeks-to-redefine-american-education-system/

One of the goals of education is to give the student sufficient basic skills to be able to leave school and be able to function at a job or correctly assess their training needs. One of the criticisms of the current education system is that it does not adequately prepare children for work or for a career. https://drwilda.wordpress.com/2012/03/24/borrowing-from-work-schools-teach-career-mapping/ A liberal arts education has been considered the gold standard. A Washington Post article has some good tips about how a liberal arts education could be made valuable in the current economic climate.

Andy Chan, vice president of the Wake Forest University Office of Personal and Career Development, and Jacquelyn S. Fetrow, Reynolds Professor of Computational Biophysics and dean of Wake Forest College wrote in the Washington Post about producing employable liberal arts grads. In the article, Six tips for liberal arts colleges to produce employable grads, Chan and Fetrow give the following advice:

Here are a few recommendations for liberal arts colleges to more deeply realize and communicate the value of the liberal education for the world of work today:
• Develop partnerships that bridge the career development office with the faculty and academic advisors. Students demand to know how their choice of major will affect their career options. By sharing these data and student examples with the faculty and academic advisors, the career development office becomes more vital to students and to the faculty. With the endorsement and influence of the faculty, students utilize the complete range of resources offered by the career development office starting from their first year on campus.
• Provide opportunities for faculty to understand the needs of employers. When professors understand why employers hire certain students, they can articulate how the academic material can be applied variety of work settings and help students recognize and better market this knowledge and skills. They can also more effectively mentor students and provide career advice and connections.
• Make internships and/or research projects an integral part of the student experience. Make sure the student demonstrates the drive to stick with a research problem for longer than a semester. A survey by the Association of American Colleges and Universities found that 84 percent of executives at private sector and non-profit organizations expressed a desire for students to complete a significant project before graduation to demonstrate their depth of knowledge and a passion for a particular areas, as well as their acquisition of broad analytical, problem solving and communication skills.
• Offer credit-based courses in career development so that students learn the fundamentals for lifelong career management. With projections that today’s graduate will have eight or more jobs in their life, they must be equipped with the knowledge, skills and tools to navigate the path from college to career as well as post-graduate career changes.
• Bring recent alumni from a variety of careers to campus and perhaps into the classroom to share their experiences for how they utilize their liberal education. Today’s students expect immediate answers and a direct line from major to career. At Wake Forest University, history professors require their students to participate in teleconferences with alumni who applied their bachelor’s degree in history to relevant but not directly related fields, such as journalism, law and marketing. Understanding the breadth of real-world opportunities dispels the myth that all history – and other liberal arts – majors are destined to become professors.
• Develop partnerships between the liberal arts college and the business school to enable faculty and students to work and learn across boundaries. Entrepreneurship and Social Enterprise, now the most popular minor at Wake Forest, emerged from a college-business school collaboration. Alternatively, many students choose to acquire the Masters in Management degree at Wake Forest in their fifth year to develop the business knowledge and leadership skills to complement their liberal undergraduate education. These types of partnerships are essential to provide students with the skills to apply their liberal arts skills to business-world problems.
There are many possible solutions to help students realize and articulate the relevancy of the liberal education to the world of work. The one requirement is that liberal arts colleges must make personal and career development a mission-critical part of the undergraduate experience – and they must collaborate with faculty in the endeavor.
A liberal arts education, long regarded as one of America’s unique sources of strength, remains an important vehicle for nurturing young talent who will produce the answers for our future. However, a liberal education without regard to career relevance is not enough. Liberal arts colleges must begin rethinking success by demonstrating relevance beyond the classroom. http://www.washingtonpost.com/blogs/college-inc/post/six-tips-for-liberal-arts-colleges-to-produce-employable-grads/2012/03/31/gIQAQb6EnS_blog.html

In the current economy more and more prospective students are wondering if college is a good investment.

Jill Barshay of The Hechinger Report reported in the article, Reflections on the Underemployment of College Graduates:

Most people — and especially parents of 20-something college graduates — know that the job market is particularly tough right now for recent college grads. But so tough that about half of them are either unemployed or underemployed?
That is what analysts for the New York Federal Reserve Bank of New York calculated, in a January, 2014, report, “Are Recent College Graduates Finding Good Jobs?” Defining “underemployed as working in low-paid jobs that don’t require college degrees, the analysts, Jaison R. Abel, Richard Deitz, and Yaqin Su, found that roughly 6 percent of recent college graduates, aged 22 to 27, were unemployed at the beginning of 2013 and 44 percent were underemployed. The unemployment figure has likely dropped since then, along with the overall drop in unemployment. But it’s quite possible that underemployment — the percentage of college grads who are in jobs that don’t require college degrees — hasn’t changed much.
Curiously enough, this New York Fed study was largely a rebuttal to the popular notion that the job market is much worse for college grads today. The authors looked at two decades of data and found that the combination of unemployment and underemployment is roughly the same today as it was for college graduates in the early 1990s who also had to seek jobs during a recession. By age 30, the majority of the 1990s cohort eventually found better work, and the same could happen for the current crop of college graduates.
But the authors also pointed to some ominous signs. They drilled down into the data of the underemployed and noted that it’s more likely for recent graduates to be in a low-wage or a part-time job than in the past. In other words, there’s a smaller share of college graduates in well-paying non-college jobs, such as electrician, dental hygienist or mechanic. And there’s a rising share of college graduates in the lowest paid of the non-college jobs, such as bartender, food server and cashier. That could make it harder for these young adults to transition to higher skilled jobs in the next few years. Time will tell.
Harvard professor Richard B. Freeman, one of the leading U.S. labor economists, wrote that he believes things are also worse now for American college graduates because of international competition. “The college graduate situation has a global dimension — 6 million bachelor’s graduates in China that affect the U.S. market as well — which is very different than in the past,” he wrote.
It’s worth pausing a moment to understand how economists think about underemployment, an admittedly fuzzy term. The New York Federal Reserve used the Department of Labor’s O*Net surveys. If at least 50 percent of the respondents working in a particular occupation say it requires a college degree, then the New York Fed labeled the occupation a college job. And it called a college graduate “underemployed” if he or she worked in a job for which less than half the respondents said a bachelor’s degree was necessary. Under this definition, every college-educated real estate broker, registered nurse and Shakespearean actor is classified as underemployed.
Sometimes fields change and become more sophisticated. Twenty years ago, some jobs didn’t require college degrees that now do. Journalism is one where many people didn’t have a college degree a couple generations ago. Now, even O*Net says reporters need a college degree. One question interesting labor economists is whether the employers hiring young adults can be more selective than the job itself warrants, and can demand college degrees simply because they have an excess of college graduates to choose from. Many elementary schools in the New York City area, for example, have the luxury of being able to demand that any teacher’s aide have a B.A. But O*Net says that the degree isn’t necessary for that job. Over time, that could change, if enough teacher’s aides respond that a college degree is necessary to be a teacher’s aide, even though you could perform the job superbly without one….
Reflections on the Underemployment of College Graduates – Higher Education http://diverseeducation.com/article/66209/

A college degree is no guarantee of either employment or continued employment. Still, because of the economic uncertainty there is an “arms race” in education. Laura Pappano reported in the New York Times article, The Master’s As the New Bachelor’s http://www.nytimes.com/2011/07/24/education/edlife/edl-24masters-t.html?emc=eta1&_r=0 Whether a person chooses to attend a four year college after high school is a very personal decision and there is no one right answer. One thing the current economic climate has taught many is there are no guarantees in life, even with a college degree. https://drwilda.wordpress.com/2011/11/28/why-go-to-college/

Resources:

A publication by the government Why Attend College? Is a good overview http://www2.ed.gov/pubs/Prepare/pt1.html

Article in USA Today about gap year http://usatoday30.usatoday.com/news/education/2008-06-18-gap-year_N.htm

Advantages of Going to a Vocational School http://www.gocollege.com/options/vocational-trade-schools/

Accrediting Commission of Career Schools and Colleges of Technology http://www.accsc.org/Resources/Links.aspx

Where information leads to Hope. © Dr. Wilda.com

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Not ready for college, perhaps a gap year is in order

4 Mar

One Tennessee Study found that quite often kids are encouraged to choose college over vocational or trade options. The societal push the last few years has been to have more kids go to college. Quite often schools are ranked on the percentage of kids that go directly to college from high school. So, counselors are following cultural cues they have received from administrators, parents, and the media. http://www.tennessee.gov/education/cte_council/doc/career_college_advice.pdf

Pros and Cons of Going to A Four Year College

A. Five Reasons to Go to College

Chris Stout lists Top Five Reasons to Go to College

1.The undergraduate degree is the new high school diploma
There was once a time when college was entirely optional. Even today, smart, hard working people can develop excellent careers and stable lives without the aid of a university education. College is by no means mandatory, but when you’re ready to start building a career for yourself, you will increasingly discover that a college degree is a prerequisite for many entry-level employment opportunities….
2.College will satisfy and expand your curiosity
If you possess a general curiosity about how and why the world works the way it does, then you owe it to yourself to attend college. Education is a personal project. If you want to develop your mental faculties and increase your knowledge base, then you have to college. If you feel that you’ve learned all you possibly can in high school, if you think that there’s nothing else that you need to absorb, then don’t go to college. If you have a passion for improved understanding, then college is mandatory.
3.College is a process of continual maturation
College is freedom. When you attend college, you are free to live on your own, according to your own priorities. As you carve out your own custom tailored living and learning experience, you can’t help but grow as a person. College is a time for self-improvement and development, so if you want to grow and mature as an individual, college is the perfect playground for self-progress.
4.College is all about networking
In college, you have the unique ability to create life-long associations in a structured environment. Networking is important, but it can also be difficult. If you want to build relations with students and faculty members, you have to put forth effort. Unlike the real world, in college, it’s easy to combine your individual interests with supportive allies who subscribe to those same interests. Take advantage of this environment and build up relationships that will help you in the future.
5.College exposes you to things you would not normally experience
When you set about choosing your path through life, it’s important to remember that finding yourself is as much a process of elimination as it is a process of discovery. Just as you seek out interests and identities, you need to rule out certain life-options and mental frameworks that you do not agree with. College exposes you to new risks, rewards, people, places, ideas, lifestyles, eating habits and career choices. Exposure is critical. You can’t form a genuine opinion on something if you’ve never been exposed to it. College is a place for you to improve yourself, to satiate your curiosities, to mature, to network, and to be exposed to new things. College is an important, irreplaceable experience in life. Going to college is highly recommended. http://ezinearticles.com/?Top-Five-Reasons-Why-You-Should-Choose-To-Go-To-College&id=384395

Stout places the emphasis on the college experience and the fact that college is not just a place for possible career training.

B. Five Reasons Not to Go to College

Forbes. Com published Five Reasons Not to Go to College

1. You’ll be losing four working years.
There’s an opportunity cost associated with going to college: Not only will you lose the money you’ll have spent on tuition, you’ll also be out the amount of money that you could have made if you’d worked during those four years. And if your family isn’t wealthy enough to pay for your education on their own, you’ll also owe a hefty amount in interest payments for your student loans. Perhaps more importantly, with four years of experience on your resume, you’ll be far better off when looking for work than the average 22-year-old college graduate.
2. You won’t necessarily earn less money.
College grads earn an average 62% more over the course of their careers than high school grads. But economist Robert Reischauer of the Brookings Institution in Washington, D.C., argues that those numbers are skewed by the fact that smarter kids are more likely to go to college in the first place. In other words, the profitability of higher education is a self-fulfilling prophecy.
3. In fact, you could probably make more money if you invested your tuition.
Put $160,000–the approximate cost of a Harvard education–into municipal bonds that pay a conservative 5%, and you’ll have saved more than $500,000 in 30 years. That’s far more than the average college grad will accumulate in the same amount of time.
4. You don’t need to be in a classroom in order to learn something.
Truly motivated learners can teach themselves almost anything with a couple of books and an Internet connection. Want to learn a hands-on skill or trade? Consider an apprenticeship.
5. Plenty of other people did fine
Bill Gates, Larry Ellison, Quentin Tarantino, David Geffen, and Thomas Edison, among others, never graduated from college. Peter Jennings and John D. Rockefeller never finished high school. http://www.forbes.com/2006/04/15/dont-go-college_cx_lh_06slate_0418skipcollege.html

Some people discover their passion earlier in life than others. Forbes.Com addresses its comments at those folks. The calculation is that if one already knows what they want to do, college could be an unnecessary detour.

A college degree is no guarantee of either employment or continued employment.

Alternatives to a Four Year College Degree

Great Schools has a concise overview of various options should a child decide they do not want to go from high school to a four year college. What if Your Teen Wants to Skip College http://www.greatschools.org/college-prep/alternatives/660-what-if-your-teen-wants-to-skip-college.gs There are several options. Options include a gap year, trade school, vocational school, community college, and for some the military. The only option that should be off the table is to do nothing.

Victor Lukerson wrote the excellent Time article, Gap Year: The Growing Appeal of Not Going Right to College:

About 1.2% of first-time college freshmen choose to defer enrollment for a year, according to the Higher Education Research Institute at UCLA. What these students choose to do with their time varies widely, from expensive study abroad programs, to volunteer programs like City Year, to staying at home and saving up for college.
“In 1980, no one was talking gap year,” says Holly Bull, the president of The Center for Interim Programs, a company that offers parents and students consulting in choosing the appropriate gap year program. “I’ve watched this whole concept go basically from its inception to present day. I wouldn’t call it mainstream, but there’s way more awareness and support and colleges are now beginning to endorse it as a really positive thing.”http://moneyland.time.com/2012/10/05/gap-year-the-growing-appeal-of-not-going-right-to-college/#ixzz28eFKj1Ce

According to Kirk Carapezza of NPR more students are taking a gap year. Carapezza reported in the story, Mind The Gap (Year): A Break Before College Might Do Some Good http://www.npr.org/2014/02/27/283533644/mind-the-gap-year-a-break-before-college-might-do-some-good?utm_medium=Email&utm_source=share&utm_campaign=storyshare

Whether a person chooses to attend a four year college after high school is a very personal decision and there is no one right answer. One thing the current economic climate has taught many is there are no guarantees in life, even with a college degree. The trades may offer some a means to earn a living and a fulfilling life.
A one-size-fits-all approach does not work.

Resources:
1. A publication by the government Why Attend College? Is a good overview http://www2.ed.gov/pubs/Prepare/pt1.html

2. Article in USA Today about gap year http://usatoday30.usatoday.com/news/education/2008-06-18-gap-year_N.htm

3. Advantages of Going to a Vocational School http://www.gocollege.com/options/vocational-trade-schools/

4. Accreditation Commission of Career Schools and Colleges of Technology http://www.accsc.org/Resources/Links.aspx

5. The Federal Trade Commission has Choosing A Career Or Vocational School http://www.consumer.ftc.gov/articles/0241-choosing-vocational-school

6. How to Choose The Best Trade School http://www.ehow.com/how_2107557_choose-best-trade-school.html

Where information leads to Hope. © Dr. Wilda.com

Dr. Wilda says this about that ©

Blogs by Dr. Wilda:

COMMENTS FROM AN OLD FART©
http://drwildaoldfart.wordpress.com/

Dr. Wilda Reviews ©
http://drwildareviews.wordpress.com/

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Pew Research: College education increases income potential

1 Oct

Moi wrote about the decision to go to college in Why go to college? Sam Davidson has written an interesting New York Times article, It’s the Economy: The Dwindling Power of a College Degree:

A general guideline these days is that people are rewarded when they can do things that take trained judgment and skill — things, in other words, that can’t be done by computers or lower-wage workers in other countries. Money now flows around the world so quickly, and technology changes so fast, that people who thought they were in high demand find themselves uprooted. Many newspaper reporters have learned that their work was subsidized, in part, by classified ads and now can’t survive the rise of Craigslist; computer programmers have found out that some smart young guys in India will do their jobs for much less. Meanwhile, China lends so much money to the United States that mortgage brokers and bond traders can become richer than they ever imagined for a few years and then, just as quickly, become broke and unemployed.
One of the greatest changes is that a college degree is no longer the guarantor of a middle-class existence. Until the early 1970s, less than 11 percent of the adult population graduated from college, and most of them could get a decent job. Today nearly a third have college degrees, and a higher percentage of them graduated from nonelite schools. A bachelor’s degree on its own no longer conveys intelligence and capability. To get a good job, you have to have some special skill — charm, by the way, counts — that employers value. But there’s also a pretty good chance that by some point in the next few years, your boss will find that some new technology or some worker overseas can replace you.
Though it’s no guarantee, a B.A. or some kind of technical training is at least a prerequisite for a decent salary. It’s hard to see any great future for high-school dropouts or high-school graduates with no technical skills. They most often get jobs that require little judgment and minimal training, like stocking shelves, cooking burgers and cleaning offices. Employers generally see these unskilled workers as commodities — one is as good as any other — and thus each worker has very little bargaining power, especially now that unions are weaker. There are about 40 million of these low-skilled people in our work force. They’re vying for jobs that are likely to earn near the minimum wage with few or no benefits, and they have a high chance of being laid off many times in a career.
http://www.nytimes.com/2011/11/27/magazine/changing-rules-for-success.html?_r=1&emc=eta1

The societal push the last few years has been to have more kids go to college. Quite often schools are ranked on the percentage of kids that go directly to college from high school. So, counselors are following cultural cues they have received from administrators, parents, and the media.

Chris Stout lists Top Five Reasons to Go to College http://ezinearticles.com/?Top-Five-Reasons-Why-You-Should-Choose-To-Go-To-College&id=384395 Stout places the emphasis on the college experience and the fact that college is not just a place for possible career training. Forbes. Com published Five Reasons Not to Go to College http://www.forbes.com/2006/04/15/dont-go-college_cx_lh_06slate_0418skipcollege.html Some people discover their passion earlier in life than others.Forbes.Com addresses its comments at those folks. The calculation is that if one already knows what they want to do, college could be an unnecessary detour. A US News and World Report article estimated the value of a college degree http://www.usnews.com/education/articles/2008/10/30/how-much-is-that-college-degree-really-worth

Amanda Paulson of the Christian Science Monitor wrote a great article, Does Everyone Need A College Degree? Maybe Not Says Harvard Study about a Harvard study.

A new report released by Harvard Wednesday states in some of the strongest terms yet that such a “college for all” emphasis may actually harm many American students – keeping them from having a smooth transition from adolescence to adulthood and a viable career.
“The American system for preparing young people to lead productive and prosperous lives as adults is clearly badly broken,” concludes the report, “Pathways to Prosperity” (pdf). http://www.gse.harvard.edu/news_events/features/2011/Pathways_to_Prosperity_Feb2011.pdf
http://www.csmonitor.com/USA/Education/2011/0202/Does-everyone-need-a-college-degree-Maybe-not-says-Harvard-study

Marcus Wohlsen of AP has posted the article, Tech Mogul Pays Bright Minds Not to Go to College at Boston.Com. http://www.boston.com/business/technology/articles/2011/05/30/tech_mogul_pays_bright_minds_to_skip_college/ Wohlsen reports that tech tycoon Peter Thiel has set up a scholarship which two dozen gifted young people $100,000 not to go to college but to become entrepreneurs for the next two years. https://drwilda.com/2011/11/28/why-go-to-college/
Pew Research reported that college graduates make more income for a number of reasons.

Richard Fry wrote about the income potential of college graduates in The growing economic clout of the college educated:

For the first time on record, households headed by someone with at least a bachelor’s degree received nearly a majority (49.7%) of aggregate U.S. household income; nearly one out of every two dollars went to the college educated. In 2012 one-in-three households was college educated, so, put another way, half of the aggregate U.S. income goes to one third of the households.
In 1991 (the earliest year comparable figures are available) college-educated households only received 37% of the nation’s aggregate income. In 1991 about one-quarter of households (23%) were college educated.
The share of the income pie received by households with only a high school education or less fell 15 percentage points from 1991 to 2012. The share of household income going to households with some college (including those with an associate’s degree) increased modestly over the same period (23% to 25%).
Since educational attainment has risen and there are more college-educated households, one would expect the college educated to receive a growing share of the pie.
But the data clearly indicate that the growing economic fortunes of the college educated go beyond sheer numbers. College-educated households are the only households whose incomes have grown on a per household basis from 1991 to 2012. Household income increased 9% (from $92,289 to $100,637) for those whose highest education was a bachelor’s degree. Incomes were up 20% for households with professional degrees. In contrast, household incomes have declined for households who do not have at least a bachelor’s degree.
Before breaking down the nitty-gritty of the college-educated households’ income gain, it should be noted that a number of factors are likely at play in boosting the household incomes of the college educated relative to less-educated households. A primary factor is the better fortunes of the college educated in the labor market. The Georgetown Center on Education and the Workforce finds that college graduates earn nearly twice as much as workers with just a high school diploma.
But the household income differences between the college educated and lesser educated go beyond the labor market. College-educated households are more likely to be married and thus more likely to have secondary earners contributing to household income.

In addition, my research on “assortative mating” or “who marries whom” shows that married college-educated persons are more likely to have a college-educated spouse. Thus, they are more likely to have a spouse with high earnings. For example, in 2011, 75% of married men ages 30 to 44 who are college educated also have a college-educated wife. Among their married counterparts with a high school education, only 17% have a college-educated wife.
Between 1991 and 2012, the aggregate household income of college-educated households increased by $2.1 trillion according to the Census data. Over the same period, the share of all households who are college educated increased from 23% to 33%. How much of the $2.1 trillion income gain received by the college educated is due to growth in numbers versus growth in income per college-educated household? If the fraction of households who are college educated had remained constant at 23%, instead of rising to 33%, the income pie going to the college educated would only have grown by $0.8 trillion. So, over half of the income gain of the college educated is due growth in numbers. But a substantial portion reflects their improving income fortunes. http://www.pewresearch.org/fact-tank/2013/09/24/the-growing-economic-clout-of-the-college-educated/

Whether a person chooses to attend a four year college after high school is a very personal decision and there is no one right answer. One thing the current economic climate has taught many is there are no guarantees in life, even with a college degree. The trades may offer some a means to earn a living and a fulfilling life.

A one-size-fits-all approach does not work.

Resources:

1. A publication by the government Why Attend College? Is a good overview
http://www2.ed.gov/pubs/Prepare/pt1.html

2. Article in USA Today about gap year
http://usatoday30.usatoday.com/news/education/2008-06-18-gap-year_N.htm

3. Advantages of Going to a Vocational School
http://www.gocollege.com/options/vocational-trade-schools/

4. Accredidation Commission of Career Schools and Colleges of Technology
http://www.accsc.org/Resources/Links.aspx

5. The Federal Trade Commission has Choosing A Career Or Vocational School
http://www.consumer.ftc.gov/articles/0241-choosing-vocational-school

6. How to Choose The Best Trade School
http://www.ehow.com/how_2107557_choose-best-trade-school.html

Where information leads to Hope. © Dr. Wilda.com

Dr. Wilda says this about that ©

Blogs by Dr. Wilda:

COMMENTS FROM AN OLD FART©
http://drwildaoldfart.wordpress.com/

Dr. Wilda Reviews ©
http://drwildareviews.wordpress.com/

Dr. Wilda ©
https://drwilda.com/

ABA task force proposes sweeping changes to legal education

23 Sep

Moi has been posting about whether a degree is the best option. In Why go to college?
The societal push the last few years has been to have more kids go to college. Quite often schools are ranked on the percentage of kids that go directly to college from high school. So, counselors are following cultural cues they have received from administrators, parents, and the media.
Chris Stout lists Top Five Reasons to Go to College http://ezinearticles.com/?Top-Five-Reasons-Why-You-Should-Choose-To-Go-To-College&id=384395
Stout places the emphasis on the college experience and the fact that college is not just a place for possible career training. Forbes. Com published Five Reasons Not to Go to College http://www.forbes.com/2006/04/15/dont-go-college_cx_lh_06slate_0418skipcollege.html Some people discover their passion earlier in life than others.Forbes.Com addresses its comments at those folks. The calculation is that if one already knows what they want to do, college could be an unnecessary detour. A US News and World Report article estimated the value of a college degree http://www.usnews.com/education/articles/2008/10/30/how-much-is-that-college-degree-really-worth
https://drwilda.com/2011/11/28/why-go-to-college/

The calculation for pursuing a professional degree is different. One must not only look at personal satisfaction, but earning potential.

Tamar Lewin reported in the New York Times article, Task Force Backs Changes in Legal Education System:

Faced with rising student debt and declining applications to law schools, a task force of the American Bar Association is calling for sweeping changes in legal education, including training people without law degrees to provide limited legal services and opening the bar to those who have not completed four years of college and three years of law school.
The report, to be issued on Friday, does not refer specifically to President Obama’s suggestion last month that law schools might limit classes to two years, and have students spend their third year clerking or practicing in a firm. But it did recommend the elimination of the rules that law students must have 45,000 minutes in a classroom to graduate and that they cannot get credit for field placements that are paid.
The report describes an urgent need for change in the nation’s legal education.
“The system faces considerable pressure because of the price many students pay, the large amounts of student debt, consecutive years of sharply falling applications, and dramatic changes, possibly structural, in the jobs available to law graduates,” it said. “These have resulted in real economic stresses on law school, damage to career and economic prospects of many recent graduates, and diminished public confidence in the system of legal education.”
It called the predicament of the many recent graduates who may never get the kind of jobs they anticipated “particularly compelling.”
The report is still a draft, to be distributed for comment, then considered at the bar association’s 2014 meeting. If adopted there, it will be influential but not binding on either law schools or state bar associations.
Randall T. Shepard, the former Indiana chief justice who was chairman of the task force, said that within the group, the most controversial sections were those dealing with how legal education is financed and with the accreditation standards.
The report criticizes the practice of most law schools to provide little aid to needy students, reserving most of their scholarships for those with the highest credentials in part to help raise the school’s rankings. http://www.nytimes.com/2013/09/20/education/task-force-backs-changes-in-legal-education-system.html?ref=education

Here is the press release from the ABA:

News > ABA News > ABA News Archives > 2013 > 09
ABA Task Force on the Future of Legal Education issues draft report on proposed reforms to pricing, accrediting and licensing
« Experts predict more divided decisions when Supreme Court takes on controversial cases in new term
Experts from architect, contractor groups to discuss federal P3 projects, aging infrastructure at ABA event »
ABA Task Force on the Future of Legal Education issues draft report on proposed reforms to pricing, accrediting and licensing
By John Glynn
CHICAGO, Sept. 20, 2013 — Stating that the system of legal education in the United States is widely admired around the world but faces serious challenges, the American Bar Association Task Force on the Future of Legal Education today issued its draft report with recommendations.
Key proposals call for changes in the pricing of legal education, liberalizing or eliminating certain accreditation standards, and speeding the pace of innovation and practical-skills training at law schools. The draft also calls on courts and bar authorities to devise new frameworks for licensing legal service providers.
“The Task Force believes that if the participants in legal education continue to act in good faith on the recommendations presented here, with an appreciation of the urgency of coordinated change, significant benefits for students, society, and the system of legal education can be brought about quickly, and a foundation can be established for continuous adaptation and improvement,” the draft report states.
The Task Force is soliciting public comment on the draft that will help the panel prepare a final report for consideration by the ABA House of Delegates. Neither the draft report nor the final report represents the policy or positions of the ABA.
“While the Task Force is not finished with its work, this draft report represents our effort thus far to formulate solid proposals to ensure that legal education in the United States remains viable in light of substantial economic and structural changes,” said Task Force Chair Randall T. Shepard, former chief justice of the Indiana Supreme Court.
“We look forward to receiving additional public comment to supplement the hearings and comments process that we have conducted over the last year,” Shepard continued. “Our goal is to produce a final report that will be as comprehensive and effective as possible while taking into account all the views that came to our attention.”
Said ABA President James R. Silkenat: “Legal education in the United States is the best in the world, but it must continue to evolve to match the rapid changes that are taking place in legal practice in the United States. The Task Force’s draft report was informed by a thoroughly open process, which is important, given the gravity and complexity of the issues. The draft report represents the hard work and broad-based inquiry that ABA leadership expected from our insightful Task Force members, who represent a wide range of backgrounds and perspectives.
“We are grateful for the Task Force’s continuing efforts under the leadership of Justice Shepard,” Silkenat continued. “Thanks to the Task Force’s work, the legal community will be able to have a full, engaged discussion with all stakeholders concerning the future of legal education. This is a topic that is critical to our profession and essential to the delivery of legal services in the United States.”
The Task Force was commissioned in July 2012 by then-ABA President Wm. T. (Bill) Robinson III and supported by ABA leadership, including Silkenat and Immediate Past President Laurel G. Bellows.
To prepare the draft report and recommendations, the Task Force reviewed literature on problems and solutions. It met throughout the year to review and test potential solutions, accelerating its original timetable in light of the seriousness of the developing challenges to legal education in the United States.
The Task Force solicited written comments from interested parties starting in September 2012, held two public hearings and conducted a webcasted mini-conference in April 2013, to which various knowledgeable parties were invited to share information and perspectives.
In addition, the Task Force chair met with the leadership of the Association of American Law Schools and conducted a forum for deans of ABA-approved law schools. The chair and other Task Force members held forums at the annual meeting of the Council on Higher Education Accreditation and the Conference of Chief Justices.
The report is available online here, http://www.americanbar.org/content/dam/aba/images/news/PDF/draft_report_of_aba_task_force_september_2013.pdf
or at the Task Force website. http://www.americanbar.org/groups/professional_responsibility/taskforceonthefuturelegaleducation.html
With nearly 400,000 members, the American Bar Association is one of the largest voluntary professional membership organizations in the world. As the national voice of the legal profession, the ABA works to improve the administration of justice, promotes programs that assist lawyers and judges in their work, accredits law schools, provides continuing legal education, and works to build public understanding around the world of the importance of the rule of law. To review our privacy statement click here. Follow the latest ABA news at http://www.ambar.org/news and on Twitter @ABANews.
This entry was posted on Fri Sep 20 01:00:00 CDT 2013 and filed under News Releases and Section of Legal Education and Admissions to the Bar.

Whether a person chooses to attend a graduate or professional school is a very personal decision and there is no one right answer. One thing the current economic climate has taught many is there are no guarantees in life, even with degree.

A one-size-fits-all approach does not work.

Related:

Should colleges be career schools? Saving the liberal arts education
https://drwilda.com/2013/01/02/should-colleges-be-career-schools-saving-the-liberal-arts-education/

Brookings paper: Is college a good investment?
https://drwilda.com/2013/05/10/2784/

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http://drwildareviews.wordpress.com/

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Brookings paper: Is college a good investment?

10 May

Moi wrote about the decision to go to college in Why go to college?

The societal push the last few years has been to have more kids go to college. Quite often schools are ranked on the percentage of kids that go directly to college from high school. So, counselors are following cultural cues they have received from administrators, parents, and the media.

Chris Stout lists Top Five Reasons to Go to CollegeStout places the emphasis on the college experience and the fact that college is not just a place for possible career training. Forbes. Com published Five Reasons Not to Go to CollegeSome people discover their passion earlier in life than others. Forbes.Com addresses its comments at those folks. The calculation is that if one already knows what they want to do, college could be an unnecessary detour. A US News and World Report article estimated the value of a college degree

Amanda Paulson of the Christian Science Monitor has a great article, Does Everyone Need A College Degree? Maybe Not Says Harvard Study about a new Harvard study.   

A new report released by Harvard Wednesday states in some of the strongest terms yet that such a “college for all” emphasis may actually harm many American students – keeping them from having a smooth transition from adolescence to adulthood and a viable career.

The American system for preparing young people to lead productive and prosperous lives as adults is clearly badly broken,” concludes the report, “Pathways to Prosperity” (pdf).

Marcus Wohlsen of AP has posted the article, Tech Mogul Pays Bright Minds Not to Go to Collegeat Seattle PI.Com. Wohlsen reports that tech tycoon Peter Thielhas set up a scholarship which two dozen gifted young people $100,000 not to go to college but to become entrepreneurs for the next two years.

A college degree is no guarantee of either employment or continued employment. Still, because of the economic uncertainty there is an “arms race” in education. Laura Pappano is reporting in the New York Times article, The Master’s As the New Bachelor’s

See, Is a ‘gap year’ a good option for some students?

https://drwilda.com/2012/10/08/is-a-gap-year-a-good-option-for-some-students/

Julia Lawrence writes a about a Brookings paper which asks whether college is a good investment in the Education News article, Brookings: College Degrees Aren’t a Foolproof Investment:

Stephanie Owen and Isabel V. Sawhill attempt to answer a deceptively simple question in the latest paper for the Brookings Institution: is college a good path for all American high school graduates? Owen and Sawhill – who is the co-director of the Brookings’ Center on Children and Families, Budgeting for National Priories and a Senior Fellow on Economic Studies — try to determine if the return on investment in a college degree still warrants the expense, the risk and the time in every circumstance.                                                        http://www.educationnews.org/education-policy-and-politics/brookings-investing-in-college-degree-isnt-foolproof/

Here is the press release from Brookings:

Should Everyone Go To College?

By: Stephanie Owen and Isabel V. Sawhill

May 8, 2013

For the past few decades, it has been widely argued that a college degree is a prerequisite to entering the middle class in the United States. Study after study reminds us that higher education is one of the best investments we can make, and President Obama has called it “an economic imperative.” We all know that, on average, college graduates make significantly more money over their lifetimes than those with only a high school education. What gets less attention is the fact that not all college degrees or college graduates are equal. There is enormous variation in the so-called return to education depending on factors such as institution attended, field of study, whether a student graduates, and post-graduation occupation. While the average return to obtaining a college degree is clearly positive, we emphasize that it is not universally so. For certain schools, majors, occupations, and individuals, college may not be a smart investment. By telling all young people that they should go to college no matter what, we are actually doing some of them a disservice.

The Rate of Return on Education

One way to estimate the value of education is to look at the increase in earnings associated with an additional year of schooling. However, correlation is not causation, and getting at the true causal effect of education on earnings is not so easy. The main problem is one of selection: if the smartest, most motivated people are both more likely to go to college and more likely to be financially successful, then the observed difference in earnings by years of education doesn’t measure the true effect of college.

Researchers have attempted to get around this problem of causality by employing a number of clever techniques, including, for example, comparing identical twins with different levels of education. The best studies suggest that the return to an additional year of school is around 10 percent. If we apply this 10 percent rate to the median earnings of about $30,000 for a 25- to 34-year-old high school graduate working full time in 2010, this implies that a year of college increases earnings by $3,000, and four years increases them by $12,000. Notice that this amount is less than the raw differences in earnings between high school graduates and bachelor’s degree holders of $15,000, but it is in the same ballpark. Similarly, the raw difference between high school graduates and associate’s degree holders is about $7,000, but a return of 10% would predict the causal effect of those additional two years to be $6,000.

There are other factors to consider. The cost of college matters as well: the more someone has to pay to attend, the lower the net benefit of attending. Furthermore, we have to factor in the opportunity cost of college, measured as the foregone earnings a student gives up when he or she leaves or delays entering the workforce in order to attend school. Using average earnings for 18- and 19-year-olds and 20- and 21-year-olds with high school degrees (including those working part-time or not at all), Michael Greenstone and Adam Looney of Brookings’ Hamilton Project calculate an opportunity cost of $54,000 for a four-year degree. In this brief, we take a rather narrow view of the value of a college degree, focusing on the earnings premium. However, there are many non-monetary benefits of schooling which are harder to measure but no less important. Research suggests that additional education improves overall wellbeing by affecting things like job satisfaction, health, marriage, parenting, trust, and social interaction. Additionally, there are social benefits to education, such as reduced crime rates and higher political participation. We also do not want to dismiss personal preferences, and we acknowledge that many people derive value from their careers in ways that have nothing to do with money. While beyond the scope of this piece, we do want to point out that these noneconomic factors can change the cost-benefit calculus.

As noted above, the gap in annual earnings between young high school graduates and bachelor’s degree holders working full time is $15,000. What’s more, the earnings premium associated with a college degree grows over a lifetime. Hamilton Project research shows that 23- to 25-year-olds with bachelor’s degrees make $12,000 more than high school graduates but by age 50, the gap has grown to $46,500 (Figure 1). When we look at lifetime earnings—the sum of earnings over a career—the total premium is $570,000 for a bachelor’s degree and $170,000 for an associate’s degree. Compared to the average up-front cost of four years of college (tuition plus opportunity cost) of $102,000, the Hamilton Project is not alone in arguing that investing in college provides “a tremendous return.”

It is always possible to quibble over specific calculations, but it is hard to deny that, on average, the benefits of a college degree far outweigh the costs. The key phrase here is “on average.” The purpose of this brief is to highlight the reasons why, for a given individual, the benefits may not outweigh the costs. We emphasize that a 17- or 18-year-old deciding whether and where to go to college should carefully consider his or her own likely path of education and career before committing a considerable amount of time and money to that degree. With tuitions rising faster than family incomes, the typical college student is now more dependent than in the past on loans, creating serious risks for the individual student and perhaps for the system as a whole, should widespread defaults occur in the future. Federal student loans now total close to $1 trillion, larger than credit card debt or auto loans and second only to mortgage debt on household balance sheets.

More from Brookings

Whether a person chooses to attend a four year college after high school is a very personal decision and there is no one right answer. One thing the current economic climate has taught many is there are no guarantees in life, even with a college degree. The trades may offer some a means to earn a living and a fulfilling life.

A one-size-fits-all approach does not work.

Resources:

  1. A publication by the government Why Attend College? Is a good overview

  2. Article in USA Today about gap year

  3. gap year articles

  4. Advantages of Going to a Vocational School

  5. Vocational School Accreditation

  6. Accredidation Commission of Career Schools and Colleges of Technology

  7. The Federal Trade Commission has Choosing A Career Or Vocational School

  8. How to Choose a Vocational School

  9. How to Choose The Best Trade School
Where information leads to Hope. ©                               Dr. Wilda.com

Dr. Wilda says this about that

Blogs by Dr. Wilda:

COMMENTS FROM AN OLD FART©                      http://drwildaoldfart.wordpress.com/

Dr. Wilda Reviews ©                                             http://drwildareviews.wordpress.com/

Dr. Wilda ©                                                                                                    https://drwilda.com/

Is a gap year a good option for some students?

8 Oct

One Tennessee Study found that quite often kids are encouraged to choose college over vocational or trade options.  The societal push the last few years has been to have more kids go to college. Quite often schools are ranked on the percentage of kids that go directly to college from high school. So, counselors are following cultural cues they have received from administrators, parents, and the media.

Pros and Cons of Going to A Four Year College

A.     Five Reasons to Go to College

Chris Stout lists Top Five Reasons to Go to College

1.The undergraduate degree is the new high school diploma

There was once a time when college was entirely optional. Even today, smart, hard working people can develop  excellent careers and stable

lives without the aid of a university education. College is by no means

mandatory,  but when you’re ready to start building a career for

yourself, you will increasingly discover that a college degree is a

prerequisite  for many entry-level employment opportunities…. 

2.College will satisfy and expand your curiosity

If you possess a general curiosity about how and why the world works the way it does, then you owe it to yourself to attend college. Education is a personal project. If you want to develop your mental faculties and increase your knowledge base, then you have to college. If you feel that you’ve learned all you possibly can in high school, if you think that there’s nothing else that you need to absorb, then don’t go to college. If you have a passion for improved understanding, then college is mandatory.

3.College is a process of continual maturation

College is freedom. When you attend college, you are free to live on your own, according to your own priorities. As you carve out your own custom tailored living and learning experience, you can’t help but grow as a person. College is a time for self-improvement and development, so if you want to grow and mature as an individual, college is the perfect playground for self-progress.

4.College is all about networking

In college, you have the unique ability to create life-long associations in a structured environment. Networking is important, but it can also be difficult. If you want to build relations with students and faculty members, you have to put forth effort. Unlike the real world, in college, it’s easy to combine your individual interests with supportive allies who subscribe to those same interests. Take advantage of this environment and build up relationships that will help you in the future.

5.College exposes you to things you would not normally experience

When you set about choosing your path through life, it’s important to remember that finding yourself is as much a process of elimination as it is a process of discovery. Just as you seek out interests and identities, you need to rule out certain life-options and mental frameworks that you do not agree with. College exposes you to new risks, rewards, people, places, ideas, lifestyles, eating habits and career choices. Exposure is critical. You can’t form a genuine opinion on something if you’ve never been exposed to it.  

  College is a place for you to improve yourself, to satiate your curiosities,   to mature, to network, and to be  exposed to new things. College is an   important, irreplaceable experience in life. Going  to college is highly   recommended.

Stout places the emphasis on the college experience and the fact that college is not just a place for possible career training.

B.    Five Reasons Not to Go to College

Forbes. Com published Five Reasons Not to Go to College

1. You’ll be losing four working years.

There’s an opportunity cost associated with going to college: Not only will you lose the money you’ll have spent on tuition, you’ll also be out the amount of money that you could have made if you’d worked during those four years. And if your family isn’t wealthy enough to pay for your education on their own, you’ll also owe a hefty amount in interest payments for your student loans. Perhaps more importantly, with four years of experience on your resume, you’ll be far better off when looking for work than the average 22-year-old college graduate.

2. You won’t necessarily earn less money.

College grads earn an average 62% more over the course of their careers than high school grads. But economist Robert Reischauer of the Brookings Institution in Washington, D.C., argues that those numbers are skewed by the fact that smarter kids are more likely to go to college in the first place. In other words, the profitability of higher education is a self-fulfilling prophecy.

3. In fact, you could probably make more money if you invested your tuition.

Put $160,000–the approximate cost of a Harvard education–into municipal bonds that pay a conservative 5%, and you’ll have saved more than $500,000 in 30 years. That’s far more than the average college grad will accumulate in the same amount of time.

4. You don’t need to be in a classroom in order to learn something.

Truly motivated learners can teach themselves almost anything with a couple of books and an Internet connection. Want to learn a hands-on skill or trade? Consider an apprenticeship.

5. Plenty of other people did fine

Bill Gates, Larry Ellison, Quentin Tarantino, David Geffen, and Thomas Edison, among others, never graduated from college. Peter Jennings and John D. Rockefeller never finished high school. 

Some people discover their passion earlier in life than others. Forbes.Com addresses its comments at those folks. The calculation is that if one already knows what they want to do, college could be an unnecessary detour.

Economic Value of A College Degree

A US News and World Report article estimated the value of a college degree

As the price of a college degree continues to rise, there’s growing evidence that the monetary payoff isn’t quite as big as often advertised. The best estimate now is that a college degree is worth about $300,000 in today’s dollars—nowhere near the $1 million figure that is often quoted. “That $1 million number has driven me crazy!” says Sandy Baum, a Skidmore economist who studied the value of a college degree for the College Board last year. Baum’s research showed that college graduates earn, on average, about $20,000 a year more than those who finished their educations at high school. Add that up over a 40-year working life and the total differential is about $800,000, she figures. But since much of that bonus is earned many years from now, subtracting out the impact of inflation means that $800,000 in future dollars is worth only about $450,000 in today’s dollars. Then, if you subtract out the cost of a college degree—about $30,000 in tuition and books for students who get no aid and attend public in-state universities—and the money a student could have earned at a job instead of attending school, the real net value in today’s dollars is somewhere in the $300,000 range, a number confirmed by other studies. But, especially these days, that still makes a college degree one of the most lucrative investments a person can make, Baum notes.

Better yet, college graduates can go on to earn advanced degrees, which return even bigger payoffs. The average holder of a bachelor’s degree earns about $51,000 a year, Baum calculates. But those who’ve gone on to earn MBAs, law degrees, or other professional degrees earn about $100,000 a year.

As the price of a college degree continues to rise, there’s growing evidence that the monetary payoff isn’t quite as big as often advertised. The best estimate now is that a college degree is worth about $300,000 in today’s dollars—nowhere near the $1 million figure that is often quoted. 

The article also mentions some of the non-monetary rewards of attending a four year college. The Wall Street Journal in a 2008 article at published at the beginning of the economic downtown describes declining value of a college degree

A variety of economic forces are at work here. Globalization and technology have altered the types of skills that earn workers a premium wage; in many cases, those skills aren’t learned in college classrooms. And compared with previous generations, today’s college graduates are far more likely to be competing against educated immigrants and educated workers employed overseas.

The issue isn’t a lack of economic growth, which was solid for most of the 2000s. Rather, it’s that the fruits of growth are flowing largely to “a relatively small group of people who have a particular set of skills and assets that lots of other people don’t,” says Mr. Bernstein. And that “doesn’t necessarily have that much to do with your education.” In short, a college degree is often necessary, but not sufficient, to get a paycheck that beats inflation.

A college degree is no guarantee of either employment or continued employment.

Alternatives to a Four Year College Degree

Great Schools has a concise overview of various options should a child decide they do not want to go from high school to a four year college. What if Your Teen Wants to Skip College There are several options. Options include a gap year, trade school, vocational school, community college, and for some the military. The only option that should be off the table is to do nothing.

Victor Lukerson has written the excellent Time article, Gap Year: The Growing Appeal of Not Going Right to College:

About 1.2% of first-time college freshmen choose to defer enrollment for a year, according to the Higher Education Research Institute at UCLA. What these students choose to do with their time varies widely, from expensive study abroad programs, to volunteer programs like City Year, to staying at home and saving up for college.

In 1980, no one was talking gap year,” says Holly Bull, the president of The Center for Interim Programs, a company that offers parents and students consulting in choosing the appropriate gap year program. “I’ve watched this whole concept go basically from its inception to present day. I wouldn’t call it mainstream, but there’s way more awareness and support and colleges are now beginning to endorse it as a really positive thing.”http://moneyland.time.com/2012/10/05/gap-year-the-growing-appeal-of-not-going-right-to-college/#ixzz28eFKj1Ce

Whether a person chooses to attend a four year college after high school is a very personal decision and there is no one right answer. One thing the current economic climate has taught many is there are no guarantees in life, even with a college degree. The trades may offer some a means to earn a living and a fulfilling life.

A one-size-fits-all approach does not work.

Resources:

A publication by the government Why Attend College? Is a good overview

Article in USA Today about gap year

gap year articles

Dr. Wilda says this about that

Blogs by Dr. Wilda:

COMMENTS FROM AN OLD FART©  http://drwildaoldfart.wordpress.com/

Dr. Wilda Reviews ©          http://drwildareviews.wordpress.com/

Dr. Wilda © https://drwilda.com/

Georgetown University study: Even in a depression, college grads enjoy advantage

15 Aug

In Borrowing from work: Schools teach career mapping Moi said:

One of the goals of education is to give the student sufficient basic skills to be able to leave school and be able to function at a job or correctly assess their training needs. One of the criticisms of the current education system is that it does not adequately prepare children for work or for a career. https://drwilda.wordpress.com/2012/03/24/borrowing-from-work-schools-teach-career-mapping/ A liberal arts education has been considered the gold standard. Moi wrote in Why Go to College?

The societal push the last few years has been to have more kids go to college. Quite often schools are ranked on the percentage of kids that go directly to college from high school. So, counselors are following cultural cues they have received from administrators, parents, and the media.

Chris Stout lists Top Five Reasons to Go to College Stout places the emphasis on the college experience and the fact that college is not just a place for possible career training. Forbes. Com published Five Reasons Not to Go to College Some people discover their passion earlier in life than others. Forbes.Com addresses its comments at those folks. The calculation is that if one already knows what they want to do, college could be an unnecessary detour. A US News and World Report article estimated the value of a college degree    https://drwilda.wordpress.com/2011/11/28/why-go-to-college/Georgetown University has released a study that finds a college degree gives an advantage, even during times of recession.

Here is the press release for the Georgetown University study, The College Advantage: Weathering the Economic Storm:

COLLEGE GRADUATES LEAD NATIONAL JOB GROWTH RECOVERY, NEW GEORGETOWN STUDY FINDS

— Study Also Finds That the College-Wage-Advantage has Held up Well Over Time —

Washington, D.C., August 15, 2012 – A new study released today by the Georgetown University Center on Education and the Workforce finds that almost half of the jobs lost in the recession that began in December, 2007 have been recovered and virtually all of those jobs required some form of postsecondary education. Experts say this data demonstrates the ongoing importance of education beyond high school for individual workers and our national economy.

The wage advantage for workers with a bachelor’s degree or better over high school has remained high and has held mostly stable at 97 percent. The wage premium for bachelor’s degrees or better relative to high school degrees skyrocketed from 44 percent in 1981 to a 100 percent in 2005 and has only fallen to 97 percent since the beginning of the recession.

It is a tough job market for college graduates but far worse for those without a college education,” said Anthony P. Carnevale, the Georgetown Center’s director and co-author of the report. “At a time when more and more people are debating the value of postsecondary education, this data shows that your chances of being unemployed increase dramatically without a college degree.”

The Georgetown study shows that in 2012, seven percent of graduates with a bachelor degree or better are still unemployed and another 14 percent are underemployed in jobs beneath their skill levels. By comparison, the unemployment rate for new high school graduates is 24 percent and 42 percent for those individuals are underemployed.

Jobs that require bachelor’s degrees have been the big winner, increasing by 2.2 million jobs since the recession began. Those jobs that required some college or an associate’s degree declined by 1.8 million in the recession but have regained 1.6 million of those job losses since the recovery began in 2010. At the same time 5.8 million jobs for those with high school or less have been lost since the recession began.

In the mid 1970s, less than 30 percent of jobs in America required any education beyond high school,” said Jamie P. Merisotis, president and chief executive officer of Lumina Foundation. “Today, the majority of U.S. jobs require a postsecondary degree or credential. This shift has happened quickly and it demonstrates how vital college attainment is to individual success and our nation as a whole.”

Industries that are postsecondary education intensive, held up best since the recession began. But, there were differences during recession and recovery.

Professional and business services lost college jobs during the recession but that sector has already added over 730,000 college jobs during the recovery.

Government jobs held up during the recession (adding nearly 80,000 college jobs), but collapsed during the recovery due to budget cuts (so far 14,000 college jobs have been lost since the recovery began in January 2010).

Since the recession began, the healthcare industry has added over one million jobs for people with two-year and four-year college degrees.

Even in low skill blue collar sectors, which took the brunt of the recession, college educated workers were favored. For example, in manufacturing, employment dropped 15 percent for people with high school diplomas and only one percent for those with bachelor’s degrees or better. In construction, employment dropped 25 percent for those with high school diplomas and only two percent for workers with a bachelor’s degree or better.

The recession and recovery have affected college men and women differently.

Male college workers were hardest hit during the recession due to private sector job losses. But men led the recovery, including the recovery in the market for college graduates (adding 2.3 million college jobs).

In both the recession and during the recovery, the female labor market shifted decisively toward jobs requiring a bachelor’s degree, having added 1.6 million jobs.

Findings also show that the rate of college enrollment jumped sharply, peaking in 2009 but has fallen off rapidly since then. The recession, however, was a college wake-up-call for men. After lagging behind for decades, since 2006 the rate of increase in male enrollment has caught up and slightly surpassed the rate of increase in female enrollment.

The College Advantage: Weathering the Economic Storm is comprised of a full report and an executive summary; both documents are available online at http://cew.georgetown.edu/collegeadvantage.

# # #

The Georgetown University Center on Education and the Workforce is an independent, nonprofit research and policy institute that studies the link between individual goals, education and training curricula and career pathways. The Center is affiliated with the Georgetown Public Policy Institute. For more information, visit: http://cew.georgetown.edu. Follow us on Twitter @CntrEdWrkfrce and on Facebook.

Lumina Foundation, an Indianapolis-based private foundation, is committed to enrolling and graduating more students from college—especially 21st century students: low-income students, students of color, first-generation students and adult learners. Lumina’s goal is to increase the percentage of Americans who hold high-quality degrees and credentials to 60 percent by 2025. Lumina pursues this goal in three ways: by identifying and supporting effective practice, through public policy advocacy, and by using our communications and convening power to build public will for change. For more information, log on to http://www.luminafoundation.org

Executive Summary

Full Report

See, In an Economic Storm, a College Degree Is Still the Best Umbrella http://chronicle.com/blogs/headcount/in-economic-storm-a-college-degree-is-still-the-best-umbrella/31187

A college degree is no guarantee of either employment or continued employment. Still, because of the economic uncertainty there is an “arms race” in education. Laura Pappano is reporting in the New York Times article, The Master’s As the New Bachelor’s Whether a person chooses to attend a four year college after high school is a very personal decision and there is no one right answer. One thing the current economic climate has taught many is there are no guarantees in life, even with a college degree.

Related:

Report: For-profit colleges more concerned with executive pay than student achievement                                                      https://drwilda.wordpress.com/2012/07/31/report-for-profit-colleges-more-concerned-with-executive-pay-than-student-achievement/

Surviving a ‘diploma mill’                                               https://drwilda.wordpress.com/2012/07/01/surviving-a-diploma-mill/

Will a three year B.A. help more students afford college? https://drwilda.wordpress.com/2012/06/24/will-a-three-year-b-a-help-more-students-afford-college/

New report takes community colleges to task         https://drwilda.wordpress.com/2012/04/26/new-report-takes-community-colleges-to-task/

Choosing the right college for you                                  https://drwilda.wordpress.com/2012/04/15/choosing-the-right-college-for-you/

Is a business major in college the right move? https://drwilda.wordpress.com/2012/04/05/is-a-business-major-in-college-the-right-move/

Producing employable liberal arts grads https://drwilda.wordpress.com/2012/04/01/producing-employable-liberal-arts-grads/

Dr. Wilda says this about that ©