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ROI on a college degree depends what you study, not where

economist.com

161–170 of 195 posts

Re: ROI on a college degree depends what you study, not where

#161
post #15

Earlier quoted context omitted.

When it costs upwards of $100,000 to attend, you better be thinking of what you're getting for your money. Unfortunately in America it doesn't come free.

My oldest daughter is just entering high school and we are indeed thinking about maximizing the return on education investment. I went to school for computer science and while I have a very good and easy life, I regret not spending more time studying the humanities. I've told her about this hoping to provide another perspective than what she gets at school where they push STEM relentlessly. An investment in education…

I think there's always time for you to return to study humanities.

Re: ROI on a college degree depends what you study, not where

#163

Earlier quoted context omitted.

> it is way easier to go to college and get a formal education in science, math, or engineering, and pursue an ongoing adhoc self-directed education in the arts and humanities in your remaining decades of life, than the other way around. This isn't really true. You can't really have any kind of art career, for example, if you don't go to art school. Meanwhile, tons of companies will happily hire whatever chumps code…

> You can't really have any kind of art career, for example, if you don't go to art school. This can't possibly be true.

I actually do know what I'm talking about here, and it is true. The art industry has way more supply than demand. This is why art schools can still charge what, purely by the numbers, looks like a bad deal. Some people really want to work in art, and even if you end up "only" managing a gallery, you have to have the right credentials.

Re: ROI on a college degree depends what you study, not where

#164

Earlier quoted context omitted.

> it is way easier to go to college and get a formal education in science, math, or engineering, and pursue an ongoing adhoc self-directed education in the arts and humanities in your remaining decades of life, than the other way around. This isn't really true. You can't really have any kind of art career, for example, if you don't go to art school. Meanwhile, tons of companies will happily hire whatever chumps code…

I'd wager you have a better shot of getting a paying "art career" by starting with a STEM degree and trying to move to that field than getting an art degree. There's a reason we have a societal meme about art majors working as baristas and waiters -- it's more or less a degree that does not lead to a relevant career.

I don't know exactly what you mean by "art career" with quote marks specifically, but good luck trying. The fact that art majors are baristas and waiters is evidence of my point, not against it. Obtaining an art career is difficult even with the degree.

Re: ROI on a college degree depends what you study, not where

#165
post #61
post #29

Earlier quoted context omitted.

I find that point of view to be a conceit. It's an emulation of the noble classes of yore, who learned things they didn't need to know as a way of signaling that they could afford to do so because they didn't need to work. Most people are no better off 10-years down the line for having learned about what native Americans used to live in Virginia or what covalent bonds are.

> Most people are no better off 10-years down the line for having learned about what native Americans used to live in Virginia or what covalent bonds are. That all depends on how you measure better off. Knowledge, understanding, wisdom are goods unto themselves. No doubt, we need to eat, but I'd rather know Latin, Norse mythology, Anselm's ontological proof, the Platonic solids, and the major players in the Glorious…

>>I'd rather know Latin, Norse mythology, Anselm's ontological proof, the Platonic solids, and the major players in the Glorious Revolution than not.

Sure.

But expecting some body to pay you just because you know all of that is tad bit too much to ask.

The right question to ask here is after all that, how employable are you?

Re: ROI on a college degree depends what you study, not where

#166
post #4

In addition to the obvious 0 line, it's worth taking the article's observation that S&P has returned 7.8% and mentally drawing a line there too. Also, for anyone in the position of deciding which to do, I'd add the observation that it is way easier to go to college and get a formal education in science, math, or engineering, and pursue an ongoing adhoc self-directed education in the arts and humanities in your remain…

As a self taught-programmer, I'd be interested in why HN thinks >it's on the short list of exceptions, not the rule. As an example, I've fiddled around with circuit design. I'm not good at it, but I can make some basic stuff. It feels a lot like fiddling around with linux early in my career, and I'm not seeing any obvious point where it suddenly becomes more difficult to learn the skill. It's just a bit harder to get…

My undergraduate degree is in nuclear engineering.

I really don't know how I would have learned to use radiation detectors or export-controlled nuclear reactor modeling software without institutional access to those things.

Re: ROI on a college degree depends what you study, not where

#167
post #126

Earlier quoted context omitted.

>Knowledge, understanding, wisdom You can get the first two for free on a library. You are making a mistake when you compare the knowledge, understanding and wisdom you would get in College against nothing and then decide that College is better than nothing. You should compare it against all the other things people could be doing with that time and money. The opportunity cost.

> The opportunity cost. With respect to the original article, yes absolutely. I was responding to the parent comment who described people 'no better off' for knowing versus not knowing.

I interpreted it not as 'knowing versus not knowing' but as 'knowing about Native Americans and covalent bonds' versus 'knowing whatever people would end up knowing if they didn't go to College'.

Maybe they will acquire work experience, life experience, pragmatical knowledge about how real world works, that kind of thing. Why is knowledge about covalent bonds intrinsically more important than that?

Re: ROI on a college degree depends what you study, not where

#168
post #152

Earlier quoted context omitted.

I studied Japanese in school and I think it would have been extremely difficult to learn on my own. So... I'd say it depends.

I studied Japanese in school too. Being young and having free time helped a lot, as did having a Japanese roommate who invited all his buddies over to drink in my room until 3am every weekend. Nonetheless, I have achieved a level of fluency and especially literacy in Mandarin that puts my Japanese of that time to shame and I have no formal credential backing it up. You don't need formal classes to become fluent in a…

You don't need formal training in anything to practice it unless there is some sort of licensure scheme.

Re: ROI on a college degree depends what you study, not where

#169
post #165
post #61

Earlier quoted context omitted.

> Most people are no better off 10-years down the line for having learned about what native Americans used to live in Virginia or what covalent bonds are. That all depends on how you measure better off. Knowledge, understanding, wisdom are goods unto themselves. No doubt, we need to eat, but I'd rather know Latin, Norse mythology, Anselm's ontological proof, the Platonic solids, and the major players in the Glorious…

>>I'd rather know Latin, Norse mythology, Anselm's ontological proof, the Platonic solids, and the major players in the Glorious Revolution than not. Sure. But expecting some body to pay you just because you know all of that is tad bit too much to ask. The right question to ask here is after all that, how employable are you?

Why is that "the right question?" Why can't you say just the same thing about, say, teaching people to read? Fifth-grade literacy is probably enough to do many jobs, so maybe we should toss out high school too.

Re: ROI on a college degree depends what you study, not where

#170

That is very scary if it's true. If a degree in the experimental sciences from a top-10 institution does not pay better than a degree from Tumbleweed State then the employment market for scientists is completely broken.

>>If a degree in the experimental sciences from a top-10 institution does not pay better than a degree from Tumbleweed State then the employment market for scientists is completely broken.

It is the the other way.

Why do you think a guy who can produce a good algorithm from Tumbleweed State be paid less than a person who studied hunting habits of native americans in Stanford?

You are not going to college to buy aristocracy, that you will get lifelong rights to a nice pay regardless of your skills.

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