The Most Expensive Piece of Paper

Asking a 17-year-old, who's not old enough to purchase alcohol, to decide on what he/she wants to do for the rest of his/her life must be the most ridiculous expectation the society has put on a teenager. In one of my favourite episodes from Freakonomics Radio - a radio podcast that takes an economist view on the world - talked about the value of a university degree. Halfway through my own university degree, I already find myself becoming interested in a career that has nothing to do with what I am learning in the classroom. Especially when I already forgot 90% of the material I have learned just few months ago. So then why am I spending tens of thousands of dollars and years of my time doing something that I might never do again? What is the real value behind that piece of diploma that everyone is sacrificing so much to obtain? This topic intrigues me.

Let's ignore the anomalies for a second here (Bill Gates and Ph.Ds driving a taxi). The truth is, a university degree will pay off economically. According to the Association of Universities and Colleges of Canada, "A university graduate will earn $1.3 million more over his or her lifetime than someone who has not gone beyond highschool." And by pulling numbers for Statistics Canada, the CBC reported that "during the past five years, 20 per cent more jobs were created requiring a university education." Evidently by the stats, an average university grad will enter society with a higher wage and a higher chance of employment than those without a diploma.

So we know that a university diploma will pay off, but have you ever thought of getting a fake degree?

A corporation called University Degree Program which operated from 98-03 grosses $453 million in selling diplomats. What is worse is that they sold degrees in anesthesiology, radiology, cardiology, and other medical degrees. Now, where do you think they are employed? With the establishment of the internet, the industry exploded. The F.B.I estimated that 1% of all university diplomas are fake, and one of them could very well be your doctor. Another thing you have to consider is the opportunity cost of university. While you are spending your time studying, you could have spent that time working at a full-paying job. University is an investment of $100,000 and 5 years of time that presents no clear evidence of any real results. When deciding this against a full-time job and a greater chance to advance, the dilemma is really more difficult than everyone seems to think. So this really begs the question, what is the real value in a legitimate university degree and is my investment really paying off? Everyone knows that going to university is good, but exactly how?

This is a question that no one seems to be able to answer. In my opinion, university is so much more than just inside the classroom. It made me become a more mature, responsible, and aware human being. It is troubling to think that people are so desperately trying to justify their investment that they are studying subjects that will guarantee a job rather than a field in which they are interested in. I am in no way suggesting that anyone should go all out and chase their passion, but I am saying it is important to find a well balanced path. Return of investment isn't something that can be quantified and it definitely isn't measured on the final result. It is something we should look for on the journey and the process that will teach us the invaluable.

"It is impossible to learn a new way of thinking without unlearning what one's already learned. Education is transformative rather than the acquisition of new things. That means changing a set of assumptions, how to see things, and what's real" 

If you are interested in this topic, I highly recommend you to listen to their podcast, I have no doubt it will change the way you look at the world - "Freakonomics Goes to College"