College Degrees: Are They Worth The Time and Money?

As it is the holiday season, there are many different seasonal jobs in the market. However, many of these will only be temporary, and will not turn into a career. Some of us currently looking for a new job are also looking for a potential career path. Unfortunately, a career can be a brand new beast all on its own. A career will often require you to have experience in a given field, education for a field, or some semblance of the of the two combined. Unfortunately, in order for these requirements to be met, the requirements have to have been met previously. Confusing, I know.

Example:

One common career I previously explored was an underwriter. They make good money, and the job seemed to be in my wheel-house of capabilities. However, I soon found out in order to become an underwriter, I had needed to first BE an underwriter for the experience. This of course with only working, and not having a degree.

Alternative Route

There was another common theme. I could go to school and get an undergraduate degree in Finance or related field to then be eligible for a job as an underwriter. Great, right? Here is the caveat, a degree can take 4-6 years and $40,000 – $75,000 depending on where you go to school (where I am located). Sure, there are other options out there besides underwriting, but I knew how much I could make doing it. So I pursued the degree route.

Quick Note: I was already in school at the time getting a degree. However, I was in the 6+ year time frame.

The Result

In the end, I got my degree. Unfortunately, it was at the cost of close to $27,000 in student loans (this is after small scholarships of $10,000 and paying out of pocket $10,000). As you can imagine, I went directly into an underwriting, right? WRONG! After I graduated, I had an underwriter job lined up with a 12-week training, apartment accommodations, and daily food allotment on the East Coast fully pre-paid by the future employer. The drawback was it paid less than half what I was expecting, and it would mean being away from my wife and dogs for that time. As it so happened, a few weeks after graduation I had a very indirect contact with a Venture Capital firm where I was able to apply and get hired fairly quick.  

Regrets?

Getting a degree is hard, especially when the time and money are tight. I would like to say there doesn’t seem to be a difference between having a degree or not. Before I graduated, I didn’t feel smarter than what I was going to school. I felt as though I could have easily done a great job wherever I went because I could learn what needed to be done. However, there was this barrier to entry into the higher ranking job positions, and it was having a degree. Thus, I played into this “game” and got the degree for a better paying job/career. I couldn’t see the dichotomy then of degree versus not. I CAN now. My only regret is not being able to see it sooner and put my own feelings and thoughts to the side. 

Is a Degree Right for YOU?

I cannot tell you to get a degree as this is not up to me. I can only tell you my experience and others who have had similar. Having an undergraduate degree in a highly sought after field can do wonders for future jobs and careers. You do not have to have a degree to get a decent/good paying job. However, with the markets changing these days, higher caliber positions will be filled with higher caliber people.

The cost and time for a degree can be immense. However, try to remember it as an investment in yourself.  In the years since I graduated, I have already seen over 400% return on the investment. So, in my opinion, it is worth it to get a degree.