Is a Degree Worth the Money?

With university fees higher than ever, the week on the Kiran Trivedi blog I ask, is a degree worth the money that you pay for it.

University Seems More Expensive Than Ever These Days

It seems like university is a less stable investment than ever these days. Fees are up, and we’re always hearing stories in the press about how university graduates aren’t able to get jobs. If it doesn’t help you get a job, what’s the point.

Are you at the point of deciding whether you want to do a degree? If you are, then you have to consider how much it’ll effect your personal finances. These days, it’s too expensive not to. So how much does it actually cost to do a degree?

Risk vs. Reward of University Degrees

According to AOL Money, the Office for Fair Access (OFFA) has revealed that the average cost of university fees is set to hit £8,700. This will bring the total bill for a three year degree to £26,000. Furthermore, now almost three quarters of universities in the UK are charging the maximum of £9,000.

But it isn’t all bad. Jobs sight Adzuna has revealed in its most recent report, that the average graduate can expect to earn £15,000 more per year than the average non-graduate. This means that collectively, a graduate will earn £500,000 more than a non-graduate throughout their working life.

It All Depends What Job You Get

So, on the face of it, it seems as though a degree is easily worth the investment. But that all depends on a graduate’s ability to get a job; in the modern market that’s not so easy. New figures have suggested that this year, almost 250,000 graduates will fight for a mere 54,200 across the UK. It’s particularly bad in London; with a ratio of 30 graduates to every vacancy.

This leads me to ask, what is the best degree for a job? According to Adzuna, these degrees are maths, computer science and engineering; these provide an average newly-qualified pay of between £40,000 and £45,000. However the average starting wage for a degree in hospitality and tourism is just £18,000. A huge disparity.

Will this Course One Day Benefit my Personal Finances?

So, Kiran Trivedi readers, is a degree worth the money? It really can be, it all depends on what you actually study. If you’re thinking about doing a degree, you need to think; is this the course that will one day benefit my personal finances?