Is becoming a student financially viable?
A report released today by the Association of Accounting Technicians has shown students as some of worse effected by the economic situation.
The report focuses on the un-employment and the under employment (low pay and low skill jobs) of students post graduation, and it estimates that 55% of those graduating in 2011 will either be under or not employed 6 months after graduation.
This damning report comes not long after the massive hike in tuition fees, with universities being able to charge between £6000 and £9000, and most universities charging the maximum amount, this begs the question is university really worth it anymore?
Philosophy and history students are those worst affected according to the report being the most likely to be under or un-employed, and those studying medicine, nursing, dentistry or veterinary sciences being most likely to succeed.
Though one would expect a certain percentage of students to remain under or unemployed the massive numbers estimated in this report, along with the increase in tuition fee means prospective students are having a harder time deciding whether university is a financially viable future.
The year of 2010 saw a record number of applicants for university, a number that many assume will decrease rapidly following the coalition governments policies which have cut a massive amount of benefits and public spending, and as mentioned before, increased tuition fee. Despite all this the government is keen for young people to enter further education, a conflicting message if there ever was one.
A spokesman for the Department for Business, Innovation and Skills has defended university degrees claiming that "A degree is a good investment and is one of the best pathways to achieving a good job and rewarding career.
"Not only do employers prize the highly-developed skills and talents graduates can bring to their businesses, but research has shown that graduates earn, on average, more than £100,000 more over their working life."
But how can the government expect prospective students to seriously consider university as an option, when it would seem that some of those who benefit the most from a university education will have a harder time getting in. The study estimates that about 59,000 of last year's graduates have not found jobs which wont exactly motivate the nations youth to enter further education, it also begs the question as to why they would increase tuition fees if so many graduates do not then go in to jobs in which they can not even afford to start paying off their student loan?
Though the amount a graduate has to earn annually was increased from £18,000 to £21,000, this report shows that most do not earn enough to pay off even half of their total student debt, surely this would mean there is a chance that government is going to be losing a high percentage of the money they give out.
Despite all the political and social negatives surrounding universities and their place as a viable option for the youth today, very litte is said in defence of the university experience as a means social and personal growth. The moving away from home and the first taste of independence can be daunting, but we should be highlighting the development of an individuals social skills and maturity which is a natural part of the university experience.
The report concludes with "many university subjects are offering very poor returns in terms of improved job prospects", a damning statement which undermines the role of universities as an investment in ones future, and this report does nothing but create the idea that going to university is more than likely going to be a wasted investment.
Tagged in University