Is Higher Education Worth the Price in the 21st Century?

Higher education is the epitome of success for most people. As I pondered this topic this past week, I considered several things regarding higher education in general. Come to think of the time investments we put into the progression from reception year, through GCSE and all its equivalents, tertiary institutions to university level until one earns a doctorate for instance. Quite a chunk of time, huh!

Conversely, what about the price we pay to get higher education? It is not cheap, I can tell you. The next thing, thus, becomes the question: is it worth the price we pay for it? So, a couple of weeks ago, I got the privilege to peek into some research conducted by edumentors on the list of the most overpriced universities in the world. It was mindboggling.

In the next dozen paragraphs, I share some details of some of the world’s most priced universities, and this will offer you a peek into the enormous investments that go into getting higher education in some of the best universities globally.

Higher Education Cost Comparison Globally

University College London (UCL) topped the list of most overpriced universities with an overall study cost of $71,913 and a median salary of $37,300. With that investment, only 70.3% of its graduates secure jobs after graduation. What is the return on investment in this case?

Northwestern University, too, enjoys a place among the top with a price tag averaging the total study cost of $115,719. It also posted an impressive percentage of 96.8% in terms of its graduates finding jobs. The median starting salary of its students is $61,100, which still falls short of justifying such high tuition costs when looked at first glance.

Despite its prestigious reputation and perfect employment rate (100%), Oxford is considered one of the most overpriced institutions. With a total study cost of $70,381 and a starting salary of only $37,400, the cost-to-salary ratio indicates that students may not experience immediate financial returns on their investment.

At Imperial College London, the study costs are $75,670, while the graduate median salary is $41,800. Even with an impressive employment rate of 93.4%, it remains difficult to justify the cost, especially when considered in the short run.

With tuition fees reaching $68,000, Columbia University ranks among the most expensive, with a total cost of $97,003. Although 99.9% of graduates secure employment, the starting salary of $55,190 suggests that it may not be the best financial choice for those seeking high returns on their investment.

Sweden’s KTH Royal Institute of Technology ranks sixth in financial inefficiency, with a total study cost of $47,700 and a median starting salary of just $28,000. This means a 1.70 cost-to-earnings ratio. Additionally, only 62.4% of its graduates secure employment, raising concerns about return on investment.

The University of Cambridge, despite its prestigious 100% employment rate, comes with a total cost of $62,400 and a modest starting salary of $37,300. While its centuries-old tradition of academic excellence continues to attract top talent worldwide, graduates may need to plan carefully for their financial future.

At Cornell University, students face a total cost of $92,150, with graduates earning a starting salary of $55,813. Although 97.1% of graduates secure employment, the high cost of attendance poses a significant financial burden.

Qatar University offers a relatively lower total cost of $25,100 but provides a concerning return, with starting salaries averaging just $16,000, despite a 98.6% employment rate.

UC Berkeley requires a total investment of $73,828, with graduates earning a median starting salary of $47,473. While its 98.4% employment rate is impressive, the cost relative to initial earnings places it among the less financially efficient options.

Some Points to Note

Whereas the reported data provides some great general insights, especially about the fact of whether the price is worth it, there are some shortcomings in the line of argument which only considers the starting salaries. This may not accurately reflect the long-term earning potential and growth trajectories, which in most cases result in higher salaries.

Also, despite considering the cost of living, there are regional variations which go in line with the purchasing powers. Currency and economic variations also mean the value of money is different in various places occasioned by fiscal policies such as taxes and government subsidies.

Other things that may affect the total cost of study for different individuals include scholarships and financial aid. Non-monetary benefits like research exposure, networking exposure, and faculty quality, which influence employability and career growth, are not considered.

Albeit, the report offers a benefit of quick consideration in terms of tuition, employability and median starting salary at a glance, which majorly influences the decisions of some students.

However, a spokesperson from Edumentors commented on the study, ” UK universities are expensive, but they deliver strong career outcomes. However, don’t just chase prestigious names and rankings. Instead, focus on finding a university that specifically matches your career goals – whether that’s through their industry connections, specialized programs, or teaching approach. This careful matching is what makes the high cost worth it in the long run.”

At the end of it all, we can conclude that depending on the individual goals, both short and long, it is worth the price and the time to invest in higher education. Our influences should be defined by a holistic consideration. After all, education often offers more than just the ability to earn a salary.

The data used in this article is courtesy of: https://inst.mediaresearchstudio.com/lt/2251799875502397/cgT-mazClPBt3QzJA4IlW