A Grim Look at How College Worked out for 2010 Graduates
Jeffrey Tucker posted this video on Mises Blog. The video discusses the value of a college education, but Professor Richard Wolf may be "talking his book". A grim look at how college worked out for 2010 graduates (Link takes you to Video).
Liz Goodwin says college pays off "always". Patrick Callen shows the graph with the details. There is a big disclaimer below the chart, and one has to wonder if the calculation is based on paying 100% of tuition, or if any level of financing is included, and whether the chart will hold true after the Great Recession.
We agree, in principle, as we have written in our article on Signalling, college is more than classes, but there needs to be more focus on the cost and benefits.
Also, the comments at the bottom of the the Tucker blog post are noteworthy. Great questions include: "How do I get 5 years experience", and how much of this is just hearsay?
Gaining Work Experience is the Trick
Companies are off-shoring entry level positions, and keeping their "brains" (talent, experience) onshore. I had a recent experience with a Brokerage firm. After creating a profile, uploading and fixing my resume, and answering the standard demographic questions, I was challenged with a handful of questions about the specific role. One box checked "no" and I submitted. 4 hours later, a rejection email. Dozens, or possibly hundreds of applicants went through the same process, and a few we able to answer "yes" to all of the questions.
So yes, you need education, experience, and a certain... "je ne sais quoi" to get a job.
Je ne sais quoi appears to be French for an excellent personal network and networking skills.