Thought piece Thursday #1 - The future of university education

Here at Money Glee, we'll be looking to discuss more than simply personal finances. Your life affects your personal finances and your finances affect your life!

University or college may not be the answer for you!

University or college may not be the answer for you!

One of the big decisions we face as young adults is whether to go to university / college or get practical experience. While there are exceptions where tertiary education is not only necessary but mandatory, not sure I'd want a doctor who didn't understand or had practised what they are doing, there is increasing noise about the relevance of tertiary education.

With the development of tertiary equivalent online learning resources such as Udemy and Coursera to name a few, the cost and speed of learning and delivery is and will continue to change.

Further there has been a slight if important shift from a big player in the accounting industry. Errnst & Young have decided earlier this year to drop degree classification in the UK. While this is a small step it shows that times are a changing!

If you are currently studying it would not be our suggestion to drop-out tomorrow however what this should show to those considering further or study for the first time that sitting inside the hallowed walls of a school may not be necessary or even beneficial.

The point of this is rather than accepting what everyone else is doing, consider what it is you want to achieve and the impact that a decision you make today will have upon you in 5 or 10 years time. Let's do a quick pros vs. cons of going to university or college.

Pros

  • Instant recognition in an interview (at least for the short term)
  • Potential to earn higher income (no guarantee however)
  • Having the ability to critically analyse a situation

Cons

  • Likely to lack real world work experience
  • Could cost upwards of 80 to 130k
  • Degree and knowledge out-dated by the time you have graduated

Although full disclosure the Money Glee team admittedly do have university degree/s, there is growing questioning of how relevant a university or college education is. More likely an important lesson is the ability to communicate, understand how you add value to an organisation or your customer and practical experience. For this there are plenty of experienced mentors out there willing to have a coffee if you are able to consider their perspective.

Now that we've discussed the serious content for the day, time to go back to looking at cat pictures / memes on Facebook?

Here's cute cat picture we've prepared earlier

Here's cute cat picture we've prepared earlier

In all seriousness though what are your are your thoughts on the future of tertiary education? Would you be willing to spend up to 130K for a piece of paper that could be out-of-date by the time you've finished?

To finish off check out this recent talk by Aussie entrepreneur Jack Delosa from the Entourage about the future of education.

If there are is any content affecting your life you would like to see, let us know and we'll see what we can do!

Live the money glee life! :)