<p>I would be interested in Indian Parent’s reaction to bovertine’s data, which certainly addressed his professed concern at the beginning of the thread. Based on what I saw, for both men and women (the latter group probably including fewer STEM majors), the bottom quartile of people with just a bachelor’s degree was about $15,000/year better off than the bottom quartile of high school graduates with no college.</p>
<p>For men, the median terminal bachelor’s degree holder had earnings equivalent to the top quartile of high school graduates with no college. For women, the median terminal bachelor’s degree holder was doing better than the 90th percentile of high school graduates with no college.</p>
<p>Things are much closer for people with some college, but no degree, vs. high school graduates with no college at all. If you go to college but don’t get a degree, as a statistical matter it looks like it may not help you enough (it helps some) to justify the price.</p>
<p>I think a couple things emerge from this: First, in fact it looks like there is a meaningful benefit to college (without more advanced degrees), but not an absolute one. Most BA or BS holders are doing better than 80% + of the people who finished high school but didn’t get degrees. At the same time, this country has never required college degrees as a prerequisite to success. And that’s fine.</p>
<p>As far as I am concerned, Indian Parent should wean himself of two persistent fantasies:</p>
<p>(1) “Liberal arts” graduates – I think he means “humanities” – are not employable, or cannot get good jobs. This just isn’t true. It may be more difficult for them, and they may earn less at the outset and never catch up fully. And they may rely more on psychic income and job satisfaction. But they are fine.</p>
<p>(2) It matters where you go to college. This also isn’t true for most of the world. It does matter if you want to get an entry-level analyst job at Goldman Sachs, or indeed if you want to be a managing director there. It matters if you want to work at the Ford Foundation. (Where, by the way, you will find many, many graduates of top LACs.) But the vast majority of the world doesn’t give a hoot. (My wife has spent her career going back and forth between government, little scrappy nonprofits, and big prestigious nonprofits. She recently commented on how odd it felt, after a decade or so when no one ever mentioned her fancy degrees, or even knew she had them, to have it come up in conversation all the time at her current position.)</p>
<p>That doesn’t mean it doesn’t matter whether you are smart or hardworking. Those things matter. And fancy brand name colleges are a pretty good marker for smart and hardworking. Not that someone who went to a no-name college is necessarily less smart or hardworking, but you may want to look a little to be certain that is the case, whereas you might accept a Harvard degree as prima facie evidence of basic intelligence and work ethic. Of course, once someone has a track record that’s all that matters.</p>