Categories:
Measuring Educational ROI
Authored by: Sean  

Would you like to spend a long time studying before you can make a living?

 

Or

 

Would you like to spend the bare minimum time in school before you can start working and earning?

 

There is no right or wrong choice.

But it is indeed interesting to study how students make choices for their education. Some of the factors that go into the decision-making are:

– Personal interest

– Opinions of parents and friends

– Fees and allied expenses

– ROI or should we say ROEI – returns on educational investment?

 

Hippocrates said, of the medical profession, “The life so short, the craft so long to learn.” Such a profound statement!

 

Image Source – https://upload.wikimedia.org/wikipedia/commons/a/a6/Hippocratis_jusiurandum.jpg

 

Doctors learn throughout their lives but young men and women all over the world will also decide on becoming doctors depending mostly on the time they have to spare.

For instance, medical education in the USA can take anywhere between 7 to 10 years and more. In other parts of the world, this may be a shorter process.

So does one keep learning in school only? Or should one come out in the real world, equipped with adequate knowledge and then learn in the ‘heat of battle’, in the real world?

Economics does play a big role in education. For many families it is about income generation. Life choices are therefore shaped by which educational degree can enable an individual to become a breadwinner in the shortest possible time frame!

Certain professions are perhaps (more) associated with money earning capacity. Lawyers, doctors and engineers probably have greater earning potential but they also have the most rigorous study regimes!

Even among these professions, certain specializations earn more than others. Isn’t it interesting that anesthesiologists earn significantly more than surgeons?

There is also the choice of becoming a businessman. And if you are an IT wizard then you could probably even drop out of college or school and still go on to make big bucks!

 

Image Source – https://pixabay.com/static/uploads/photo/2013/11/21/12/20/woman-214786_960_720.jpg

 

But if you were to go the more traditional route, then getting degrees and specializing in various areas related to management may also see you becoming the head honcho of a business.

Balancing time, education and economics is possibly the first step that one takes when it comes to serious life choices. And the ROEI is the yardstick to assess the “correctness” of such choices!

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