Does the cost of going to university represent good value for money?

Name : Conor Fitzpatrick Date submitted: 31st October Word count: 1357

Does the cost of going to university represent good value for money?

Following the recent rise in tuition fees for UK students, many people have begun to question whether the qualification gained is worth the debt incurred. Teenagers could previously drift into higher education without the fear of paying back large loans. However, due to funding cuts, students such as myself have been forced to sit up and pay attention. The fact is that a 3 year university course is now likely to cost 27,000. Critics may argue that this is only the maximum that universities can charge, but even London Met ranked 119 in the UK will be charging 9,000 a year for many of its courses. This means that the cost of a degree bares little relevance to its quality as, for example, a degree from Cambridge will cost exactly the same amount. The question of value for money is therefore raised because the potential value of a first from a prestigious Russell Group university is significantly greater than that of one from a former polytechnic. After all, the purpose of going into higher education for most students is to further their career prospects, and Russell Group universities have the highest employment rates one year after graduation. Choosing to go to university is therefore an investment in your future because you are gambling that your qualification will get you a better job with a wage high enough to pay off your student debt. In addition, we must also consider the cost of living while at university. Housing, food, clothing etc. are essentials that simply must be paid for, and even conservative estimates put this figure at 30,000 over three years. This means that students could now face a total debt of approximately 60,000 equivalent to the deposit for an average house in London. This will put a massive strain on students finances, so will force many to get a part time job. This leaves less time for students to study and take part in extra-curricular activities. They will therefore not be able to fully immerse themselves in the university experience, so are not getting total value for money. As an Economics student, this immediately makes me consider the opportunity cost of going to university. By this, I mean what else could you be doing for 3 years? Some would argue that in industries such as journalism, experience is far more valuable than a piece of paper. Here, three years of on the job training may be more useful than a qualification when trying to meet your 8pm deadline in a hot, loud, chaotic office. This shows that higher education may not even help you in some industries which would make university an unnecessary expense. However, this depends on whether you are even able to get the job without a degree. Although not technically essential to write for the major broadsheets, it has become the norm for journalists to have a degree. Likewise, areas such as financial services and law are exceedingly difficult to break into without going through a graduate training scheme with PriceWaterhouseCoopers and Deloitte topping The Times top graduate employers list. That said, this culture could be changing. PriceWaterhouseCoopers have created a pioneering recruitment programme that targets non graduate school leavers. This appears

to be in response to calls that Our education system trains us to be corporate sheep says founder of Kelkoo and Kopi.co.uk, Phillip Wilkinson who also argues that we could make a start by having a lot more entrepreneurial style modules that people can take... to really help them understand finance and business. Going straight into employment does have another key advantage though you get paid. Many people, myself included, would rather earn money than spend it. Surely it is human instinct to want to get straight into the world of work? Furthermore, many will compare themselves to the likes of Alan Sugar or Richard Branson and believe that they are the next great wheeler dealer who can be successful without attending university. They may be more the exception than the rule, but the fact remains that going to university is no guarantee of success. Youth unemployment is at an all time high and there are a number of graduates struggling to get a job at minimum wage. A 27,000 degree is therefore worthless unless it enables you to get a job, and in this time of austerity there may simply not be enough jobs for every graduate. Could the answer simply be to go back to the basics? My Nan would often remind me that, in her day, things were much simpler. Very few people went to university you were just expected to get a job! And how, if you had wanted to become a manager, youd simply work your way up the company. There was no faffing around with paying for university, you could simply pick an industry and get stuck in. Indeed, it is important to consider that the vast majority of British companies are not large multinationals, and that there are plenty of jobs that require vocational skills such as being a sales assistant or a plumber. The system worked, but in this day and age top jobs are off limits to those without a 2.1. The quality of your degree has become a measure of your value to a company. In this sense, a degree is good value for money in that it opens the door to the highest paying jobs which require a degree. For instance, roles such as teaching, accountancy and law call for professional accreditation which can only be obtained through higher education. Another benefit of going to university is the overall experience. Writing to a number of top universities, I found that they (unsurprisingly) consider themselves to provide good value for money. Peter Dunn, Head of Communications at Warwick, claims that university is value for money because it can offer a unique experience. The best universities, such as Warwick, are globally networked organisations working with partners across the world. This is significant because it allows students to develop as globally aware and engaged individuals. Sophy Ridge, political correspondent at Sky News and graduate of Oxford, also points out that What you don't realise at the time is Oxford is one massive networking experience. You're studying and making friends with the brightest people in the country - who knows where they may end up in 10 years time? She feels that there is no question that I wouldn't have got where I am so quickly if it wasn't for Oxford. Furthermore, some students will be dishing out a whopping 27,000 purely for the joy of education. Here, it is impossible to comment on whether this is value for money because each student will have a different opinion on the value of knowledge. Similarly, many students want to learn how to think for themselves, formulate and defend arguments and accept constructive criticism skills which are highly valued by employers. For instance, Margaret Exley, owner of Stonecourt Consulting, says that If I were a sixth former now, I would go to university. It gives you real understanding of how the world works and how to

solve problems. These are clearly invaluable skills as they have helped her become a greatly successful woman, but it is again difficult to put a number to these skills as they are not quantitative. For me though, university is a once in a lifetime chance to push myself out of my comfort zone. I see it as an opportunity to move away from home, meet new people and become independent. Moreover, I actually enjoy learning, and there is no better place to do so than at university. In particular, I will relish the prospect of using world class libraries and attending the lectures of leading academics. However, I accept that university is only good value for money if you make the most of it. I think that if you dont throw yourself into university wholeheartedly you will miss out on the best that higher education has to offer. One thing is for certain though; Student Union bars will always represent good value for money.