With the recent hike in tuition fees, a considerable number of students have to make decisions about whether to go to university. In effect, they are doing a cost-benefit analysis to see whether it is worth this significant expense in the short-term to reap the rewards in the future.
Firstly, it is important to clarify what kind of degree it is worth having. Most people study for a three year Bachelor Honours degree, gaining a BA or BSc. This is a requirement for graduate jobs at large professional services firms. Most companies expect a 2.1 classification, since this demonstrates a good understanding of the subject. However, if students are unlucky and do not achieve that grade, it is still possible to get a job elsewhere.
Those who argue there are no real benefits to degrees would say that time spent studying could be spent earning money. Indeed over 20 years ago, it was possible to become a Chartered Accountant without having a degree but now it is very different, since it is a postgraduate qualification. In today's difficult economic climate where unemployment is high, especially for younger people, having a degree is still beneficial. For people with degrees who find it hard to get jobs, it is usually because their degree is either not a good classification or not in a traditional subject, like Maths, Sciences or History.
Regarding high costs, parallels can be drawn with Master's degrees. For a long time Master's degrees have been far more expensive than undergraduate degrees for both UK and overseas students. Still, people study these degrees since they are intrigued by learning and want to gain further knowledge before entering a career.
Also, university life is a rewarding experience both in terms of academic learning and the social side. In a way it is something that cannot be replicated and so missing out on this would be a significant loss for students.
For families that struggle to pay higher fees, there are possibilities of bursaries from universities, which should ease the burden and UCAS takes fair access to higher education very seriously. Student loans are available from the Student Loans Company, which cover the full tuition fees. Also, there are maintenance loans and grants for living costs. These can be repaid gradually once the graduate is earning more than £15,000.
Recently both the government and private sector companies have acknowledged the difficulties associated with higher university fees, while still needing to produce highly skilled graduates in the UK. This has led to accountancy firms like KPMG teaming up with universities to create school leavers' programmes. These entitle successful applicants to embark on a six year programme where they will gain an undergraduate degree, the postgraduate chartered accountancy qualification and have paid work experience. These are definitely innovative programmes, which may entice students who were originally put off by university.
Overall, degrees are still worth the significant cost, since they are an investment in the student's future. In a world where there has been considerable economic uncertainty, having a good quality degree will always give people some level of security and mean they should be less susceptible to rising unemployment rates, which may continue to have an impact in the future.
Arnab, GRB Journalist
