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Old 08-23-2013, 11:13 PM
 
213 posts, read 502,944 times
Reputation: 225

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Frankly, I find it disturbing. There are few good fields for work today, so the remaining good ones just get bombarded with people who spend tens -- sometimes hundreds -- of thousands of dollars and many years trying to bulk up their resume with enough education and certification to compete with everyone else who wants to do it.

There are two possible outcomes when that happens:

(1) If it's a field with enormous barriers to entry, it just becomes more competitive to enter and wages stay high. For example, there is a limited number of medical licenses given out every year so that keeps the medical profession lucrative in terms of compensation and competitiveness. And it keeps getting more competitive every year.

(2) If it's a field that anyone can try to enter, it just gets saturated with qualified applicants and very few of them actually make a good living. This would be the case with Law. Everyone is going to Law school and few lawyers are making a decent salary because the market has been flooded with Law degrees. Everyone started trying to ride the Law gravy train because, I guess, it used to be a decent profession before everyone tried to do it (It seems like all the Political Science majors who don't know what they're gonna do say, "Oh, I guess I'll go to Law school.").

This nonsense leaves a lot of people in limbo when they don't make the cut for their intended career path. They have to spend years backtracking, reapplying to medical school, getting new certifications, etc. Lots of them give up and just become the stereotypical barista with a Ph.D. in Philosophy.

I was just on the Indeed forums today and there's a big thread of unemployed graduates of pharmacy school. They all heard about how pharmacist is such a good job these days, but now they're finding that there aren't nearly enough positions for all the people who went to pharmacy school. I guess that gravy train has ended.

Thoughts on all this?
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Old 08-23-2013, 11:17 PM
 
Location: NJ
18,665 posts, read 19,920,135 times
Reputation: 7313
Investing in yourself is superior to every other investment you will ever make. I find it alarming the same folks who would gladly spend 25k on a car which will be scrap in 10 years are so outraged at the notion of investing in themselves, in an asset that will not fade away.
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Old 08-23-2013, 11:19 PM
 
Location: Staten Island, NY
6,476 posts, read 7,305,603 times
Reputation: 7026
You need a credential (and a government license) to do just about anything these days. Just one more way the government can control you. Be a bad serf and they take your livelihood away.
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Old 08-24-2013, 03:19 AM
 
Location: Georgetown, TX and The World
455 posts, read 1,395,156 times
Reputation: 424
How is the general populous hyper-educated? Education attainment has gradually increased but it hasn't shot up like people assume. BS/BA degree holders and up are still the minority. Sure some Metro areas are more saturated than others. But I would move to a more favorable area if that was an issue.

The Condition of Education - Population Characteristics - Attainment - Educational Attainment - Indicator April (2013)

http://www.nytimes.com/interactive/2...reas.html?_r=0
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Old 08-24-2013, 03:48 AM
bUU
 
Location: Florida
12,077 posts, read 10,669,819 times
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I believe if you look at the nation as a whole, rather than playing probabilities with individuals' situations, there is an over-investment in college education vis a vis the supply of jobs capitalizing on such, and that that situation is not likely to get better but rather will probably get worse in the future. The problem is specifically the imbalance of value placed on jobs, between those requiring college degrees and those not, and more specifically, is due to how undervalued work not requiring a college degree is in our society. It is an inconsistency between the supply of jobs and supply of workers that results in this undervaluing. If that structural imbalance was rectified, first it would reduce the excess investment society-overall makes in college education, and second it would solve myriad problems associated with the undervaluing of work not requiring a college education.
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Old 08-24-2013, 05:21 AM
 
83 posts, read 140,044 times
Reputation: 183
This has long been known in economics as the "hog cycle" which is a special case of a cobweb model.

"High salaries in a particular sector lead to an increased number of students studying the relevant subject. When all these students after several years start looking for a job at the same time their job prospects are much worse which then in turn deters students from studying this subject."

Works to explain the demand/supply fluctuations of pigs, too!!!


Quote:
Originally Posted by AStalkingButler View Post
[...]
(2) If it's a field that anyone can try to enter, it just gets saturated with qualified applicants and very few of them actually make a good living. This would be the case with Law. Everyone is going to Law school and few lawyers are making a decent salary because the market has been flooded with Law degrees. Everyone started trying to ride the Law gravy train because, I guess, it used to be a decent profession before everyone tried to do it (It seems like all the Political Science majors who don't know what they're gonna do say, "Oh, I guess I'll go to Law school.").

[...]
Thoughts on all this?
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Old 08-24-2013, 05:26 AM
 
12,999 posts, read 18,837,293 times
Reputation: 9236
Yes it is a problem. As everyone gets a college degree, its value drops. Or employers inflate the requirements. Pretty soon there will probably be two-year degree programs in truck driving.

Last edited by pvande55; 08-24-2013 at 05:29 AM.. Reason: Add line
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Old 08-24-2013, 06:47 AM
 
6,345 posts, read 8,083,056 times
Reputation: 8784
Only 33% of 25-29 year old Americans have a college degree.
http://www.nytimes.com/2013/06/13/ed...pagewanted=all

I make mid-80's without a degree. I found this job, 2 years ago. A 4 year degree is great, but you have to still perform.
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Old 08-24-2013, 07:18 AM
 
Location: NJ
17,574 posts, read 46,038,935 times
Reputation: 16272
I don't find it disturbing at all.
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Old 08-24-2013, 07:27 AM
 
1,728 posts, read 3,542,414 times
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Quote:
Originally Posted by matt_in_atl View Post
This has long been known in economics as the "hog cycle" which is a special case of a cobweb model.

"High salaries in a particular sector lead to an increased number of students studying the relevant subject. When all these students after several years start looking for a job at the same time their job prospects are much worse which then in turn deters students from studying this subject."

Works to explain the demand/supply fluctuations of pigs, too!!!
This also show the *quality* of the advice one followed when they picked their degrees/certs.
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