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Saturday 22 June 2013

What is the value of an undergraduate university degree in your forties?

The value of education should never be underestimated; however, what is the value of an undergraduate university degree in your forties?


An individual who started work in the late teens or early twenties would have over twenty years employment experience; they may now be under-utilised, overlooked for promotion or need to upgrade skills to compete in the new economy. Even more important in their swag of experience; the ability to perform through cycles of growth and decline.

Attending high school in Perth in the mid 1980s saw high unemployment in Australia, a hangover from the severe 1982-83 recession and a lack of confidence in the employment market. Long term unemployment was a real risk with visions of a lifetime of unemployment and welfare dependency. 

At my high school, we were given lessons in how to correctly fill out dole (social security) forms for unemployment benefits. I was one of the lucky ones, I still don't know how to fill out a dole form correctly as I have never applied for the dole, friends of mine at the time refused to apply for dole payments thinking they would hurt their employment prospects should they ever make it to the interview stage.

We now live in different times, the last time Australia saw official recession was 1991; the Berlin wall no longer stands, the cold war is over, attempts at nuclear disarmament have pretty much eased the threat of all out nuclear war. New issues occupy our minds; international terrorism, global warming (oops, climate change now), the environment and nouveau capitalism are all concerns now.

Optimism is high, buoyed by long a sustained growth phase that has replaced the despair and feelings of doom of the 1980s. The 1991 recession once again dented confidence after interest rates peaked at just under 18% but for many of us, this is a distant but uncomfortable memory.

Getting a job, any job was paramount, getting an apprenticeship was even better - staying on at school and attending university mean't you didn't have employment prospects, it was in the area where I grew up anyway. 

But fast forward to the present; trade qualified employees seeking to move into mid and upper level management positions require new knowledge and skill sets, the workforce is changing and those who choose not to change will be left behind.

As an adult student, holding down full-time employment, a family and mortgage payments is difficult enough, the thought of committing to years of part time study is too painful for many - but are they damaging their future job prospects and employment potential?

After you have made the commitment to study, a couple of years of social interaction burnt and sleep deprivation problems - I sometimes wonder, what will a bachelor degree get a person that a diploma can't?

At this point, I don't know the answer.

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