Why ‘Rip-Off’ Degrees Might Just Be Worth the Investment – Insights from Recent Research
Certain university degrees, particularly in the arts and humanities, have often been dubbed as “rip-offs” or “Mickey Mouse degrees.” Critics argue that, while some degrees lead to lucrative employment, others provide little financial return and may leave graduates worse off than if they had never attended university at all. Nevertheless, recent research offers a fresh perspective that challenges this narrative, shedding light on the hidden value of these degrees beyond monetary gain.
Understanding Financial Returns on Degrees
It’s crucial for prospective students to investigate the financial implications of various degrees. Recent reports suggest that the graduate premium—the financial boost associated with degree holders—might be faltering, especially for certain fields. According to studies, the economic return on graduation is increasingly being questioned, prompting future students to consider their options carefully (Times Higher Education).
The Research Study: A Broader Perspective on Graduate Success
The research, conducted in collaboration with colleagues, aims to extend the conversation surrounding graduate success beyond mere salary. We analyzed responses from over 67,500 UK graduates who completed their degrees in the academic year 2018-19 and participated in the Graduate Outcomes survey 15 months post-graduation.
Instead of just focusing on earnings, we explored graduates’ responses to three pivotal questions:
- Do you find your work meaningful?
- Does it align with your future plans?
- Are you using the skills you learned at university?
The Value Beyond Earnings
Our findings challenge the conventional belief that only high-earning fields provide valuable degrees. While vocational courses like medicine and education excel in these measures, graduates from all subject areas reported significantly positive experiences. A remarkable 86% stated their work felt meaningful, while 78% felt aligned with their career goals, and 66% mentioned utilizing their university-acquired skills.
This challenges the dominant idea that income is the sole metric of success (American Economic Association). Many individuals would willingly forgo a higher salary for careers that offer purpose and utilize their talents. These aren’t just sentimental notions; they are crucial drivers of employee retention, productivity, and competitiveness.
A Comparison: Vocational vs. Generalist Degrees
Vocational degrees in fields like medicine and dentistry scored exceptionally high on perceived meaningfulness and skill application. For instance, these graduates were 12 percentage points more likely to report finding their work meaningful, and over 30 percentage points more likely to use their acquired skills.
However, generalist degrees—often categorized as “low value”—also showed resilience. Graduates in history, languages, and creative arts expressed positive sentiments about their careers. Once adjusting for factors such as social class, gender, and prior attainment, the discrepancies between vocational and generalist degrees narrowed, revealing that success is more nuanced than initially perceived.
Image credit: Atthapon Niyom/Shutterstock
The Bigger Picture: Redefining Value in Higher Education
Our research encourages a reevaluation of how we define value in higher education. Focusing solely on high-income degrees reduces education to mere financial transactions. This perspective risks discouraging students from pursuing fields that, while they may not yield instant monetary returns, offer fulfilling and meaningful work (The British Academy).
Indeed, while employability is essential, higher education is chiefly about developing potential, sparking intellectual curiosity, and enabling individuals to contribute meaningfully to society (The Journal of Positive Psychology). Overlooking these dimensions undermines the broader purpose of education itself.
The Consequence of Misjudgment
Labeling arts and humanities degrees as “rip-offs” could jeopardize one of the UK’s most successful sectors— the arts and culture. With this sector already grappling with skills shortages resulting from cuts to creative education, we must reflect carefully before dismissing any academic path.
Final Thoughts: What Are We Measuring?
Before writing off any degree as a rip-off, it’s essential to consider what we are truly evaluating. For a significant number of university graduates, evidence indicates that success transcends the paycheck. The quality of work experience, personal satisfaction, and development of skills play a crucial role in shaping a fulfilling career.
Ultimately, redefining the narrative around degrees labeled as low-value may help students pursue their passions, leading to a more enrichened and meaningful life.
