An opportunity cost is the most desired goods and services that are forgone, the value of the next best alternative that could have been selected (McGraw-Hill Education, 2016). There was a time when you could get a great paying job in a factory or mill with very little to no experience or education. With advancements in technology, companies require more skilled labor and with greater competencies. While we are much more tech savvy and educated than our parents were, with the number of out of work college graduates, some have started to question if college is worth the cost?
According to the National Bureau of Economic Research article, Making College Worth It, the authors state that the incomes associated with a college degree will be different for each individual as people differ in the way they are affected by higher education (Petronijevic, 2013). Individuals also differ with respect to the costs of college (Petronijevic, 2013). For example, a student who is somewhat impatient may find it particularly unappealing to postpone entering into the job market in favor of pursuing additional education (Petronijevic, 2013). I personally figured this out very quickly when I graduated High school. I went to college for a year to study music, decided it wasn’t for me, dropped out, and joined the work force. I was always taught the importance of education, but my mom had no degree, worked in a mill all of her life, and made more money than my dad who had a Master’s Degree. So I worked a full time job and was a part time student, obtaining my Associate’s Degree in Early Childhood Education and a Certificate in Childcare management at my own pace. Part of my education ended up being paid for when West Point Stevens closed and...
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...ps://www.shrm.org, 2016). Grad students must currently be in an HR role, with an HR related degree, and 1 year in an HR Role for a non-HR degrees (https://www.shrm.org, 2016). Having that certification and my master’s degree, I will be eligible for higher level positions in HR, and with my continued interest in teaching, I eventually want to teach continuing education or extended campus classes for busy working adults such as myself.
With my years of educational experience combined I could be a doctor by now, and to some it may seem the opportunity cost over all haven’t but worth it, but I think I can safely say that I have weighed my options over the years and have learned a lot that the education system couldn’t teach me and that in itself is priceless. With the track I am on now the opportunity cost is well worth it to rich the goals I have set for myself.
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