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The decision of whether to go to college, or where, is hampered by poor information and inadequate understanding of the financial risk involved.
Adding to the confusion, the same degree can cost dramatically different amounts for different people. A barrage of advertising offers new degrees designed to lead to specific jobs, but we see no information on whether graduates ever get those jobs. Mix in a frenzied applications process, and pressure from politicians for “relevant” programs, and there is an urgent need to separate myth from reality.
Peter Cappelli, an acclaimed expert in employment trends, the workforce, and education, provides hard evidence that counters conventional wisdom and helps us make cost-effective choices. Among the issues Cappelli analyzes are:
•What is the real link between a college degree and a job that enables you to pay off the cost of college, especially in a market that is in constant change?
•Why it may be a mistake to pursue degrees that will land you the hottest jobs because what is hot today is unlikely to be so by the time you graduate.
•Why the most expensive colleges may actually be the cheapest because of their ability to graduate students on time.
•How parents and students can find out what different colleges actually deliver to students and whether it is something that employers really want.
College is the biggest expense for many families, larger even than the cost of the family home, and one that can bankrupt students and their parents if it works out poorly. Peter Cappelli offers vital insight for parents and students to make decisions that both make sense financially and provide the foundation that will help students make their way in the world.
- Sales Rank: #163934 in Books
- Published on: 2015-06-09
- Original language: English
- Number of items: 1
- Dimensions: 9.40" h x .80" w x 6.30" l, .0 pounds
- Binding: Hardcover
- 224 pages
Review
“It’s precisely the right moment for a book to help 18-year-olds and their parents make this important educational and financial decision... Cappelli offers some good tips: Student loans are stickier than a mortgage: You can’t escape them with bankruptcy, and you may find your wages garnished if you try to walk away from them, never mind your bad credit rating. Don’t rely on data released by colleges, particularly employment rates, which are often calculated based on dubious self-reporting surveys. When you visit a school, check out the tutoring center and see if anyone is around to help; it’s a good proxy for the campus support system. Most important, finish on time. A surefire way to erode your return on college is to graduate late or not at all.” —Wall Street Journal
“Thought-provoking work... The author notes that sending children to college is a huge expense that hurts many families’ ability to meet other important needs, such as retirement. His focus is primarily on the US higher education system but many of the themes are universal.” —Emma Jacobs, Financial Times
“Informative and refreshingly skeptical.” —John Cassidy, The New Yorker
“If you want to figure out what to do with your life—or help your child do the same—Cappelli tells you what you need to know. College is a sweet deal for kids who hit the trifecta: attend a reasonably priced, reputable school, choose a high-earning major, finish on time. Otherwise, buyer beware.” —Barron’s
“[A]stutely examines the enduring relevance of a college degree... [I]lluminating statistical and survey data… Cappelli's eye-opening report card on the current state of American education gives mounting tuitions a failing grade... Salient reading for students, parents, and educators on navigating toward a coveted college degree.”—Kirkus Reviews
“A valuable, commonsensical analysis of an ever-more-important subject.”—Booklist
“Cappelli’s well-reasoned and documented answer helps families evaluate their options in terms of their individual financial situation. VERDICT Academic and yet highly readable, Cappelli’s book provides nothing short of consumer protection to families and their students as he addresses the complexities of the higher education marketplace, the unpredictable job market, and the cost of college.”—Library Journal
"Cappelli provides sound advice that will help students and families get more for their higher education dollars—if they decide to spend any at all. His book is a welcome addition to the growing literature that questions the 'college is a great investment' belief." —George Leef, Pope Center for Higher Education Policy
About the Author
Peter Cappelli is the George W. Taylor Professor of Management at The Wharton School and director of Wharton’s Center for Human Resources. A research associate at the National Bureau of Economic Research, he has long been involved in federal government policy-making regarding the workforce and education. He was also co-director of the US Department of Education’s National Center on the Educational Quality of the Workforce, and a member of the Executive Committee of the US Department of Education’s National Center on Post-Secondary Improvement at Stanford University.
Most helpful customer reviews
9 of 10 people found the following review helpful.
A must-read. Fantastic book!
By Marylene Delbourg-Delphis
Students in the United States pay about four times more than their peers in the rest of world. So it’s no wonder there are endless conversations about whether earning a college degree is worth the expense. Dozens of entrepreneurs will tell you to forget about college — although they were lucky to be born into highly educated environments and often trained in the best universities, and dozens of dropouts who made it through backbreaking work do insist that their kids experience college.
Peter Cappelli's book takes the heat out of the debate and ultimately answers this question "it depends." This non-dogmatic stand is actually courageous when everybody wants certitudes and validations. Peter's mission is to tender pointers and landmarks in maze of research data, assumptions, biases and even misinformation: "What prompted me to write this book was the unqualified statements about the big payoff to a college degree," Peter says. “While there are lots of guides to tell us whether a particular school suits the temperament of our child, there is almost nothing that helps us decide whether a college experience will lead to financial ruin. That is what I try to offer here: a guide to the factors that determine whether a particular program will pay off."
Here are some of the critical topics debated in the book.
Is there some shortfall of science, technology, engineering, and math or STEM graduates?
Do college students major in the fields where jobs are?
How important is a College student's first job?
Do jobs today require more education than in the past?
Is it easier to find a job as a college grad? How big is the college wage premium?
Does the current gap mean that the investment in college education pays off?
No matter what, getting a good job out of college is a challenge because of the changes in our society and employment landscape, which Peter Cappelli also addressed in a fascinating previous book from 2012, Why Good People Can't Get Jobs: The Skills Gap and What Companies Can Do About It. The problem starts with the fact that most employers have dropped training programs and "what they want from college graduates now is the same thing they want from applicants who have been out of school for years."
— Does it mean that our education system is a problem? No— except for the costs, actual data do not support such blame: "We’ve been in roughly the same place for some time. Our students are not doing worse, and there is no evidence from the comparative data that U.S. schools are failing." Could the US government do better helping public colleges? Definitely yes.
— Does it mean that colleges should only focus on practical education? No — vocational education can be a terrible dead end. Parents and students have a complex due diligence to perform in a tough supply and demand market and should try to delay choosing a major until the last minute.
This book is by no means an indictment of college education: it simply implores parents and students carefully to analyze their rationale before getting into heavy debt and to take with a pinch of salt the sometimes deceptive claims of some of the for-profit colleges.
The book only focuses on an alleged equation between college education and a better job. It doesn't question the value of receiving a college education and its long-term human and existential meaning. If anything, the underlying message is that it's not efficient for colleges to try to replicate the workplace on their own campus... and that they should instead focus on what they do best. The ultimate message of Peter Cappelli is clear: "Maybe the appropriate alternative is to let college do what it is good at, which is educating rather than training, focusing on knowledge and life skills rather than job skills, and to find connections into the job market through other paths."
The book invites employers and colleges to think more carefully about their strategy:
— Employers: Has their strategy of hiring for skills just after college actually paid off? So far, it hasn't. The cost of failed hires and bad hires hasn’t dropped. Employers' processes have been the same for almost three decades. So maybe it's time for them to look into these processes, and the burden may not be on colleges in this area.
— Colleges: Colleges are hard-pressed to provide cogs in the corporate machinery with uncertain guarantee of return for students. With employers not showing better results in their human capital build-up, why should colleges cave in? Why don't colleges try to educate the market and affirm the power of education? Maybe colleges should do a better job at promoting students and alumni, which means radically revising antiquated campus recruiting products and procedures, beefing up their career services offices in order to offer a modern access to their gigantic talent pools to employers (instead of letting their students spends up to 20 to 30 hours a week looking for employers...).
6 of 7 people found the following review helpful.
Well Organized, Credibly Documented, and VERY IMPORTANT!
By Loyd Eskildson
No other nation has individuals pay so much for college. College students in the U.S. (about 70% of high-school graduates) pay about 4X that of their peers in other nations. At the same time, our graduation rates are among the worst of any country. Clearly, going to college is a major investment of time and money. Unfortunately, those facing that decision must do so with very little useful information. Graduates of some programs do very well, though it is unclear how much of their success is attributable to those programs, and graduates of other programs do so poorly it is unlikely they'll ever recoup their education investments. Major pitfalls include failing to graduate or taking longer than normal to do so, high student loans and their associated costs, becoming rapidly outdated due to eg. offshoring or technological change (eg. engineering), and being misled by college-supplied data on employment prospects.
It isn't even clear just what college education actually contributes to employability - perhaps what employers really value is the maturation that most go through between ages and 22, or simply the fact that getting into and completing college demonstrates a more attractive level of ability and doggedness than otherwise.
Employers are most interested in the general abilities and skills that pupils should learn in any serious degree program, least interested in job-specific knowledge that new vocational programs convey. Thus, classes in logic and problem-solving are likely more valuable than learning the fine points of healthcare laws and regulations.
Chapter 1 immediately gets into the heart of an important issue - 'Why Do People with More Education Get Better Jobs?' Almost two-thirds of recent graduates reported they didn't have a job closely related to their field of study, and almost 25% believed their education was not worth the financial costs. For most, the question is not so much college vs. no college, but which major and which college. Narrow, vocational degrees lock students into a single occupation, despite their possibly changing interests.
The costs of attending college went up 4X over the last 20 years vs. cost of living, mostly at state universities where funds from state governments have been cut.
A quarter of all the four-year college-degree programs in the U.S. take anyone with a high-school degree or equivalent. A common practice is to find more applicants and admissions.
Employment claims from even the most reputable schools are difficult to evaluate. DeVry University, for example, reports 100% of its graduates with communications degrees have jobs related to their field six months after graduation. That figure is derived from voluntary reports, and there were apparently only 8 responses from communications majors out of 8,000 bachelor's degree graduates. Graduates who failed to look for a job in their field up to six months after graduation are understandably excluded. But the data also include students who already had jobs in their field prior to beginning the program; further it is not clear what counts as 'in their field.' Meanwhile, the National Association of Colleges and Employers reported that in the same year, 6.5% of graduates with communications degrees got job offers in their field.
The center for Creative Learning's surveys of managers found only about 10% of the knowledge, skills, and abilities used on the job were learned in classroom experience - most comes from work experience.
There is no evidence that grades predict much of anything about job performance - about 2% of the variation in job performance could be predicted by knowing grades. Google found that grades predict almost nothing about job performance, and stopped asking. Similarly with its quirky interview questions (eg. How many gas stations in Manhattan?).
Education pays off when it is in demand, and doesn't when it isn't. In the 1980s, South Korea tripled the number of graduates over a decade. The wage premium associated with college fell by half. Much the same happened in the U.S. during the 1970s. Cappelli attributes the pay advantage mainly to the drop in blue-collar wages as manufacturing moved overseas, not so much to inherent benefits of a college education. He also points out that the 'premium' is volatile - in the 1960s and 1970s no gap existed. The current gap is higher for workers out of college longer. In Italy and China, college grads are no more successful than high school grads in the job market.
Cappelli also contends that our current labor force is overeducated (about 30% more education than needed), and adds that organizations claiming otherwise are dominated by corporate interests with an interest in generating a surplus of qualified workers. He sees no evidence that jobs today require more education than a generation ago. About 60% of parking lot attendants have some college education, for example.
A survey on employment outcomes in 2010-12 conducted by the Center for Economic and Policy Research found that 22% of recent graduates in engineering, 23% in education, 26% in health, 31% in math and computing, 36% in sciences, 47% in social sciences, 51% in business, and 56% in leisure and hospitality were in jobs for which a bachelor's degree was not even required.
The lag between picking majors and degrees and the labor market when one graduates is one reason students should delay choosing their fields until the last minute. While the unemployment rate for college graduates is typically about half that for high school graduates should not be taken as evidence that there are many more jobs requiring college degrees. The vast majority of current jobs require only a high school degree or less, and the BLS predicts this will continue at least through 2022.
The best example of screening effects in education comes from the GED - a one-time comprehensive test of the accumulated knowledge and skills taught in high school. Many high school graduates would struggle to pass it - especially those not college bound. However, the GED doesn't capture the ability to show up for classes, get homework done, or stay out of trouble well enough to avoid being thrown out before graduation. Those aspects are captured in the traditional high school degree. If academic skills and knowledge were the important factor in a high school education, GED holders would do as well in the labor market as high school grads do. But they do a lot worse. Ergo, finishing college reveals lots of desirable attributes about graduates beyond the academic knowledge they get from their classes. Ten years later, success in your most recent job is far more relevant.
4 of 5 people found the following review helpful.
I think the professor does a good job educating us about the costs and benefits of ...
By Concerned Parent
As a father of a soon to be junior and senior in high school, I read the book with the intention of gleaning whether or not college would pay off for my children and any insights into how I would go about paying for it. I came away thinking that it would pay off for my kids and an understanding of trying to pay for it (but little hope of getting any aid as I make too much). I think the professor does a good job educating us about the costs and benefits of today's college degrees with one exception that I will get to momentarily.
His writing style is so clear and concise that even a slow reader such as myself was able to read the entire text in less than an afternoon while taking notes in Kindle. Granted, I skipped a lot that did not pertain to what I wanted to know. Specifically, Chapter 5 which is about getting a job after college.
Kindle is the way to go as he has several calculators that he references online. Noting them and then keeping the book as a reference will be worth the 17 bucks you pay for the Kindle version. Save you a lot of time when you get to actually looking up information on schools and financial aid. I had nearly 50 notes or highlights in the book. Obviously, I found a good deal of information useful or interesting and plan to reference it in the future. I read for information. Some of you may not find the book as interesting as I did.
I am not going to regurgitate what the Professor says in this review. Read the book. You will come away better educated about the costs and benefits of today's college education except in one respect. Professor Cappelli only references community colleges four times in his book (thanks Kindle). Three times it is in reference to the degrees you can earn from the community colleges and then go to work in a technical field. Only once does he mention that you can go to community college and then graduate from a four year institution and he does so in passing. He never addresses the latter as a viable option to go to college. This is a serious omission from the book and the reason for my four stars. Professor Cappelli argues that the last one or two years of college are the most important. OK, two years at a community college and two years at a regular college get you the most important years at the best college. Plus number one. Two years spent at the home town community college then two years at a four your college would significantly cut costs - reducing costs is a major plus according to the Professor. So we have two things to the plus side of community college then regular college. However, on the down side Professor Cappelli would argue that two years of community college would deny a student the full amount of "growing years" a student would receive at a four year university away from home. True, but you would still get two years away from home. Is this enough? Ah! A conundrum the Professor could tackle for us but never brings up. Then, would the "smell" of the community college drift along with the student at the hiring phase or is it again the fact that the student could have gone to the better university in the first place trump the "first college" effect as noted in the book? We don't know. Anecdotally I have a colleague that went to community college and claims a doctor, dentist, ophthalmologist and other successful business people graduated with him from his community college class. Someone has to have done some research here and the Professor doesn't say squat about it. At a minimum, he should have written up a couple of paragraphs talking about this option and saying there is no evidence in support or against it if there isn't any. I hope someone that is reading this can offer me a valuable source of any information on whether this matters or not as it offers one of the most attractive alternatives out there. Sad the Professor doesn't even bring it up. Guess my search for information continues.
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