UK Universities - The value of a degree

Following the usual results period, the media frenzy that ensues naturally reports and speculates on a variety of themes related to the education sector. Given the challenges faced in teacher assessed grades, grade inflation, a widening attainment gap, student recruitment, value for money, student debt, Augar, graduate prospects and simply the numbers of graduates produced in the UK with an apparently low level of interest in degree apprentices, technical and vocational skills there is plenty to mull over.

There are then mixed views among commentators with a number of comment pieces designed to encourage debate, and I will freely admit they have caught me hook line and sinker. The latest piece which drew my attention discussed expectations of the government’s response to the Augar review, the potential for undergraduate tuition fees to be reduced and differential fees introduced for courses dependent on potential salary expectations post-graduation. Although the outcome remains unclear, the article focused on value through the simplified lens of future earnings.

Whilst this article was intended to stir up a response among its readers I couldn’t help but comment with a few of my own thoughts. I sometimes see articles such as the one I read as a failure to grasp the value a university degree brings to an individual beyond subject content so I wanted to talk to my own personal experience.

I studied BSc Geography which would provide fantastic academic content if I wanted to look at cloud formations and weather fronts but a cumulonimbus cloud has little relevance when looking at credit risk in a lending proposal. Rock formations are fascinating but don’t do much from a strategy setting perspective. I’ve not ‘used’ my degree throughout my career but that’s not to say it wasn’t useful. I’m also not alone in this scenario.

Standing in front of a lecture theatre presenting to my peers was much more beneficial in building my confidence, allowing me to develop my own style and develop my own research skills to thoroughly understand a subject and follow it through whilst having it peer reviewed and challenged. Instilling confidence to back myself and develop transferable skills was my take away from university which continue to serve me well in the work place. Would I have been offered a job in a contact centre without my degree? Absolutely. Would I have been as driven with the same ability to progress though the first 11 years of my banking career to my current position without my degree? Absolutely not.

The beauty a degree brings with it is the ability to research, learn, assess, communicate, present and revise, which shows an employer that a broad range of skills are in place to adapt to different roles and a variety of situations. University develops and refines IQ and EQ skills in students. It’s these skills which make graduates fit and ready for the work place. It makes them good candidates to focus on strategy and develop leadership skills thus becoming better at their jobs, supporting growth, commerciality and the economy.

These graduates often progress to become future leaders with the potential to earn higher salaries as a result. No you don’t always need a degree to do this, but having one often gives employers the additional comfort blanket that they are recruiting someone with the ability to develop their skills, learn and progress.?

It’s this which I believe treasury fully aware of. Across the population, higher earnings means higher taxes, generally a higher quality of living and lower burden on the NHS and other public services. The impact on disposable income and reinvesting the UK plc shows why the RAB charge is an acceptable level of outlay for government in supporting public institutions to enhance the quality of our students and add to the economy. The government’s investment in our higher education sector is one of the reasons it is world leading, something to be protected and enhanced, not defunded and diminished.

Students, domestic and international, academics, other employees, supply chains, research faculty, and everyone else connected to a university, including local communities, benefit from their students and the government’s investment in their education. Although it is worth noting that other forms of higher education can be just as beneficial, the value that a degree brings should not be reduced to a simple lens of salary and future earnings. Second guessing the response to the Augar review is a dangerous game but there is a reason all options remain on the table and it’s simply down to the challenge around finding a more sustainable solution in the interest of all parties which improves what is currently in place.?

As ever, id be delighted to discuss the education landscape and future of education with you so please do reach out.

Ian Robinson | Sector Head | Public Sector and Education

[email protected]

+44 7920 417 565