5 • 4 Ratings
🗓️ 23 December 2023
⏱️ 14 minutes
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If we view the economic value of college based solely on the direct outcomes of post-graduation performance, then perhaps we're evaluating the investment based on incongruent objectives and misaligned time horizons. That is to say, my career-based decisions should be based on my career goals. As such, I should choose the best course of action to increase my likelihood of achieving them. For some, that might mean a college degree; for others, perhaps not.
If we only measure the value of college based on immediate value realization, then we likely ignore the long-term financial benefits that college provides, like the network.
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0:00.0 | Hi, I'm Alex Jackson Jolly. I'm here with Dr. Marcus Collins, who's a clinical assistant professor of marketing at the University of Michigan. |
0:11.0 | He is also the author of For the Culture, the power behind what we buy, what we do, and who we want to be. So welcome, Marcus. |
0:19.3 | Hi, how's it going? Yeah, glad to talk to you. We, this is the third in a series of conversations we've been having around |
0:27.8 | college as a investment, one of the larger investments that people will make in their lifetime, |
0:34.8 | and how they should be thinking about that return on their investment. |
0:38.0 | It's appropriate because right around now, if you have a student at home, a senior home, or if you're a parent or a professor, |
0:46.7 | you know that students are getting their applications in right now and getting ready for |
0:51.9 | those decisions to come back. So consumers of |
0:56.1 | higher education are really thinking about this right now. And so I wanted to ask |
1:00.0 | you, what do you think are the big things that these students should be thinking |
1:07.5 | about in terms of making sure they get the most out of their investment. |
1:14.0 | If you would have asked me this 10 years ago, |
1:16.0 | I think my answer would be different. |
1:18.0 | But having been a part of academia for almost a decade now and teaching at a high caliber university, my |
1:29.6 | answer is different. |
1:30.5 | So back then I would have said, oh, you need to go to a place where, you know, where your major is really good, that you can, you know, learn from really good professors and you have a really great experience and you can get a job after the fact because people don't see that |
1:47.6 | Brand on your resume and it's going to signal something about you and it's going to open up more doors. I think today my |
1:55.4 | thinking is a little different because I feel like I have always been taught |
2:00.2 | or had always been taught to think of college as a vocation as a place where I study |
2:06.0 | my vocation, right? If I want to be a marketer, I study marketing. If I want to be a writer, I go into writing, right, or a creative |
2:16.8 | writing, where the case would be, or maybe English. But what I found though, and maybe this is a |
2:20.9 | bit provocative, I think that college is better seen as a place to learn how to learn. |
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