A DEGREE OF CONFIDENCE?
DOES a degree still give you an edge?
In addition to examining the intensely competitive race for third-level places in the run-up to the Leaving Certificate results, parents and students are now beginning to focus on the end result.
With an increasing number of second level students entering college, parents and students are questioning the return they will get for their investment and the distinguishing benefits of a third-level qualification. If everyone has one, how will it help?
It is true that the graduate employment market is extremely competitive. 22,034 students graduated with a primary degree in 2004.
The figure represents an increase of almost 11pc on the previous year.
Many employers receive over 1,600 applications for their graduate intake and the reality is that whilst a good degree is mandatory for blue chip employers, it is no longer enough to secure a graduate job.
In order to choose between candidates, who initially look very similar, employers are increasingly examining the transferable skills that are gained from studying a degree programme. A transferable skill is defined as "skills developed in one situation that can be transferred to another".
They are the kinds of skills that are necessary for effective performance not only in the workplace but in life in general. Included in the top 10 transferable skills employers look for are; communication, leadership, teamwork, client orientation, time management, ability to multitask and problem solving.
In order to provide graduates with the best possible opportunities third level institutions are focusing on developing transferable or employability skills by recognising the rewards of holistic education.
A number of third level institutions have personal development plans in place for students or accredit extra curricular activities. These initiatives are designed to equip students with a range of transferable skills that will enhance their employability and formally recognise the work done and learning acquired by students in clubs, societies, community work and extra-curricular activity in general.
Evidence also indicates that the sooner students start thinking about careers and the skills needed the better, emphasising the crucial role Careers Services have in assisting students to fully utilise their degree.
The increase in graduate numbers however has not adversely affected prospects for graduates in the graduate labour market. The first destinations report is produced annually by the HEA and provides a snap shot picture of the graduate labour market 6 -9 months after students graduate from a full time course of study. It measures the employment, further study, and training patterns of graduates on the 30th April each year.
The results of the 2004 survey are incredibly positive - 56pc of those who responded were in employment in either Ireland or overseas, 33pc were undertaking further study, 8pc were unavailable for employment with only 3pc seeking employment.
The First Destinations Report has its limitations and is not a reliable indicator of longer term employment outcomes. Longitudinal studies therefore give us a more realistic view of the long term effects a degree has.
The 'Seven Years On' report shows that despite increasing numbers entering higher education every year, the value of a degree is still considerable. There was little evidence of an over supply of graduates or failure of graduates to get appropriate jobs. Eighty-five percent of respondents said they were satisfied with the way their career had developed to date.
Indeed all the evidence suggested that employers continue to pay a premium for graduates with the differences in rates between degree and non degree holders becoming more significant as individuals reached their early thirties.
A study of the "Early Labour Market Experiences of Recent Graduates" indicated that when asked directly whether they considered their undergraduate education to have been a good investment, the vast majority of interviewees enthusiastically agreed that their investments of time and money had been worth it.
Only a minority 3.5pc felt that they would choose with hindsight not to enter higher education.
Interview respondents gave a range of responses when asked what they most valued about their undergraduate experience.
Four themes were evident:
* Labour market advantage
* Skills development
* Academic and intellectual stimulation and achievement
* Social and personal development
College is more than preparation for a career, often the person who graduates has developed a host of additional skills and indeed many interviewees stressed that they considered the non financial benefits of their College education to have been more important that the economic ones.
In summary then a degree remains a worthwhile and wise investment. In a competitive job market graduates continue to have the upper hand, benefiting from the skills, knowledge and experiences they have obtained whilst at College. Most graduates will also earn significantly more over their lifetime than non graduates.
Caroline Kennedy is Communications Officer with the Association of Graduate Careers Services in Ireland and is the Careers and Opportunities Officer at the National College of Ireland
- Caroline Kennedy
