By macleans.ca - Wednesday, January 16, 2013 - 0 Comments
A university degree was once a guarantee of higher incomes. Those days are gone, argue two profs
The message to young people is simple. If you want an extra million dollars, maybe more, just get a university degree. Your lifetime earnings will be at least that much more than those of someone with only a high school education. Or so says the Association of Universities and Colleges of Canada (AUCC), quoting the 2006 census.
The university establishment does not lack confidence on this matter. In September 2012, Paul Davidson, president of the AUCC, quoted a more impressive statistic: “While it is true that tuition has increased in recent years, so too has the value of a degree. The income premium of a university degree is large and growing. University graduates will on average earn $1.3 million more during their careers than a high school graduate and $1 million more than a college grad.” Continue…
By Alex Ballingall - Thursday, September 15, 2011 at 11:15 AM - 4 Comments
Universities are rolling out newly minted master’s programs. Just don’t call it a profession.
Carmen Smith used to think she didn’t need graduate school. And why would she? Even before finishing her bachelor of journalism degree at Bennett College in Greensboro, N.C., Smith was the publisher of a women’s magazine called Belle, which she founded.
But she changed her mind after an academic adviser told her about a new master’s in journalism program offered at King’s College in Halifax that could help her do better with her own publication. “I really thought it was interesting to see how they were developing their program around entrepreneurial journalism,” Smith recalls. “That’s why I came.”
Smith, now 22, is one of a growing number of wannabe journalists heading to master’s programs in Canada. Before 2000, there were only two degrees available in the country, at Carleton University and the University of Western Ontario. Today, there are six, with the University of Toronto’s Munk School of Global Affairs and Wilfrid Laurier University both gearing up their own programs.
By Rachel Mendleson - Thursday, June 4, 2009 at 12:00 PM - 7 Comments
Grad studies are on the rise, but the payoff in cash is small
More Canadians are pursuing graduate studies than ever before. Even prior to the recession—university enrolments tend to spike during economic downturns—a significant shift was already under way: according to Statistics Canada, 32 per cent more people had master’s degrees in 2006 than in 2001, and 30 per cent more had doctorates. But, as a recent study by the C.D. Howe Institute shows, going to grad school doesn’t always pay.
While the desire to pad the mind, rather than the wallet, is what motivates many of those who get advanced degrees, it may still come as a surprise that a simple bachelor’s is a far more fruitful economic investment. According to “Extra Earning Power: The Financial Returns to University Education in Canada,” throughout their careers, men can expect an average annual return (after taxes) of 12 per cent on what they paid for tuition, books and living expenses in undergrad; for women, who have less lucrative opportunities with just a high school diploma, it’s 14 per cent. For master’s degrees, meanwhile, the annual rate of return drops to 2.9 per cent for men, and five per cent for women. The payback is smaller still for Ph.D.s: women can anticipate a 3.6 per cent return, while men actually emerge in the red.