Is a University Degree Still Worth It? The Numbers Say Yes — But Choose Wisely

Admissions Academy Staff
Jul 15
4 min read

The conversation has changed.

Once upon a time, a university degree was the undisputed golden ticket to a stable, well-paying career. Today, with tuition costs climbing, headlines about student debt, and influencers touting self-made success without a degree, it’s fair to ask: is it still worth it?

Our short answer: Yes. Absolutely. But only if you choose strategically.

We’ve seen students leverage the right degree into remarkable careers — and we’ve also seen bright, capable people struggle because they pursued programs with little market demand or limited career pathways. The key isn’t whether to go to university — it’s where, for what, and with what plan.

1. The Lifetime Earnings Advantage

The data here is consistent across multiple countries: higher education pays off in the long run.

Canada – Statistics Canada reports that bachelor’s degree holders earn, on average, $1 million more over their lifetime than those with only a high school diploma. Even factoring in tuition, that’s a substantial net gain.
United States – The Georgetown University Center on Education and the Workforce found that bachelor’s degree holders earn 84% more than high school graduates over their working lives — a median difference of about $2.8 million.
United Kingdom – According to the Institute for Fiscal Studies, male graduates earn on average 20% more than non-graduates by age 30, and female graduates earn 25% more.

These aren’t just abstract statistics — they represent the cumulative effect of higher starting salaries, faster promotions, and access to career ladders that simply aren’t available to non-graduates.

2. Lower Unemployment, More Stability

The benefits of a degree aren’t only financial — they’re also about job security.

In 2023, the unemployment rate for US bachelor’s degree holders was 2.2%, compared to 4.0% for high school graduates (US Bureau of Labor Statistics).
In Canada, during economic downturns, employment rates for those with postsecondary education drop less sharply and recover more quickly than for those without (Statistics Canada, Labour Force Survey).

This “safety net” effect matters. In a volatile economy, being harder to lay off — and faster to rehire — is a real advantage.

3. The ROI Question: Tuition vs. Payoff

Yes, tuition has risen sharply. In Canada, average undergraduate tuition for 2023–24 was $6,834 for domestic students (Statistics Canada) — though professional programs like law, engineering, and medicine can cost far more. In the US, average tuition and fees at a private university now exceed $42,000 per year (College Board).

That’s where ROI (Return on Investment) comes in. The payoff of a degree depends on:

Field of study – Engineering, health sciences, business, and computer science tend to offer the highest returns.
Institution – Some universities have stronger reputations and alumni networks that boost career prospects.
Location – Studying (and later working) in regions with high demand for your skills can accelerate earnings.

It’s not enough to choose a degree you “like.” You need to understand the market value of that degree in the context of your career goals. That’s something we help families weigh carefully — without crushing the student’s passions in the process.

4. The Network Effect

One of the most under-discussed benefits of a degree? The people you meet.

University connects you with professors who can mentor you, classmates who can become collaborators, and alumni who can open doors.
Many jobs are filled through personal connections — and a strong alumni network is a career accelerant you can’t quantify in tuition dollars.

For example, studies show that over 70% of jobs are found through networking (LinkedIn, 2017). A degree from an institution with a tight-knit, active alumni community can give you a lifelong professional boost.

5. Beyond the Paycheque: Life Outcomes

Graduates also tend to see benefits in areas that don’t fit neatly on a salary spreadsheet:

Health – Higher education correlates with lower rates of chronic illness and longer life expectancy (OECD, Education at a Glance 2023).
Civic engagement – University graduates are more likely to vote, volunteer, and be involved in community organizations.
Career flexibility – The skills learned in a degree program — critical thinking, research, communication — are transferable to multiple industries.

In a fast-changing job market, adaptability is a survival skill. A well-chosen degree builds exactly that.

6. The Caveats: When a Degree Doesn’t Pay Off

There are exceptions to the “degrees always pay” rule. A degree can have a poor ROI if:

It’s in a field with low demand and low earning potential
You accumulate significant debt without a plan for repayment
You don’t complete the program (completion rates matter for ROI)

According to the US National Student Clearinghouse, only 62% of students who start a bachelor’s degree finish within six years. Dropping out with debt — and no degree — is the worst-case scenario.

That’s why strategic planning before enrolling is critical.

7. The Admissions Academy Perspective

We believe in the value of higher education — but not in going in blind. At Admissions Academy, we help families answer three core questions:

Where will my degree hold the most market value?
Which program aligns with both my interests and employability?
What’s the smartest way to fund this without crippling debt?

Because the right degree is more than a credential — it’s a launch pad. And in an economy where career change is the norm, the flexibility, credibility, and network of a degree are assets that pay dividends for decades.

Sources:

Statistics Canada, Labour Force Survey 2023; Education Indicators in Canada 2023
Georgetown University Center on Education and the Workforce, The College Payoff 2021
US Bureau of Labor Statistics, Employment Projections 2023
Institute for Fiscal Studies, The Returns to Undergraduate Degrees by Socio-Economic Group and Gender 2020
College Board, Trends in College Pricing 2023
OECD, Education at a Glance 2023