Wednesday, June 18, 2008

Value of college education, Part 2

I wanted to respond to Kathy's comments:

So what are the stats that show that not having a degree is going to put you on par with Steve Jobs and Bill Gates.

I'm not arguing that not having a degree causes greatness. I'm arguing that having a degree correlates with success but isn't the cause of success.

I'm fairly certain that they are the extreme exception rather than the norm of non-degreed employment/success stories (which makes them outliers in the study...)

I would disagree here. An outlier is a data point that's far away from what is expected with no apparent reason. I would argue that there's a bimodal curve, with a subset of people are not savvy, intelligent, nor driven and they don't make a lot of money.

They probably also have a different level of dedication to their own success and sought education on their own in other non formal institution ways.

YES! Then there's another curve of people who were too smart for school, didn't need school, or didn't have the opportunity. Exacerbating the issue, IMO, is a self-fulfilling prophecy where people who don't do well in school are shunned by society, lose confidence in themselves, and end up in the lower range.

That is a safer risk to assume when someone has a degree than when they don't...

Agree there. A degree does CORRELATE to higher intelligence. I just there's a lot of missed opportunities for people who don't have the learning style or ability to go to college who aren't given the proper encouragement or training. I also think there are a lot of people who pay a lot of money for very little payout. Instead of spending $50,000 in school, why not lose that money starting your own business and learning from it? I refer to Steve Jobs again... in his speech to the Stanford graduates, he talks about why he dropped out of school... he felt really guilty about his parents spending all of their income so he could go to school.

By the way, I'm sure there are thousands of examples of people who never went to college and are doing very well.

2 comments:

Tom said...

The Steve Jobs speech you reference is one of my favs!

Katharine said...

I keep wanting to respond back...but I have been crazy busy lately...very quickly...an outlier does offer some information to a dataset, but the reason they often get eliminated is because they carry too much weight, affecting the outcome more than any one observation should. The whole point of gathering a lot of data is to prevent one observation from telling the whole tale.