It’s back to school and 1.4 million students are once again filling the hallways and campuses of universities across the country. With hours of coursework and studying ahead, what do these students stand to gain from a university degree?
Keeps you employed, even during a crisis
During the COVID-19 pandemic, unfortunately many people experienced job loss and needed to rely on Canada’s Emergency Response Benefit (CERB) to pay their bills. University graduates, however; fared best during these difficult times, with much fewer of them needing CERB than the general working population or college graduates.
According to Statistics Canada, only 31.4% of undergraduate degree holders, 19% of master’s degree holders and 13.3% of doctoral degree holders received CERB, compared to 45.8% and 41.1% of those with a college certificate or diploma. You can rely on a university education to keep you employed, even during a crisis.
Increases your earnings
A university degree greatly increases your earning power over your lifetime. Plus, the more university education you have, the higher your earning potential. In a study following students five years after graduation, the average person with an undergraduate degree earned $60,200, those with a master’s earned $78,200 and those with a doctoral degree earned $88,100. Professional degree holders—such as doctors, lawyers and dentists—made on average $102,000 five years post-graduation.
Provides access to networks and skill development opportunities
Attending university gives you access to opportunities that can help you grow both personally and professionally. For example, students who participate in university co-op or international exchange programs gain first-hand experience in a new workplace or country. University clubs and teams also give students the chance to explore new interests, develop their skills and meet others. These opportunities, during what is typically an important exploration stage in one’s life, provide life-changing experiences, skills and connections.
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