In which I answer a question about starting a business while you’re studying. Here’s the blog post in question.
My mom has a Vietnamese colleague with a law degree. Apparently, it’s more lucrative to sell cookware in Singapore than practise law in Vietnam. White collar jobs, welcome to 2011.
There’s an article on the Wall Street Journal, “China to Cancel College Majors That Don’t Pay“. China is tackling the problem of jobless graduates in her country. This is the start of the nightmare of something I wrote over a year ago on education:
They [the universities] might go create more graduates who make higher salaries. What might those be? Those academic fields where the economy pays well for, for example, medicine, law, accountancy, banking, biotechnology and computer science. The arts and philosophy majors are doomed, I tell ya. The education syllabus might well be skewed towards commercially profitable disciplines.
China is at least thinking about it.
A nation-wide purge of university majors that don’t pay means you’re essentially specialising. Individually, a university might use that as a hook, such as offering excellent biotechnology classes taught by world-renown people in those fields. Nationally, it will be a disaster.
How do you determine which majors don’t pay? The implicit assumption is you know which majors don’t pay now and in the future. The implicit assumption is that you know what’s going to happen next. You don’t.
When radio was invented, people thought nobody would pay for advertising, since it’s a broadcast medium to nobody in particular (anyone can listen in).
When the telephone was invented, people thought face-to-face communications would die. We still value face-to-face communications now. Never mind the teenage girl who texts 563 messages a day (though I’m sure she still wants to meet up with her friends. Those messages are probably “Meet where?”, “K” (the short form of OK), and “lol”).
When the television was invented, people thought it’s ugly. Black and white? Who’d watch?
When the Internet was invented, nobody thought it’d be a commercially viable medium. Look at all the online stores now.
When music could be digitised, people started sharing MP3s. Music labels sued their customers. They lost money. Apple iTunes is doing fine though.
When Amazon was started, it was to be an online bookstore. The major bookstores didn’t think it will work. They’re now in financial trouble.
It takes an average of 4 years to graduate with a degree. A lot can happen in 4 years. By the time you graduate with a PhD in ornithology specialising in dodos, nobody is hiring a dodo hunter. The job is no longer relevant…
… but it doesn’t mean you’re irrelevant. Adapt your skills. Become an exotic bird care specialist.
Let’s say China purges all non-manufacturing related majors. That means most of her graduates know only manufacturing related stuff. If the economy suddenly rewards creativity-based knowledge work, China will be struggling to move. Remember, it takes 4 years to churn out graduates. You’ll be 4 years behind.
Hmm? China’s too big? The dinosaurs thought they’d live forever too. A meteor wiped them out. Doesn’t matter how big you are. A big enough meteor will still wipe you out. You may quote me. Hey, let me help you:
Doesn’t matter how big you are. A big enough meteor will still wipe you out.
A university shouldn’t model against Amazon. You should not offer long-tail majors. You can’t afford to. The proliferation of majors is probably to attract as many students as possible.
Nobody hires a dodo hunter.
Make the time and money you spend while studying in university count. The value of a degree doesn’t fluctuate much, year to year. But if you take just one year longer to obtain that degree, it means you’ve wasted one year of your life and another few thousands of dollars in tuition fees. Which means it takes that much longer for you to repay the tuition fee loan (if you took out one).
University/college tips from Bryarly
University/college tips from Emily