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Dec 26, 2016 08:17 AM EST

Having a college degree does have a significant impact in a person's success in life. This generation faces the strongest job market in decades, according to Janet Yellen, Federal Reserve Chair. Globalization and the need for technical skills in the job market has increased the correlation between success in workplaces to higher education, according to Inc.

Yellen spoke at a recent commencement exercise at the University of Baltimore and emphasized that college graduates have a higher probability of being accepted to a job, keeping the job, and obtain higher satisfaction in the workplace while earning a higher wage.

Data shows that college graduates earn a median of 70 percent higher compared to those who did not continue with a college education. The gap was only 20 percent back in 1980. 

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Furthermore, Yellen discussed that there is an increase in the demand by companies with employees who are college graduates because of the influence of globalization and the need for higher technological skills. The trend for goods and services to be produced anywhere will continue to increase.

Opposing View

There are people who have conflicting views regarding the requirement that obtaining a college degree is a strong determinant for success in life. Such is the case of Erika Andersen, a mother of three.

She has three children, one is obtaining a Masters Degree in Teaching, one is a medical student, and another is a drop-out, yet opening his own cafe and bar in Brooklyn. She implies that obtaining a college degree is not the sole determinant of success and that not obtaining a college degree does not mean ultimate failure.

Conclusion

In a scientific article by PayScale, the question as to whether it is worthwhile to attend college has been answered. The data shows that people who earned a college degree makes more money than those who have not, in addition to lower disability rates, better working conditions, and increased civic engagement.

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