Introduction
As tuition fees keep rising it is easy to ask; why should I bother getting a university degree considering the cost and time? You can’t be blamed for asking yourself this. However, it would be beneficial to carefully consider the benefits of getting a university degree compared to the time and cost. In other words, a university degree cost vs benefit analysis would give you clarity.
Some of the popular benefits of a university degree include personal growth in terms of knowledge and character. Others are better career opportunities and earning potential, increased confidence, and networking opportunities. However, the extent to which a graduate enjoys these benefits is determined by the knowledge and skills acquired while studying. This article will cover some of the major transferable skills acquired and developed from studying.
What are transferable skills
These are abilities and knowledge that are applicable to different contexts, roles, jobs, or situations. Transferable skills are not specific to a particular job, profession, or industry. They are useful in many different contexts. Transferable skills include both hard skills, such as technical or computer skills, and soft skills, such as communication, problem-solving, leadership, and teamwork.
They are developed through the education and training you get while studying. Life experiences and work experiences are other ways to learn these skills. Transferable skills once learnt become valuable assets which are very useful when looking for new opportunities or transitioning to a new role, job or field. Employers value transferable skills because they demonstrate a candidate’s ability to learn and adapt quickly to new situations.
Soft Skills Vs Hard Skills
Hard skills and soft skills are different in form and nature, and they are used in different situations. Below are some of the main differences between them:
Characteristics: Hard skills are technical abilities and knowledge that are acquired through education and training. Soft skills on the other hand are personal abilities, attributes and traits that enable individuals to work effectively and collaboratively with others.
Measurement: The extent and quality of hard skills are measurable and quantifiable, but these are difficult to measure for soft skills. Also, the extent, quality and importance of soft skills are subjective.
Transferability: Hard skills are mostly job-specific and not easily transferable to other roles or industries. However, soft skills are transferable and useful in many settings and contexts.
Acquisition: Hard skills are typically acquired through structured education, training, or experience. In addition to education and training, soft skills are also learnt through personal development, work experience and life experience.
Importance: Both hard skills and soft skills are important to be successful in a job. However, the extent of importance depends on the role, job, and industry. Hard skills are necessary to perform specific job functions, while soft skills are important for teamwork, communication, and leadership.
Examples: Soft skills include communication, leadership, collaboration, adaptability, problem-solving, creativity, time management, and emotional intelligence. Hard skills include computer programming, data analysis, accounting, project management, engineering, and graphic design.
Transferable skills acquired while Studying
Studying at university will help you acquire and develop a wide range of transferable skills. These skills will be valuable in a variety of contexts. Below are some important transferable skills that you can learn from studying at university include:
Communication Skills
University students learn to communicate effectively through classroom discussions, written assignments, presentations, and group work. These skills are important in any job or profession that involves communicating with people. This can be any type of communication including verbal, non-verbal, written, visual, and listening. See more on communications skills by the University of Oxford here
Time Management and organisational Skills
University students must balance coursework, assignments, and exams, which requires good time management skills. In addition to these, some students have family and work commitments that they have to organise studying around. The time management and organisational skills developed from doing this are beneficial in different work contexts. Especially those that require balancing many tasks and duties daily.
Problem Solving Skills
Through research and problem-solving exercises, university students learn to identify and solve complex problems. Assignments and coursework normally include problems that students have to find solutions to. Also, while studying, students will face different types of problems that they are forced to solve to enable them to progress. The abilities and character developed from taking on many problems are valuable in many work and life contexts.
Collaboration Skills
Group projects and team assignments are common in university courses. They help students develop interpersonal skills and other skills required for collaboration, teamwork, and leadership. These skills are highly valued across many industries including finance, health, IT, hospitality, construction, tourism, and retail.
Critical-thinking Skills
Assignments and coursework require students to analyse complex information, identify different perspectives and consider issues from different points of view. Also, logical arguments are developed based on available evidence before drawing conclusions. The critical thinking developed by doing all this is significant in many professions, especially for decision-making.
Research Skills
University courses require students to conduct research and analyse data. This helps to acquire and develops skills in data and information gathering, analysis, and interpretation. These skills are valuable in many professions, including management, advertising, project management, legal, journalism, marketing, and academia.
Skills acquired from Business and Management Studies
Business and management studies provide students with a wide range of skills that are applicable to various professional settings. Some examples of skills that can be learned from business and management studies are:
Marketing and Sales
A core area of business and management is how to develop marketing and sales strategies. A wide variety of practical marketing tools and methods that businesses use is learnt. Also, marketing theories and concepts from empirical research and practice are studied. Associated areas such as market research, branding, and advertising are learnt too.
Project Management
Business and management studies include how to use different project management tools and methods. The gives students with skills to plan, organise, execute, and manage projects while considering factors such as time, budget, and stakeholders.
Leadership
A major module within business and management studies is leadership. Leadership theories, concepts, and approaches with their application are studied. This equips students with leadership knowledge that is applied in various contexts during and after studying. Also, other core leadership knowledge and skills are embedded in other modules.
Strategic Thinking
Students in business and management studies learn to think and plan for the future of a business. This includes the use of tried and tested tools, models, methods, and data to identify opportunities and mitigate challenges critically and strategically. How informed decisions are subsequently made is also learnt and practised.
Financial Management
Another core part of business and management studies is how to manage finances. This includes budgeting, forecasting, and financial analysis using statements of account such as profit and loss account (income statement), balance sheet (statement of financial position, and cash-flow statement.
Entrepreneurship
Business and management studies provide students with the skills and knowledge needed to start and run their own business. This includes how to identify business opportunities undertake market research, financial planning and management, and overall business planning.
Benefits of Business and Management Studies
Studying business and management can provide a wide range of attributes and benefits, some of these are:
Increased Earning: Graduates of business and management courses have the potential to earn higher salaries compared to graduates in some other fields. This is due to the wide variety of valuable skills and knowledge acquired, and the flexibility to work in many industries and sectors.
Career Opportunities: Graduates of business and management courses have a broad range of career opportunities available to them in a variety of industries and sectors.
Networking Opportunities: Business and management degrees involve networking opportunities with industry professionals. This helps students to build relationships and establish valuable connections. Networking opportunities include practical work experience (such as a sandwich year), internships, career events, recruitment fairs and university-employer partnerships.
Global Opportunities: The variety of skills and knowledge acquired in business and management degrees with the flexibility of work contexts enable graduates to work in many countries. This provides exposure to different cultures and business practices.
Contribution to Society: Business and management studies provide students with the skills and knowledge to make a positive impact on society. Some examples are leading sustainable business practices or contributing to social entrepreneurship.
Conclusion
The benefits of getting a university degree outweigh the time and cost. In terms of time, a typical undergraduate degree takes three or four years. The benefits from the degree will be for the rest of your life. In other words, sacrificing three years for something that will benefit you for decades is an excellent bargain. The cost may seem high but the increase in earnings due to the degree will be more than the cost in only a few years at most. However, it is important to add here that these benefits are mostly available if you actually acquire the skills and knowledge provided by your degree.
This is only possible by properly engaging with each module and following the study requirements. Sadly, some students go through university as though they were never there. They do the bare minimum just to avoid failing. Although circumstances may force some students to become this way it should be avoided by all means. Where possible, it is better to resolve such circumstances before studying. A university degree involves many sacrifices and a significant investment of time, money, abilities, and much more. The investment is definitely worth it when done properly.
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