A question I’m often asked now that I’m self-employed is whether my college degrees were a waste. I touched on this topic previously in Is a Business Degree a Waste?
To recap, I hold three degrees: a B.S. in Business, a B.A. in Management, and an MBA in Finance.
I understand why people ask. Technically, I don’t need formal credentials to run my own business. I also invested significant time and money into school — at one point I had $40,000 in student loan debt — so it’s reasonable to wonder whether those degrees were necessary.
Here’s why I don’t consider my college education to have been wasted time or money:
My degrees helped get me where I am today.
Frankly, I believe that without pursuing my degrees I probably wouldn’t have started blogging and freelancing. My early freelance work began as a way to pay down student loans, so in a very real sense those loans pushed me into finding alternative income streams and eventually building my own business. If I hadn’t been motivated by that financial pressure, I might not have explored freelancing or blogging at all.
College provides practical experience and exposure.
Unless you’re certain of your path right after high school, college can give you valuable exposure to different subjects and help you figure out what you want to do. It’s not purely theoretical — you gain experience, meet projects and deadlines, and learn how different industries operate.
Many people who start businesses first work for established companies to gain industry knowledge and hands-on experience. In many fields, landing those jobs requires a degree. So while experience is essential, degrees often act as the gateway to the roles that provide that experience.
My education supports the financial content I create.
With multiple business and finance degrees, I’m better equipped to cover financial topics on my blog and to guide contributors who write for my sites. My education also positions me to pursue formal financial certifications in the future, should I choose to do so.
Having a college degree isn’t mandatory for personal finance blogging, but it helped me understand concepts I might not have encountered otherwise. Additionally, the knowledge I gained about business operations, accounting, and legal considerations—reinforced by my earlier role as a financial analyst—makes running my business more efficient and less costly in terms of trial-and-error learning.
Networking benefits can’t be overlooked.
I didn’t take on student debt just to make friends, but the relationships I formed in college proved valuable. Connections from school supported my career as a financial analyst and continue to help with my business now.
Networking while in college can open doors depending on your industry. Some people overlook the value of building relationships during those years, but investing time in networking can pay off later in both traditional careers and entrepreneurial ventures.
What do you think?
Are college degrees a waste of money or time if you’re self-employed?
Image via Flickr by Tamuc