Education Is More Than A Good Degree

There is a strong linkage between education and career. Many people go to school with the goal of getting a good job. From a long term perspective, an economic growth policy is largely an education policy. With the running speed of the economy slowing down due to demographic realities, the margin for error on Canada’s education policy has never been narrower. Rethinking the relevance of today’s education system to the workplace of tomorrow is essential for Canada’s future economic growth.

Student fees for STEM and business-related undergraduate programs have risen by nearly 40 per cent in the past decade, while other, less popular programs have gone up by about 25 per cent.

Benjamin Tal, an economist with the CIBC, said the spike in prices can be attributed to supply and demand. But it can have serious consequences, Tal explained. "Those who can’t afford to pay higher tuition, may end up opting for a cheaper option they aren’t necessarily happy with."

Ways to be more competitive

Canada trails the OECD average in graduating Master’s and Ph.D. students. What seems encouraging is that nearly 40% of undergraduates in CIBC’s survey indicate that they are very likely to pursue additional training after graduation to develop a competitive edge. Even postgraduate students don’t see themselves leaving school anytime soon, with no less than 35% of them saying they are going to pursue further education. That additional education could take the form of post-bachelor studies, a trade or a certification in a technical field.

Read the report: here