Evidence shows it pays to continue education beyond second level despite the challenges

YOUR GUIDE TO THE CAO PROCESS:ALMOST 100,000 graduates holding bachelor's degrees, master's and doctoral degrees are unemployed in Ireland.

Throughout the world there are millions of young people in similar situations, having invested time and money into securing a third- level qualification.

In many EU countries up to 25 per cent of young people under the age of 30 have still to secure steady employment.

Faced with these facts, years of austerity and slow economic growth it is hard to blame students for questioning the value of continued education. They must wonder if there is a point in committing time, money and energy to securing a third-level qualification.

However, a recent study in the Journal of Higher Education and Management shows that men in Britain who secured a bachelor’s degree earn 14 per cent more than those who did not go on to third-level education.

In the same study, those who spent one extra year attaining a master’s degree increased their earning premium by a further 23 per cent over non-graduates.

Those who went on to spend a further three to five years to secure a doctoral qualification only increased their earnings premium by a further 3 per cent.

The Hunt Report on Higher Education in Ireland, published today, says graduates in Ireland can expect to earn up to 69 per cent more over the course of their working lives than those with only a second-level education.

Central Statistics Office studies here also show that while unemployment affects all sectors of society, the level of unemployment decreases in direct proportion to a person’s level of education.

These facts highlight that no matter how difficult the economic environment, people who increase their skills by going on to third-level education are more successful in their careers than those who seek employment immediately.

There is also considerable evidence that those who upskill mid-career outperform those who disengage from education once they secure employment.

Engagement with ongoing training or education can only improve your long-term career prospects – whether you are a Leaving Cert student, a graduate or unemployed.

The working world is changing at a phenomenal pace and people cannot afford to stand still.

During this tough time, it is especially important to move forward and improve skills through active engagement with formal or informal education.

Last month, I attended a major education conference, the World Innovation Summit for Education (Wise) in Qatar. It was attended by more than 1,250 education experts.

Why did the Qatar government establish an annual educational conference of this size, and invest huge financial resources in raising global awareness of the crucial role of education in all societies?

Because, perhaps, they know sustainable long-term wealth, even for a oil-rich state, can only be based on constantly improving education standards in every country on the planet.

If you are not a participant in this process of ongoing educational advancement, you will rapidly find your career prospects regressing.

Over the next three days in this column, I will outline the best sources of information and support for the expected record numbers of CAO applicants this year.

Brian Mooney is a former president of the Institute of Guidance Counsellors.