ACADEMIC qualifications’ value in the workplace is a big issue for students, policymakers and taxpayers, especially as the rising numbers of students in higher education make them less distinctive. In the latest annual report on education by the OECD, a rich-country think-tank, the answer is clear: the pay-off from tertiary education is still good, both for the individual and the economy. Most graduates take jobs fitting their qualifications, earn more than non-graduates, and thus tend to pay more in taxes.
The workforce is smartening up. In the OECD 35% of the 25- to 34-year-old workforce has completed tertiary education, compared with 20% of the cohort approaching retirement. Countries such as Japan and South Korea have invested so heavily in educating their young that more than half now hold post-school qualifications. Norway, Denmark, Sweden and the Netherlands are close behind. Andreas Schleicher, the OECD’s chief of education research, reckons that these countries may well become more competitive as a result.