College is definitely not a guarantee of anything. What you major in probably matters. Other considerations include willingness to relocate. I'm far from being an expert on this, of course. I have taken into consideration how very many people want to stay where I live after graduation and how many people who live here already have degrees.
I hear very mixed responses regarding the marketability of my degree(s). The average time that an individual spends in this field is 7 years (or so I've heard). Is that because there aren't jobs, because they don't pay well? Or is some of it because it's a female-dominated field and many people stop working when they have children? Or because so many of the women who graduated with me in their early 20s felt that they had to choose something, anything, and didn't really want to be in the field after all. And you pretty much have to have a graduate degree to do much in this field. Then I hear from people who have been in private practice for decades, who went on to get doctorates and teach/research, and people who have gone on to be administrators, and they love what they do and make a good living.
Each degree in my field means something a little different. I am considering a doctorate in a few years; making that decision is about very different things than making the decision about the Bachelor's, which was different than making the decision about the Master's. The Bachelor's was a given -- I was probably not going to get hired without it, let alone get a job that could support two kids. The Master's was close to a necessity, given my field and the type of jobs I want. The PhD... very different set of considerations, and I don't think I even know what all of the variables are yet.
All this long-windedness (you did catch that I'm considering a career in academia, right?) to say that what a college education means isn't just one answer.
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