Post-secondary education is definitely not a waste... well, not all of it. Quite a few of the programs offered by many institutions might not exactly be useful for employability beyond the benefit of having it when the other guy doesn't. Nevertheless, quite a few professions require a post-secondary education in order to be considered at all. The best indication is if it requires a liscence to practice; so you're looking medical doctors, professional engineers, and so on.
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As for myself, I'm in the last semester of my civil engineering degree (with a focus on structural design); and where I am, liscensure is a requirement to practice.
Still, I recently learned of something in States... and the fact it exists out of necessity isn't exactly a good thing. It's called the "Fundamentals of Engineering Exam", and it's more or less the requirement for becoming an E.I.T. in the States; not a bad idea in theory, but wouldn't it be simpler or make sure the engineering education programs offered by post-secondary institutions is up to par? It certainly works in other countries, and those from those outside programs who do take the exam actually end up doing rather well.
Well, it so happens that many of those in the States programs are not up to par.
The exam is there to ensure that those who are trying to become E.I.T.'s have the technical knowledge required, and unfortunately the education programs aren't regulated enough (if at all) to ensure some sort of baseline level of quality. It's a sad state of affairs in my opinion; makes sense, but not something I like to see.
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Another point this raised was something which could be very unfortunate for the situation in the States as well, especially if the situation above is not an isolated incident.
One thing I've heard as very important in the States is the importance of getting into a good post-secondary institution instead of any one. Sure, getting into one of the better ones is always a good thing; but should the others at least be half-decent? Regrettably, I'm starting to see hints that it may not be so.
I'm not entirely sure why higher education isn't as highly valued in the States as it is elsewhere, and unfortunately that tends to create a cycle of reinforcement (though the inverse is also true). The less educated some one is, the less they value education in general; the more educated, the more they value it. If the quality of the programs was higher and led to more tangible results, the latter (and preferred) situation may crop up a bit more; that means a bit of quality control & regulation by some official entity, which may not go over well with people.
A sad situation, but what else can be said?