What is university education really all about? : The unanswered Question

Looking back and reflecting on my time at the university, am faced with a lot of questions, some of which I have been able to find answers while others I haven’t. Though this one question has been outstanding and i guess everyone needs to answer it for him/herself “What is university all about?”

Is the university a 3/4-year party, an insurance policy, an investment good or a consumption good?

Going to the university has always been every parents dream for their children from the very first day they enroll them for nursery school. It ain’t any different for kids because right from nursery through primary to secondary, I was always fantasizing about joining the university (Makerere) without consideration of what happens at the university.

Having been through the university gives great courage to reflect on whether the university is a 4-year party, an investment product, an insurance policy, or a consumer product….

A 4-year party 
Joining the university comes with a lot of excitement, from the controlled environment of high school and home to a life full of liberty and freedom where you can make personal decisions for yourself. From this position, I examine the university as a 4-year party.
Oxford dictionary defines a party as a social gathering of guests, typically involving eating, drinking, and entertainment. Does the definition give a clear meaning of what a university is? To some, this is what a university means, a place which gives them a chance to explore new directions in their eating, drinking, and entertainment life. Many look back at their university life and only remember the parties they had without even acknowledging any single concept they learned through their university life.
Investment product
An investment product is a product that is purchased with expectations of earning a favorable return. This usually encompasses education as a whole as many believe that education is an investment everyone should take to earn a reasonable return. We are always convinced that once education is obtained someone will be able to reap. Yes, some have been able to reap big though others have reaped nothing. This raises a lot of questions on whether people always earn a considerable return on education after investing in so much money. However just like any investment venture a gain or loss is part of the game.
Insurance policy
Insurance policies are used to hedge against financial risks. So how does university education becomes a hedge against unseen financial circumstances. Because of the many risks of failure which are highly projected on people’s lives. Many people still believe that going through university education will greatly reduce your chances of failure. Most of the people who take this perspective are always risk-averse and going through university education convinces them that they have reduced their chances of failing in life. How university education reduces the risks of failure in life is a question everyone has been left to answer for him/herself.
Consumption product.
In economics, a consumption good is defined as a good which is consumed to satisfy current needs or wants. How does this apply to university education? To some people, they go through the university to satisfy their family or personal needs of how they went to the university and have degrees without expecting or hedging against any unforeseen circumstances. These people always approach it without any pressure. They are the “regardless we move” category of people and usually don’t expect anything much from education.
Signaling
Finally most people go to the university to convey information to others of how smart or brilliant they are. Most employers also put so much emphasis on someone’s institution when hiring irrespective of their competence. To them, university education is just a mere signal that someone is capable of performing tasks and duties as they will be presented to him. Signaling is the most important factor why most people choose some institutions over others and why employers choose candidates from one university over others.

As i wind up this blog, No one definition clearly tells us what the university is all about, as economics suggests that tastes and preferences differ, we cannot shy away from expressing our views about what university education is all about however, to everyone it means a different thing, some which are not even listed above. 

Makerere University Kampala is the face of universities in Uganda.

To everyone who has or still at the university, you need to answer this question for yourself. What was your purpose for joining the university? How have you achieved that purpose? If questions like this are asked at the beginning of the university journey, it gives many people a chance to reflect on whether a university education is worth the hype.

Story adapted from the article posted on Magnah Learn by Ssemwogerere John