By investing in education, especially third level education, students stand a better chance of gaining employment as only 5.3% of graduates from third level were unemployed in 1996 (Census 1996) compared to the average of 11.5% (CSO Live Register release 2nd October 1998). But the question to be asked is how much of that education is wasted when graduates enter the labour market and take up jobs that they could capably do after second level education or minimal post leaving certificate education.
In this country we have now entered a vicious circle, where with an abundance of graduates entering the labour market annually, firms in many sectors which in the past recruited from second level graduates they now recruit from third level graduates, not because they will be able to perform the tasks involved in the job, but because of the perception that they will be a better employee. this inn turn leads to students trying to gain further education so as to get that job. this is the vicious circle, in order to get the job that you are already qualified to do you must under go further education, at a cost to both yourself and to the exchequer (expense per student at third level in 1996 was over £4,000 - Department of Education Report 1995/1996) which is ultimately wasted in future employment.
It is now time to draw a line and determine the levels of education needed in each sector (both now and in the future), and for the government to tailor the education system towards this. Only then can we maximize the use of our human capital.