1. Is the Long-Term Value of an Education Worth the Short-Term Cost?

One of my rather bright undergraduate students from a few years ago, who stayed in touch over the years, decided after some years in the labor force to invest (more) in her human capital by returning to graduate school. She wanted to get a master’s degree in advanced mathematical finance. I encouraged her to look broadly and consider all the top schools around the world. After a grueling application and admissions process, she was finally accepted to one of the best graduate schools, which happens to be located in the U.S. Midwest. This was quite an achievement for her, and I suspect her acceptance letter has been framed for posterity.

Unfortunately, a few weeks after the good ...

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