Entry-level salaries for graduates are shrinking – and yet a degree is still a big advantage in the fight against unemployment. Among 25- to 29-year-old graduates in the European Union, unemployment rose from 7% to 9.2% between 2008 and 2011, while among people with only basic education it went from 16.1% to 24.3%.
Nevertheless, in countries such as Italy, a university degree may be a risky investment: Italy's universities are ranked among the lowest in Europe by Eurostat, as only 76.6% of graduates find work, compared with an EU average of 82.3%.
Many students will be well into their studies before they realise that they have little competitive advantage to show for their efforts. In France, the BA from public universities is now considered so inferior that it is almost mandatory to continue on to a master's. Not surprisingly, in countries such as France and Italy, where the standard university bachelor degrees are somewhat tarnished, high numbers of students do not complete their courses. In French public universities, 48% of first-year entrants do not go on to the second year and just 38% finish the three-year course. Italy has a drop-out rate of 45%.