Vacational Education and Training Performance Analysis For Bachelor's Degree Holder in Korea -With The Estimation for The Rate of Return to Investment in Education

The purpose of this study was to provide the parctical policy suggestions for the re-vitalization of vacational education and training at the higher level of education. For the purpose, data form 『'97 Earning Structure Basic Statistics Survey Report』 was re-analyzed with such variables as educational level, gender, individual who have or not a qualification, and the kinds of qualification. Jacob Mincer earninigs function was used to explain and predict the differences between groups on the suggested variables by estimating the rate of return to investment in education. The empirical estimation of the rate of return to investment in education was concluded that adults with higher levels of education (Bachelor's degree : 15.8%) were more likely to have a high wages in the labor market than those with less education(High school graduate : 8.6%, Associate degree: 11.7%). For the rate of return to investment by education level for those who have a qualigication, 13.8 percent was shown to adults with a bachelor's degree, compared with 10.3 percent of persons with associate degree, and 7.4 percent of persons with high school graduate. In contrast, for those who have a non-qualification, 14.9 percent was shown to adults with a bachelor's degree compared with 10.7 percent of persons with associate degree, and 7.4 percent of persons with high school graduate. The rate of return to investment in education for adults who have a non-qualification with bachelor's degrees were 1.1 percent higher than the persons who have a qualification with similar levels of education. This results show the evidence that person with lower levels of educational attainment were more likely to have a lower wages in the labor market than those who had a higher levels of educational attainment. Futhermore, persons who have a non-qualification with higher levels of educational attainment were more likely to have a higher wages in the labor market compared with persons who have a qualification with higher levels of educational attainment. This result revealed that acquirement of qualification is not important issue to judge the performance of the vocational education and training nor standard for employability for entering labor market. Statistics on educational attainment of the entire population show that graduation from university is not simply an academic honour. Educational attainment reflects admission to a particular position in society and influences even job opportunities. His or her own employability by acquirement of qualification does not value in our society. Most business and industry differentiate between those jobs which require a university degree, regradless of qualifications of skills, and those that do not. Regardless of his or her ability, social status as determined by university graduation, has become more important than employability. For making a change from the degree-oriented toward person's ability-oriented valued society, vocational education and training at the higher level of education must emphasis in a new direction. Followings are the summary policy suggestions for the re-vitalizing vocational education and training at the university, where is the place for development of workforce and for preparing world of work. 1) Most Korean youth want to go to four-year university after high school. The percentage of high school graduates who indicated plans to enter a four-year university increased to "get a better job" and " make more money". However, a large percentage of grasuates from four year universities have a significant problem finding employment. Higher level of education must play a important role to make students as a employable person during their 4 year of campus life. Thus vocational education and training must emphasis at the university level with changing curriculum structure. 2) Curriculum at the higher level of education of the 21century may focus more on helping students transferable workplace competencies and advanced work-related technology in a variety method rather than a simple theoritical knowledge delivery in one way communication teaching structure. 3) Changes in qualification system may emphasis more on workplace readiness and assessment process with collaborative partnership with business/industry and university. 4) Much attention must directed to the role and responsibility of 4-year university in creating and disseminating the practical and advanced knowledge and technology for those who can meaningful transfer university to work beyond Bachelor's degree only