For many Western teenagers university has long been considered a passport to the good life: a rite of passage consisting of mind-expanding reading and writing or the acquisition of a professional qualification, and meeting like-minded people often over a drink or three – all ending up in a well paid, interesting job and a network of useful contacts. But in these straitened times is the traditional university education really worth the time and money – and the hangovers? More and more young people are attending university in Britain and the US, and ever fewer graduates are finding jobs. Costs are soaring too: fees at American universities have increased by over 1000% in the last 30 years and British institutions have nearly tripled their annual fees to £9000 in the last year. The result? A new type of high-school leaver is emerging who combines formal learning with on-the-job experience. Businesses are increasingly interested in employing young people with a sense of determination, grit and a strong work...

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