College/university is not a waste of time.
It changes the perception of life of someone. Having a degree does not make you rich in the field you studied but provides a better understanding about environment.
We tend to measure satisfaction by annual earnings. Some degrees can give you good jobs (that keep you happy by performing them) with low annual earnings.
Graduates of social sciences such as archeologists make little money but they enjoy their jobs.
Engineers must take college/university education. College/university is the things that makes you an engineer. Otherwise, you become just a technician.
Medicine must be taken at college/university. Can you imagine a medical doctor without a diploma of MD?
Business administration graduates are the most unfortunate ones. Anybody can perform their jobs but they have a real understanding at what they do.
I'm a graduate of business administration with a BA. I did not go for MBA because it's a total waste of time for me. MBA for business administration graduates is just a repetition of certain courses. But, in recruitment market, business administration graduates without MBA are taken as craps. Yeah, i am a crap, a damn stinking crap with A's and faculty wide degrees in E-Business & Management Information Systems, Entrepreneurship and Small Business Management, Total Quality Management, International Human Resource Management, Business Policy and Strategic Planning, Retailing and Shopping Centre Management, Negotiation Techniques. I'm a big surplus in the field i'm in. I'm unemployed since the spring of 2009. I was at the military service during the rest of the year.
All i need to do was to go to a technical high school concentrating on accounting and trading to find a decent job in Turkey. Going to university and graduating in the worst time of the decade (at the rawest period of economic crisis) are the biggest mistakes i've done so far.