If it works for most people, it's got a good chance for working for you. If it doesn't, you wasted 4 years of your life AND a lot of money.
That is exactly the point.
The fine arts don't work for most people. One is defying logic, the status quo, and good sense to go into the field. We all know this going in. But TBH I didn't give a damn. My parents disowned me for years. I went to a public university and graduated with debt in the very low 2 figures, took chances with my life and career, traveled overseas whenever and however I could, and searched endlessly for ways to live in countries which interested me more than the US. I decided to never get into debt for school again so avoided the MFA and classic art-teaching track. Supported myself through various arts, photo, and publishing projects, and dayjobs. Once I left the US I did English teaching on the side occasionally to sponsor my visa (a Bachelors is necessary to get these visas). Later I ended up as artist-in-residence at a university in Malaysia - where they bring in a professional with experience in different aspects of art than a professor has to offer - and enjoyed the collegial atmosphere and vast resources available compared to working on my own, so took on a similar position in China when it opened up.
it turns out that not every person with a Masters of Fine Arts gets to be professor who tours the country showing off his/her artwork. That job as a Fine Arts Professor is created by the dozens of students who are sitting in that class, following their passion. It's a bit like a pyramid scheme.
^^ The pyramid scheme is another reason I avoided the university-teaching track. What is interesting: as noted upthread, many successful artists don't even have an art degree, via
http://bfamfaphd.com/ Most art students don't end up as full-time artists anyway. It's a hothouse environment and by the time they graduate, they know they'll be doing something else - they're just not sure what.
Where I work now is in an educational org, but I don't teach directly. I make my work in a studio, am well compensated for it (particularly given the low COL here), give art workshops, design projects for campus display and students, curate shows, and work with marketing/admissions to promote art on 3 campuses. Every day is different. Every day is all about art. How did I get this job? By being in the right place at the right time. Promoting my work in person and online. Making art which happens to be accessible and links science, art, and various cultures together in a way which some people find interesting. Writing about it in a way which ordinary people understand. Working
hard. Working for years, sometimes for free. It's not a path I would recommend for anyone. My job has little to do directly with the commercial/gallery or theory-driven academic artworld, but it intersects to a degree, with my exhibitions here. This job is also not the kind of thing which one can or should do for decades on end -- it can lead to creative stagnation and the org needs fresh ideas. After several contracts (and my nest egg which will grow for a decade) we will move on and I'll make art in a different context.
At the end of the day, in order to be paid for what we do, we must be in some way
useful, somewhere. 'Useful' runs the gamut between building bridges and computers to entertainment to propaganda. STEM careers pay well, I appreciate what they do, and I prefer hanging out with scientists to artists any day of the week, but I am 100% happy financially and in every respect with what I do. I couldn't have gotten to where I am today without the BFA in Painting. But as mentioned by previous posters, there are now many ways to educate ourselves beyond the secondary level required by most first world governments. This is true all our lives, not just for our undergraduate degrees.