Growing up abroad, a whopping 90% of my friends were fluent in more than one language, which wasn’t surprising since we were at international schools in Kuala Lumpur and Taipei. When I moved to McLean, Virginia, for high school, this figure dropped to about 50%, and now it’s around 40%. Yet, that’s still pretty high considering I live in San Francisco, a city with a significant minority majority.
Interestingly, 20% of the U.S. population, or 67.8 million Americans, speak a second language at home. This number has grown substantially from the 23.06 million in 1980. The states with the highest percentages of second-language speakers include California (44%), Texas (36%), and New Mexico (34%), among others.
My personal struggle with learning Spanish in high school taught me a few things. Starting late and dealing with a post-lunch slump didn’t help my concentration. Despite four years of study, my conversational Spanish was limited to three minutes. On the flip side, classmates with early exposure or Spanish-speaking parents excelled. Though my grades were good, thanks to a strong rapport with my teacher, my actual proficiency wasn’t as impressive.
Later, at The College of William & Mary, I pursued Mandarin more seriously. Motivated by the desire to make my education worthwhile, I minored in Mandarin and spent six months in Beijing. The experience was transformative, yet fluency in Mandarin remained elusive. Nevertheless, my Mandarin skills were instrumental in securing a job in International Equities, particularly on the Asian Equities desk.
Reflecting on my career path, the ability to speak Mandarin enriched my professional life, contributing significantly to my role in the finance industry. I estimate the financial return of learning Mandarin at about $500,000 to $1 million. Whether accompanying Taiwanese company management during U.S. roadshows or transitioning to a role at Credit Suisse, my bilingual skills were invaluable.
Aside from career benefits, being bilingual enhances social interactions, cultural understanding, and even travel experiences. Despite the direct financial upsides being hard to quantify if not employed in one’s job, the broader social and personal gains are undeniable. I believe that knowing a second language is an asset worth up to $500,000, even without direct income implications.
If given the chance, I’d invest significantly to achieve fluency in a widely spoken language like Spanish, adding immense value both personally and professionally. How much would you consider paying to speak a second language fluently?
