In this paper, we propose a general methodology to calculate the profitability of studying a university career, from the student's point of view, based on real composite options and real options for expansion, which incorporates the flexibility that the student has every year to continue studying the following year until obtaining his professional title and reaching the Masters degree. To illustrate the model, average data was used at the national level, and when it did not exist, just as a mean of exemplify, it was obtained from the Industrial Civil Engineering program at Universidad de Tarapacá, Chile. The results show a large gap between the profitability calculated with the traditional methodology of discounted cash flows and the profitability considering the different real options, although in this specific case, the probability of success is only 35%.