Are degrees still relevant for the future? Can you secure a high-income career without one? The answer depends on what your goal for studying is.
As of 2022, only 51% of Gen Z showed interest in pursuing a four-year degree, down from 71% in 2020, while simultaneously, interest in community colleges, career-based education, trade schools, technical education, and on-demand learning have been steadily on the rise. Approximately 74% of Gen Z students have placed emphasis on securing in-demand skills for the future, as opposed to following the traditional route of education, a study from American Student Assistance and Jobs for the Future revealed.
And it seems they have good cause to transition into this new norm. Many Gen Zers have opted out of the traditional degree due to the impact from recent global events, including the pandemic, the cost of living, soaring tuition fees, and the prospects of lifelong student debt. There has been a continually widening gap between the cost of education and the actual value of this education in the long run, making the price to afford a four-year course insignificant and of little use to employers.
Here are some considerations as you weigh up whether or not to pursue a degree to secure your career future:
When A Degree Is Not Needed
Employer attitudes towards making degree-holding a stiff requirement for shortlisting, have shifted significantly over the past year. An estimated 1.4 million jobs have been projected to become available to non-degree holders, according to Harvard Business Review’s “The Emerging Degree Reset” report. This is largely due to a combination of widening labor demand and lack of talent to fill the labor pool, resulting in employers becoming less inclined to include this as part of job requirements.
We have witnessed a significant decline in the number of job listings that do require a degree, across multiple industries. According to LinkedIn’s own insights, one in five job posts don’t require a degree, increasing by 33% year on year.
There are many high-paying jobs and careers that do not require a degree; alternatively they require skills and knowledge gained through rigorous application to trade education, short, inexpensive courses, and practical learning on the job while being promoted up the career ladder. Some of these include roles such as coaches, sales directors, project managers, and even software developers.
When approached with a growth mindset, practical life experience often forms an excellent substitute to graduate education. It equips you with many tangible in-demand skills that those who have relied on a degree to further their careers are lacking, and consequently, are ill-prepared for the workforce.
Well-known employers such as Delta Air Lines, Google, IBM, UnitedHealth Group, and Penguin Random House are just a few examples of companies that have reduced their degree requirements for their advertized vacancies.
Therefore, if your main goal for pursuing a degree in the 2024 enrolment term is to secure your career future or increase your salary potential…think again.
When A Degree Is Needed
Degrees should not be completely ruled out. There are occasions when they are called for, in addition to career-building skills. For example, there are some industries such as the life sciences, law, and some healthcare professions that are impossible to work in without a degree. This is why it is essential to establish from the beginning what your career goals are, so you can be clear on whether your industry has a field-specific requirement for a degree and avoid wasting valuable time and your money.
Another positive aspect of studying a four-year degree is the invaluable experience you could gain through connections built during study projects and working with classmates, who may well be your business partners or clients in the future. These relationships are priceless, and if you decide to attend a business school, for example, that has solid international connections, provides exposure to various opportunities and networks including a noteworthy list of alumni, you have added value to your career and can even gain mentoring opportunities.
In addition, if you approach your studies with the right attitude and a growth mindset, you can gain a multitude of career-building “power skills” such as critical thinking, problem solving, communication, and relationship-building throughout the experience.
So, are degrees still relevant in the current job market? It’s a question of relevance. It’s time to reimagine education and its true value in relation to work.
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