Degree or No Degree: College Degrees In a Shifting Workforce

This question is coming up more and more frequently, for a few reasons: as the cost of a university education surges, as employers build more hiring requirements around skills versus degrees, as more career self-development is possible, as on-demand on-the-job training becomes more prevalent.

Is a college degree worth the time and financial cost?

I don’t know the answer to this, but I understand the arguments on both sides, so let’s consider the issues.

The Case for Degrees and Degree Requirements

In some businesses, like law, degrees are required: they are foundational to the requirements of the field. That said, there are many roles that are skill-based as well.

Though the shelf life of skills is shrinking (upping the need for interim and continued learning throughout one’s career), degrees are still credentials that signify a test in rigor: the rigor required to be accepted, the rigor to stay committed, the rigor to navigate an often bureaucratic landscape, the rigor to navigate social dynamics, and the rigor to engage in learned critical thinking are often the most important skills an individual can attain. That doesn’t mean it’s not possible to access and learn those skills elsewhere, or that they are worth the overwhelming cost, but they are not to be ignored as a key part of the college experience. ??

Many - including myself - see being accepted at a university or working at a well-known organization as a foundational vetting. Those are qualifications that can stay with you for life. It’s something I’ve said to my own kids: get both if possible; a degree from a well-known institution and a job that demonstrates that you were tested. It’s also a hard truth that it could be the institution that offers a certain distinction on a resume.

There are those I know who have attended well-known respected institutions who have used that as their calling card (even without the degree) with great success, and others who have a degree that is discounted because it’s not seen as academically weighty as others, depending on where it was earned. Is it fair? No, but I would submit that it’s a reality that aids in deciding on a path if the investment is worth it. My kids all took different paths. One of them, after not being accepted at his top choice, worked for several years before deciding to get a degree from a school he saw as worth the investment, and in doing so, given his then advanced maturity, squeezed out every ounce of value available.

In the right circumstances and with an intentional outcome, degrees are still quite valuable. I was lucky…I got “degree inflation” as my school gained respect over the years, though as I look back at some of the most important aspects of my time at school, it wasn’t just the earned degree that informed my career. It was also the skills I gained in learning how to navigate in a challenging environment and the lifelong friends and networking that was possible with peers, professors, and industry professionals.

The Case for Skills-based Hiring

There’s no denying the changing landscape of talent acquisition and the shift in hiring lenses. More employers are engaging in skill-based hiring, considering gained and intrinsic skills and experience instead of -- or in addition to -- formal education. This is particularly the case for tech and creative positions (for things like design, writing, and the arts, portfolios and practical experience can sometimes be as important or even supersede a degree).

Another factor: the growing sophistication of online courses and certifications through well-branded platforms gives employers more comfort with alternatives to degrees. ?The cost relative to skills learned is undeniably efficient. And we haven’t even talked about entrepreneurship! Startups and the gig economy, already huge game-changers, continue to offer a home for those with unique skills, determination, innovative mindsets and nontraditional approaches who can succeed without formal education.

We all know the hiring market, in its response to supply and demand, is alternately more employer- or candidate-friendly. When job seekers are at the helm, their career goals, learning styles, work preferences and financial considerations are going to influence how the degree v. skills and experience debate unfolds.

Here’s Where I Come Out on It!

So no - college degrees are not obsolete, but they are not for everyone, and a university is not the only place where one can access higher learning or social and critical thinking skills. And it’s true the value and relevance of degrees are more fluid in this environment. With that said, to me it really is about the worth of the degree - the more it is a respected institution, the more the cost can be justified. And there are many other considerations in making a decision for the right path to take, to meet where you or yours are on their own path. Luckily, it is never too late to decide. Here’s to lifelong learning goals!

Degree or not, jobs of the future will increasingly require reskilling and upskilling, and hiring criteria will continually evolve with the times. There are more talented people revealed when we roll back some of the obstacles to employment. As with many of the changes that come our way, it’s often a “both-and” scenario that works best, at least initially. (But check back with me in six months. Things are changing fast!)

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