The Minority Report - Part 3: Navigating your career from Lecture Halls to Boardrooms

Career success depends heavily on attaining the right education or training not only in the early part of your career but throughout, to stay ahead in a globally competitive job market. Not too long ago, universities were seen as the traditional and respected path to a successful career. Vocational training and employment without the requirement of a degree has been around for a while but the disparity in pay, career progression and skills were evident. This has changed.

Let’s talk about the choices

Universities are now competing with apprenticeships and accelerator bootcamps which offer more practical and hands-on learning experiences desired by employers, without the burden of debt or uncertainty of unemployment. The U.S Department of Labor reported a 64% growth in new apprentices since 2012, a growing statistic. The covid pandemic has further accelerated this transformation as we saw a decade of educational innovation in the span of months, with many institutions offering remote online programmes which have the same rigour as those taught in person.

University

Universities offer a wide range of academic programs, from traditional liberal arts degrees to specialized professional programs such as medicine. A university degree can open doors to a wide range of career options which is suitable if you are unsure about the career path you wish to embark on. Interestingly, Washington D.C’s Pew Research Centre recently reported that the unemployment rate is lower for college graduates (1.9%) than for workers without a bachelor’s degree (3.1%), and this gap widened as a result of the coronavirus pandemic.

Aside from academia, university also offers a chance to experience independent living, make new friends from across the globe, and be part of a diverse and vibrant student community, where you can balance your studies with your social life.

However, university degrees are expensive, with the high cost of tuition and increased living expenses adding up rapidly leading to large amounts of student debt. Alternatives should be considered such as borrowing from family or friends on an interest free basis, using savings or applying to scholarships or bursaries. Unfortunately, these alternatives aren’t available to everyone. Another factor is the time commitment required with an average degree taking up to 4 years to complete and you might not be gaining the hands-on experience that employers desire. Interestingly, while a degree may be valuable in some fields, in others it may not be necessary.

?Kasim – 4th Year medical student US “The goal was always to be a neurosurgeon. University was the only option and receiving a scholarship alongside my savings allowed me to fulfil my dream”

?Apprenticeships

A “learn while you earn” deal, apprenticeships throw you straight into the workplace, and some come with professional exams in some form, written or practical. Training contracts, usually 2-5 years long, are strictly enforced and can stipulate repayment of training costs after completion or working for a further few years for the same employer. This allows them to reap the rewards of their investment in you. Unlike university this removes the requirement to subsequently search for a role or burden yourself with debt.

?While earning a paycheque and completing your training you’re provided with valuable work experience giving you a competitive edge in the job market, but you also to get to apply the theoretical knowledge you learn to a real-world setting. You will have the opportunity to work with experienced professionals who serve as mentors by providing guidance on the job, giving you the chance to learn from and network with industry leaders. This can help you establish a strong professional network from a young age, a powerful tool for your career in the long term.

However, there are drawbacks of an apprenticeship route. A lack of a formal degree or qualification with some apprenticeships may be seen as an impediment to progression in the future and as apprenticeships tend to be more focused in a specific field the potential for career mobility is severely limited. The largest risk is being tied to a particular employer (the team, culture, location) at least until completion or repayment of training costs.

Amira - Big 4 apprentice UK “Joining an apprenticeship with a global firm enabled me to earn and pick up vital workplace skills. Receiving opportunities such as a foreign secondment just aren’t available at university”

?Accelerator bootcamp

There has been a rapid rise in Accelerator bootcamps in recent years, with the UK government reporting an astonishing 16,000 paid places being offered in bootcamps in the UK alone in 2021. These bootcamps offer a shorter more intensive training program teaching practical skills and introducing you to technologies needed for a specific career. This focus allows you to emerge with highly sought-after skills, becoming a specialist in a relatively short period of time. This is ideal if you are looking to quickly gain skills for a specified field or pivot your career to a new direction and want the opportunity to work on real-world projects and challenges. Bootcamps are generally more affordable and flexible than university with courses being offered remotely too and often upon completion, result in job placements with a select few companies that partner with the bootcamp provider. Another major advantage of attending a bootcamp is the access to a network of successful industry experts who can offer valuable advice, mentorship, and even opportunities.

But beware, not all bootcamps are created equal. It’s important to conduct your research thoroughly before deciding to go ahead with one. Many bootcamps will not provide the same level of support and guidance nor will be as comprehensive as a university degree or apprenticeship. Then there’s the starting salaries offered by the partner companies, which tend to be lower than the industry average, although you’re free to apply to other companies if you’ve paid your fees upfront. Certain bootcamps allow you to train for free, on the basis that you work for their partner companies upon successful completion. But again, this is restrictive and partner companies tend to be small or medium sized businesses rather than global organisations.

From a social perspective, bootcamp intakes tend to be much smaller so you’re unlikely to get the same social experience as you would from an apprenticeship or university. Finally, certain programs can be relatively expensive and may not be covered by traditional financial aid options. It’s important to carefully consider the investment and determine if it’s worth it in the long run.

?Sannah – BCG Management consultant Canada “I hit a glass ceiling at work. Understanding the skills I lacked, I researched bootcamps and signed up to a recommended one. 10 weeks later not only did I gain skills but did so at my own pace and received my promotion a few months later”

?Which one is right for you?

University can open your options to various career paths whereas an apprenticeship will provide you with the knowledge to excel in a specific profession. Bootcamps, a more focused option, can lead to job placements, but may not provide the same level of in-depth education. As a young person, being unsure as to what exactly you want to do is normal. To counter this, do your research. Research your choices in depth. Use sources from each of the choices as well as independent ones. Next, consult your network. Family & friends are great for helping you understand the implications of your decisions. Draw from their experience. When we’re faced with choices big or small, it’s important to think about them. Brainstorm, analyse, draw from your experience and create a pros and cons list. Apply your goals to each choice and see how they fit in with your long terms plans.