Is a University Education In Marketing Still Worth It?

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Did you know that Marketing is a top career choice of Gen. Z? It's true. According to Glassdoor, among the ten jobs most coveted by Gen. Z workers, two marketing jobs are included in the top three positions. Reinforcing this finding, The Chartered Institute of Marketing found that three-fifths (60%) of young people considered marketing a potential career choice.

However, as the cost of an average university degree increases, there is a growing sentiment that you don't necessarily need a formal education to work in marketing. Younger generations entering the workforce are digital natives who know how to create content and grow an audience on social media, so why should they spend the time or money necessary to pursue a degree if so much can be learned online at a lower cost?

Misnomer 1: Everyone is a Marketer

It's important to start by distinguishing what we mean when we say that someone is a marketing professional. Marketing is a critical function that helps organizations connect with customers, build brands and drive revenue. To be effective, marketing professionals must bring diverse skills to the job, including an understanding of business strategy, communication, psychology, behavioral science, data analytics, economics and more. Corporate marketing is not just about developing catchy campaign slogans and drafting clever product descriptions; it's about understanding customer drivers, staying ahead of market trends and leveraging insights to inform operational decision-making.

As management expert Peter Drucker once famously said, "Business has only two basic functions - marketing and innovation." If this is true, corporate leaders must carefully consider who they will entrust with marketing their organizations. To be clear, specializing in viral videos or becoming proficient in social media is markedly different from knowing how to market a business.

Misnomer 2: The Marketing Field Lacks Core Foundations or Principles

There is a perception that marketing lacks core foundations and guiding principles, and this is false. As marketing tactics trend, and trends come and go, being prepared to think through complex business problems and applying key frameworks in an ever-changing marketplace is critical to successfully leading an organization from the marketing position. Foundations in Communication Theory, Positioning and the 4Ps, as well as models like E. M. Rogers’ Diffusion of Innovation, Gartner’s Hype Cycle and Christensen’s Jobs-to-be-Done, are essential prisms for graduates. After 20 years in the profession, I've never witnessed a marketer excel in the long run by relying solely on the latest tactics. For instance, knowledge of current Email Marketing best practices isn't going to help you when the job is to establish a new category in the market or successfully position a new product within an existing category.

Misnomer 3: Higher Education is a Precept of the Past

A recent CIM LinkedIn poll of more than 3,000 young people found that 62% do not believe going to university is essential to acquiring a job in marketing, and 50% would prefer completing a marketing apprenticeship as a primary means of entering the workforce. The challenge with this preference is that most companies simply are not prepared to take on this responsibility. According to Marketing Week, 57.9% of companies do not offer the training and apprenticeships necessary to learn marketing.

Is it possible to learn marketing foundations and principles outside of a university? Yes, if you have access to great mentors who will follow a rigorous training program and who have the time to teach you. This kind of development usually happens as a part of a university program. But what of the argument that many college-level marketing programs are simply outdated?

It's important to recognize that some of the greatest marketing minds in the country currently teach at universities - leaders in our profession like Mark Schaefer at Rutgers University, Ari Lightman at Carnegie-Mellon, and Scott Galloway at NYU. These programs help students learn to think critically, analyze business problems and work through case studies using methods like the Harvard Case Study Method. In addition, some universities involve students in cutting-edge research and enlist them to solve real-world problems through collaborations with top companies. These are opportunities not commonly accessible outside of a university program.

Raising the Standard

Some may disagree with my position in this article, so allow me to further substantiate it with my own story. You may be surprised to learn that I did not follow the traditional route. I enlisted in the military out of high school and later earned my university degree halfway through my marketing career after relying primarily on tactics, which had caused me to hit a ceiling in my professional growth. Lacking a college degree and a broader understanding of marketing limited my career advancement. This is because most companies only consider candidates for leadership positions who hold an undergraduate degree. I personally witnessed how a college education helped round out my skill sets, fill in some of the gaps in my knowledge, and open up leadership opportunities not available to me before.

It's simple. A self-taught marketing specialist will lack the strategic intelligence, business acumen and global understanding necessary to successfully steer an organization. For those seeking advancement, striving to be a well-rounded expert in the field of marketing is essential. Higher education can best prepare you with the tools to handle any marketing challenge that comes your way.

Thank you ?? for your attention this week!

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