The Value of Degrees

It's 2040. We are in Spain. Eduardo just graduated with a Bachelor's Degree. CONGRATULATIONS, you might think. But Edu, as his closest friends call him, was melancholic: He was the last person from his university to graduate with a 4-years Bachelor's Degree.

What?

Yes, by 2040 universities have phased out (finally) the degree that was created almost 800 years ago. The Bachelor Degree is dead! Long live the Bachelor's Degree!

But no panic!

Though we are almost in 2023, it's still 17 years to go. If you are working in the education industry, you know, education is moving s l o w l y. Nothing will happen overnight. So, there is time to prepare.

How did we get there?

Academic rigor, quality frameworks, and government accreditations are meant to ensure the quality of degrees offered by various universities in one country. To be clear, harmonization of quality is important and critical for higher education to thrive. There is also a responsibility toward society to ensure the depth and breadth of academic offerings.

But!

What if this leads to a bureaucratic system in which, to name a few:

• It takes 5 years from the accreditation of a new Bachelor's Degree to the first graduating batch.
• Amendments to the original accredited study plan are limited to a minor %.
• Faculty need to hold a Ph.D. even in highly dynamic areas where there is literally no time to write a doctoral thesis.

Undoubtedly, life has been evolving at a much faster pace so the disconnect between academia and the workplace has only widened - and will widen even further if no actions are taken.

Though academia and degrees are not designed as preparation for the workplace only, the majority of students perceive it this way. With consistent rises in tuition fees, the voices on the Return on Education become louder. So, let's assume that there is a strong correlation.

The disconnect creates doubt of value.

So, what is value?

The regard that something is held to deserve; the importance, worth, or usefulness of something.

I stick to the word USEFULNESS. If stakeholders perceive a degree as not useful, it clearly is losing its value.

In a recent podcast (EdUp Insights Podcast), Bill Pepicello, former president of the University of Phoenix, highlighted the fact that in contrast to most industries, students have limited to no influence on the "product design", i.e. curriculum design and delivery. Too few universities engage with the industry and other stakeholders when it comes to the definition of a new degree. This might be one root of the dilemma.

Who defines the value?

To a large extent, the beneficiaries of education: employers. By adding a degree requirement to their selection processes, employers create the value of degrees. Without it, individuals are not able to join certain companies. Hence, it serves as a great filter. To the point that it led to degree inflation: the requirement was set even though from a knowledge/skills perspective a degree was not really required. Luckily, this trend is slowing down as employers now looking into other ways of hiring.

Criticizing academia for the lack of skills training, employers have been removing gradually the degree requirement. This broadens their talent pool but also allows them to introduce their own certifications.

These certifications allow companies to tailor the content to their own skills/knowledge needs. Job applicants with those certifications have a clearer path to employment than others.

Sounds attractive, isn't it?

We see this trend, especially, in technical settings. Have a look at Microsoft, Google, AWS, or Salesforce. According to Credential Engine, almost 60% of credentials/qualifications in the US are offered by non-academic providers. Obviously, it is an unregulated space so that the Go-To-Market can be very fast. Non-academic credentials disappear as fast as they are launched.

The above graph visualizes the divide between the workplace and academia. It is clear to me that there is value in both offerings. To make it lasting, embracing one and another might be the way forward.

Agility & creativity

What we need is agility and creativity from both Universities and Governments. We can see in Coursera and EdX first expressions of this agility by universities. Both providers are dominated by credentials from universities.

Creativity and market orientation should not be limited by outdated quality frameworks. Universities and Governments need to work together to find ways to introduce speed into accreditation processes if degrees still need to be accredited by Governments in 2040. The Skillsfuture project from the Singapore Government is a step in the right direction.

In a previous article, I considered the creation of Trust Networks that take over the quality assurance of degrees and credentials. It allows different reputable institutions (universities, governments, corporations, individuals) to endorse academic qualifications.

Never stop learning, always earning!

The consensus for lifelong learning is undeniable. How can we make it operational? One key element is the credit recognition of non-academic courses.

Remember Eduardo?

If he could have gained credits from the several certifications he did alongside his studies, he wouldn't be so melancholic. He loves Marketing and added to his BBA some Google Certificates in Digital Marketing. Wouldn't it be sensitive to skip the digital marketing elective, and prepare instead certificates from the Enabler of Digital Marketing but still earn the same credits? Imagine the potential...

This could lead to an Education Wallet in which all qualifications are stored and verified on blockchains. Australia's regional government of New South Wales launched a similar initiative for its citizens. They call it Learner's Profile.

We are in 2040. What now?

Understanding the consensus to lifelong learning as an imperative, imagine having (globally and literally) Governments, Universities, and Corporations sitting at one table to define the format of the NEW DEGREE.

Here are different scenarios on how this might look like:

1. Companies take charge: Companies start recruiting at the High School level. They design together with universities a learning path that will be conducted in a hybrid environment alongside work commitments. At the end of that learning path, the employee obtains recognized credits that might lead to further qualifications. The German "Ausbildung (Apprenticeship) is a good example.
2. Stackable degrees: Degrees do not need to be taken in one straight period. They can be combined with other credentials. Once you reach a certain number of recognized credits, you get your degree. At that time, the degree is more of a personal achievement rather than a corporate entry requirement.
3. Industry Tracks: The most traditional version would be the inclusion of tracks with internships and relevant credentials. These are co-designed with industry partners and provide recognized credits.
4. Bundles: Universities might take the future into their own hands and recognize alternative qualifications and allow them as add-ons to their degrees. They co-brand those bundles with their respective corporate partners. Referring again to Eduardo, imagine the bundle BBA + Google Digital Marketing Certifications. Powerful and marketable?
5. Split of Universities: To allow agility to happen, universities might be split into pure Research Institutions and Institutions of Lifelong Learning that are purely focused on teaching. Both researchers and faculty are leveraging their passions and skills. A win-win for everybody.

The degree has a future. If it is called Bachelor and Master, we will see. The value of a degree might be in doubt sometimes. What is definitely not in doubt is the value of education in Higher Education Institutions. These are the formative years that enable students to get independent, allow them to mature, and (learn how to) build relationships. It's not only the knowledge but also the social learning that shapes their lives.

Anecdotally, just when I was writing this article, my son (14) was outlining his next academic steps. Inevitably THE question came: "Why shall I go to university?"

My answer was...

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