The Tribune

By DEIDRE BASTIAN

Are degrees still relevant for business employment? Can you secure a high income career without one? The answer depends on the reason you have for studying for a degree.

As of 2022, only 51 percent of ‘Generation Z’ members showed interest in pursuing a four-year degree - a decline from 71 percent in 2020. Simultaneously, interest in community colleges, career-based education, technical education and on-demand learning has steadily increased. Ultimately, it seems they have good cause to transition into this new norm.

Many in ‘Generation Z’ have opted out of the traditional degree due to the impact of recent global events, including 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 its actual long-run value, making the price of a four-year course relatively 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 future career.

When a degree is not necessary

Employer attitudes towards a degree being mandatory to be shortlisted as a recruitment candidate have shifted significantly over the past year. An estimated 1.4m jobs are forecast 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 growing labour demand and a corresponding lack of talent to meet it, resulting in employers becoming less inclined to include this as part of job requirements.

While I am a strong advocate for diverse education, obtaining a degree and having a growth mindset, it is my belief that practical life experience often forms an excellent substitute for 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, leaving them ill-prepared for the workforce.

I have also witnessed a significant decline in the number of job listings that require a degree across multiple industries. Moreover, according to the world's largest network that connects with professionals, one in five job posts do not require a degree. This number has increased by 33 percent year-on-year.

There are many high-paying jobs and careers that do not require a degree but, instead, require skills and knowledge gained through vocational 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.

Therefore, if your main goal for pursuing a degree is to secure your career future or increase your salary potential, it might not go as planned.

When a degree is necessary

Degrees should not be completely ruled out. There are occasions when they are necessary, in addition to building career skills. For example, there are 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 money.

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 is a question of relevance. It is time to reimagine education and its true value in relation to work. Until we meet again, live life for memories rather than regrets, enjoy life and stay on top of your game.

• NB: Columnist welcomes feedback at deedee21bastian@gmail.com

About columnist: Deidre M. Bastian is a brand marketing analyst/graphic designer, international award-winning author and certified life coach.