When I entered the field of workforce development in 1997, I confidently predicted the demise of the 4-year degree. I spoke to anyone who would listen (employers and jobseekers) about the idea that employment trends were changing quickly, and that the pace of change was accelerating faster than universities and colleges could ever aspire to. A 4-year computer science degree is a waste of time, younger, more confident me said. What you learn in your freshman year is obsolete by your senior year.
Even 25 years ago, I had it right. But the college degree isn’t dead yet; in fact, the idea of a college degree still represents, for most individuals, the only path to true success in the workforce.
But the laws of supply and demand predict that the value of the 4-year degree will continue to decline. According to the Education Data Initiative, 64.7% more bachelor’s degrees were conferred in 2020 than were in 2000. When something becomes more easily available, the value of it goes down. College degrees are no longer scarce.
The Foundation for Economic Education says: “Today, nearly 40 percent of all Americans hold a 4-year degree. Considering the vast increase in college attendance and completion, it’s fair to question if a college degree has retained its “purchasing power” on the job market. Much of the evidence seems to suggest that it has not.
From a study by JobSage.com, we’re seeing a shift in the public’s perception of the value of a college degree. It’s been a long time coming; staggering student loan debt, the trend for employers to require 4-year degrees even for entry level, low wage jobs, and the pandemic lockdowns shifted many people’s views of college. Here are some of the study’s key findings:
- 69% of people believe college degrees will be less important for getting well-paying jobs in coming years.
- 72% would skip college if their ideal job didn’t require it.
- Only 1 in 4 say their college degree has helped a lot in their career so far.
One of the main factors in the declining value of 4-year degrees is the rise of so-called “middle skill” jobs: jobs that require less than 2 years of training and certification. (Again, this is a workforce concept that’s been around for at least two decades. Led by high-paying fields such as healthcare, finance, the skilled trades, and IT, many industries offer dozens of opportunities that provide job security and high wages, all with workforce certification training or no college at all.
JobSage, an employee transparency platform that brings insight to the things that matter most to jobseekers, found that people were surprised at the number of important jobs that don’t require a bachelor’s degree. When it comes to which “no degree required” careers people are most surprised about, licensed practical and vocational nurses (79%) made first place on their list— above other jobs that put your life in someone else’s hands like surgical assistants (73%) and commercial pilots (56%).
Here’s a list of high-paying jobs that don’t require a degree.
Here’s a list of IT jobs that don’t require a degree and offer great salaries.
Middle skill jobs pay well and allow you to get to work much sooner. They’re designed to be nimble; as industry technology and trends emerge, workers can get certified quickly (almost always at their employer’s expense.)
If you’re looking for a great first job or trying to make a career transition without taking on student loan debt, consider a middle-skills job that will pay well and retain its value over more years than a standard college degree.
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