The Declining Value of A Degree?

More people are doing degrees, yet they are less likely to give us the skills future employers need, so is it worth doing a degree in the first place? Or are you better off saving £50K?

In this thought-provoking article Zak Slayback argues that the value of a degree has declined for three main reasons:

  • Firstly, he cites the increasing number of people who achieve degrees compared to 50 years ago – Today’s degree, in some ways, is like like the old high school diploma.
  • Secondly, he cites evidence of ‘degree inflation’ in many sectors. For example 25 percent of people employed as insurance clerks have a BA, but twice that percentage of insurance-clerk job ads require one. Among executive secretaries and executive assistants, 19 percent of job-holders have degrees, but 65 percent of job postings mandate them
  • Secondly, despite the increasing number of people with degrees and the increasing requirement to have one to get your foot in the door, almost 40% of U.S. employers report difficulties in finding graduates with the right skills, which means (somewhat ironically) that many of the above degrees are useless in actually preparing people for work.

Slayback argues (pretty convincingly I think) that a degree is no longer sufficient to guarantee you a job; he also suggests that it may not actually be worth doing one (and in terms of getting you ready for work, I think he’s right, but not necessarily so in terms of the intrinsic worth of the uni experience and knowledge gained).

According to Slayback, in order to be successful, graduates need to get better at signalling their skills through social media, rather than relying on the simple fact that they’ve got a degree to so that for them. He even goes so far as to suggest that the internet itself is actually undermining the value of a degree.

He gives the example of a young man who connected with him on Linked In, and through a Google search, managed to get an insight into what he’d actually achieved, which made the fact that he didn’t have a degree irrelevant.

Personally I think Slayback has a point about the virtues of social media in signalling your skills – if you’re looking to go into a sector that requires you to produce content in any form, them it’s an obvious idea to have a social media platform where you show off that content, through which you can demonstrate your skills.

I’m not so convinced that it’s worth risking not doing a degree, maybe you’re better off doing one, but from day one thinking about how to leverage every essay you write or every project you do into something that you can use in the future to make you more employable…. two birds with one stone and all that….

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