Why The Value Of a College Degree Is Slowly Fading Away(2023)?

college degree

We have continued the traditional practice of attending universities and other educational institutions for getting a degree. We are expected to spend one-third of our life obtaining a college degree. Additionally, it is also believed that how we choose to spend the first third of our lives earning a degree will have a huge impact on the following two-thirds of our lives. Back then, there were extremely few employment opportunities compared to now. That is also why the degree was given top priority. People used to believe that only people with a college degree had a good skill set and knowledge of everything. 

Things have changed significantly since then. Today’s hiring companies are more concerned with a person’s skill set than with his or her college degree.

People are realizing that in today‘s world, a college degree isn’t the only way to get a good-paying job. They are progressively becoming more and more aware that there are even other paths to success in life. 

This practice has grown in recent years and will continue to grow in the future for a variety of reasons. Below we will address some of the reasons why the value of a college degree is not the same as it was in the past.

1. Job Market Transformation

The job market today is constantly changing. The market’s demand is changing in pace with the advancement of technology. The company is more interested in individuals who have specific skills in new technology. What they require is a good skill set in any new and trending area. If you have good skills and knowledge of new technology, your skills will be more important than your educational background. As a result, an individual must constantly update his or her skill set to meet market demand. Therefore, in this situation, anyone will be more concerned about improving their skills to fit in this job market than choosing a college degree.

2. Cost of a College Degree

The primary source of income in the majority of nations is education. The education industry is significantly impacted by inflation. Colleges and universities raise their tuition costs every year to fight inflation. Due to this reason, most of them cannot afford the high tuition, and they give up on the idea of choosing a degree. An average individual also doesn’t want to put their parents under an economic burden by taking out loans to pursue their dream of earning a degree.

3. Free Resources

These days, more people are studying for themselves using free resources. People are beginning to realize that the same information that a degree provides is freely accessible on platforms such as Udemy, Coursera, YouTube, and others. Even more, Coursera provides a course taught by a renowned professor from a recognized college or university. If you put in the necessary effort, time, and dedication, you can learn on your own everything that college or university students learn. Therefore, you won’t need a specific degree if everything you’re seeking is available online for free.

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4. Theory Over Practical

Traditional education continues to be practiced in the same manner. The university’s offered education curriculum and syllabus place more of a focus on theory. Only during your college years would be that theoretical knowledge useful. Further than that, that type of learning is not directly applied to your career. In today’s job market, those with a solid foundation of practical knowledge and skills are more highly valued. People typically learn necessary practical skills on their own and gain hands-on experience to run according to market demand so that they would be easily employable in this changing job market.

5. No Job Guarantee

Any major-specific degree does not guarantee employment. On the market, there are thousands of people with talents comparable to yours. However, opportunities are only given to those who are more engaged in practical education. You are not required to have a degree in any particular field to do this. Today, a man with the appropriate skill is always preferred over a man with a degree. What is the point of obtaining a degree if it cannot provide you with job security? You have spent thousands of dollars on your education; how will you feel if you end up unemployed?

In conclusion, the above-said reasons are why today’s degree is not given as much importance as it once was, and the value that degree used to have is gradually fading away. 

However, the above-mentioned reasons are not applicable to every field. The STEM (Science, Technology, Engineering, and Mathematics) field, in particular, is the focus of this discussion. When it comes to professions such as doctors, teachers, lawyers, and many other fields, having a degree is essential.

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