The ongoing cost of living crisis is taking a toll on millions of Americans each day, with various external factors impacting the U.S. economy.
Consequently, numerous high school students are contemplating whether investing their time and, more significantly, money in a four-year bachelor’s degree is a worthwhile endeavor.
Similar to trends in many countries, the expenses associated with higher education are on the rise in the U.S., rendering it financially burdensome for a significant portion of the population.
The primary motivation behind many young people’s decision to pursue higher education is, of course, the expectation of enhanced job prospects.
A report from Intelligent.com on November 29 reveals that 45% of companies intend to do away with bachelor’s degree prerequisites for certain positions in 2024. The survey indicates that in 2023, 55% of companies already eliminated degree requirements, especially for entry-level and mid-level roles. Employers cited reasons such as fostering diversity in the workforce, attracting a larger pool of applicants, and recognizing alternative paths for acquiring skills as the driving forces behind dropping these requirements.
“Due to the expense of attending college, earning a bachelor’s degree is generally more difficult for people from traditionally marginalized groups and those from lower socioeconomic backgrounds,” Diane Gayeski, higher education advisor for Intelligent.com and professor of strategic communication at Ithaca College, said in a statement.
“If a student’s parents didn’t attend college or if they are from outside the U.S., it can be much more difficult to know how to navigate applying to colleges and finding scholarships and other resources,” she said. “Eliminating a bachelor’s degree can open jobs up to individuals who weren’t able to attend college.”
In a survey of 800 U.S. employers, 80% said they were “very likely” or “likely” to favor work experience over education when assessing job candidate applications. In addition, 81% said it’s important for recent college graduates to have work experience.
In industries such as information services, software, construction, and finance and insurance, a notable percentage of respondents indicated that they had removed certain degree requirements over the past year. However, despite this trend, 95% of respondents stated that their companies still mandate bachelor’s degrees for some roles. Approximately 24% specify a degree for three-quarters of their job positions, while 27% require it for half of their positions.
Gayeski emphasized that while some entry-level roles may be accessible without a bachelor’s degree, the absence of this qualification, along with the additional ‘soft skills’ acquired in college, may pose challenges for career advancement. Modern employers seek culturally adept individuals, can demonstrate and document leadership skills, and are adaptable to taking on new responsibilities.
The survey indicates a growing recognition of the value of alternative education and training programs among employees. Approximately 75% of respondents noted that their companies appreciate certificate programs, followed by 68% for associate degrees and 61% for online degrees and apprenticeships.
