College Degrees More Expensive, Worth Less in Job Market
By KRISTI OLOFFSON Wed Dec 9, 4:55 pm ET
Employers and career experts see a growing problem in American society - an abundance of college graduates, burdened with tuition-loan debt, heading into the work world with a degree that doesn't mean much anymore.
The problem isn't just a soft job market - it's an oversupply of graduates. In 1973 just 47% of high school graduates went on to college. By October 2008, it was nearly 70%. For many Americans today, a trip through college is considered as much of a birthright as a driver's license.
Career and education expert, Marty Nemko, contends that too many unskilled students become degree holders, promoting a perception that higher education doesn't work. "That piece of paper no longer means very much, and employers know that," says Nemko. "Everybody's got it, so it's watered down."
What's not watered down is the tab. Two-thirds of all students now leave college with debt; the average amount was $23,200 in 2008. Meanwhile, the unemployment rate for recent grads is now 10.6%, a record high.
"Years ago, the bachelor's degree was the key to getting better jobs. Now you really need more than that," says John Pryor, Director of the Higher Education Research Institute. Employers stress that a degree remains essential, but now emphasize work experience as a way to make yourself stand out.
So what does it take to impress recruiters today? Author Daniel Pink says that the bachelor's degree "is necessary, but not sufficient. The companies are looking for people who don't require a lot of hand-holding." Left-brain abilities that used to guarantee jobs have become easy to automate, while right-brain abilities are harder to find - "design, seeing the big picture, connecting the dots." He cites cognitive skills and self-direction as the types of things companies look for in job candidates.
Quality Home Education provides the flexibility needed to incorporate internships/apprenticeships and will major on logic, communication, and autonomous self-directed work skills - exactly the types of things so rare in today's students!
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