What are the Pros and Cons for this?

In an ever-changing world 7+ years ago I thought I was doing the right thing and made sure all my nieces and nephews where on the radar to getting a degree. I swore black and blue that for them to be successful in the world they need to hold a degree of some sort.  Wow, how have times changed just 7 years later.

Yes some industries you need a degree to be recognised – the obvious ones being Medical/Law/Education and I am sure there are many others, but I debate that the value and cost of a University degree over a Trade or Tafe qualification or work experience are just sometimes not worth the money and Higher Education Contribution Scheme (HECS) debt that follow.

This debate has truly come to fruition especially during Covid when labour skill set was tight. Our Clients and Business looked at alternatives, they were quite happy to take someone that maybe did not have the exact qualifications (ie a degree) but had the work experience or an alternative qualification like a Diploma or Trade Certificate.

So where does this lead the younger generation now?

Universities are for ever campaigning and selling their courses – remember they too have to make money!

I interview people every day that are degree qualified and some even have a master’s and then they are told they also need to do an MBA! Why I ask? Is this to help them get a better job or is this to fund the University? Yes, in some cases these qualifications are required but I am yet to see why an HR Degree or a Marketing Degree or an Accounting degree require you to put your hand into your pocket after normally 6 years of study to get your Master’s degree, to then complete a Master of Business Administration (MBA)!

Statistically, it used to be said that individuals with a degree tend to have higher earning potential over their lifetimes compared to those without – so is this correct now? Does a degree qualified accountant first year out make the same as a fully qualified Plumber first year out? Does a degree qualified accountant with 10+ experience make the same as a fully qualified Plumber 10+ year’s experience?

In my humble opinion here are the pluses and negatives for having a degree.

Pros

Stating with the Pluses, I feel that a degree often helps as a benchmark for many job applications, indicating to employers that a candidate has met a standard level of education and training.

Degree programs often provide in-depth knowledge and technical skills specific to a field in which the candidate is going to work in, like education, medical and law. This gives the candidates the specialised knowledge they require for their chosen field.

Over the years I also feel that the friends you make at University, whether they be colleagues, tutors, professors or alumni can be advantageous to your future job searches and career advancement – ie: Networking. 

Cons

The Negatives on gaining a Degree would be initially Cost. I believe this is the big elephant in the room. Higher education/degrees can be super expensive, which can lead to significant student debt that can take years to repay.

I interview candidates everyday all day and the number of times I meet people that hold a degree and then have completed their Masters only to be told by their University that they now need to complete their MBA – I ask them why? There is a point where you can sometimes be overqualified!!!

Thirdly it would have to be time. Why do you extend your education on leaving school by roughly another 4 to 6 years full time before you start to work in your chosen profession. If you do start work and work parttime this can be doubled with you studying for the next 8-12 years. Why?

Once you complete your degree then you need to start at the bottom of the rung. ie: you have no practical experience which 90% of our clients ask for! This practical experience is not taught in a textbook, this is something you need to learn on the job.

Finally, I have noticed increasingly, companies are recognising the value of skills and experience over formal education, particularly in tech industries for example where you can do certifications or 1-week intensive courses which are all highly regarded.

There are many successful business leaders that have flourished without a formal degree, leveraging their skills, creativity, and work ethic. I feel that these individuals also develop a wide range of skills and adaptability by working in diverse roles across multiple industries.

So as the job market evolves, understanding the advantages and disadvantages of a degree can actually help you as the candidate to make an informed decision about your career trajectory.

Making the right choice will depend on many factors, including industry requirements, along with personal and financial. Yes, some employers may still favour degree holders, perceiving them as more qualified or competent but the market is changing and what was once a pre-requisite is now definitely not a given.

In my humble opinion assess your strengths, interests, and learning style. If you thrive in an academic setting and enjoy structured learning, a degree might be the way to go. If you prefer hands-on experience and learning by doing, entering the workforce might be more suitable. Both paths have their advantages and challenges. Ultimately, the best choice will depend on your individual circumstances and career aspirations. Please be carefully and weigh up the pros and cons and consider your personal goals. I feel that job seekers whether they are degreed or non-degreed can navigate the job market effectively.

Alicia Sumich
Group Manager – Business Development

Alicia is a seasoned Recruitment Consultant with over 15 years’ experience in the Brisbane market. Having dealt with a diversified range of clients she has expertise in helping employers build “best in class” talent acquisition and talent management capabilities to attract, engage and retain high performing staff.

As a founding member of Optimum Consulting; Alicia truly believes in the Optimum Philosophy “we believe in the inherent goodness of people and that good people make GREAT organisations”. She brings a wealth of knowledge, enthusiasm and passion to the business, combined with local knowledge which ensures clients receive the very best service on offer.