How Important Is a College Degree Compared to Experience? (2024)

HBR Staff; DBenitostock/Getty Images

Summary.

The converging trends of a competitive labor market, ballooning university tuitions, new online learning alternatives, and fast-changing job roles has created a tipping point in the perceived value of college degrees. The percentage of jobs requiring a college degree fell from 51% in 2017 to 44% percent in 2021.And according to Gallup, the percentage of U.S. adults ages 18 to 29 who view college education as “very important” dropped from 74% to 41% in just six years. What does this mean for you?

In today’s fast-changing world, a university degree isn’t the only road to success. In fact,data showsthat only 25% of college graduates would choose to pursue the same educational path if they could do it again.
On top of that, 41% say they would instead get a certificate that would instantly qualify them for an in-demand job.
Whether you’re considering college, about to graduate, or already have your degree, many more options exist for finding success than ever before.
Just be sure to give yourself practical experiences. That’s the key to continuous learning, and which can open the door to your next opportunity.

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Twenty-one-year-old Eyal Bloom had almost zero business experience and only a high-school diploma. Nothing on her résumé said she could lead a remote project team with members in the United States, India, and Africa. But by applying what she learned leading a small unit when in the military, Eyal has done just that in her role at San Francisco-based startup Praxie.com.