Why Your College Degree Might Not Be Enough in Today’s Economy

For decades, higher education has been regarded as the key to career success and financial security. But as industries have evolved and employers have started seeking candidates with a diverse skill set beyond just academic qualifications, a college degree alone doesn’t guarantee a high-paying job.

That doesn’t mean a degree isn’t valuable in this economy; however, the combination of relevant skills and experience truly sets candidates apart, allowing them to secure a brighter career future.

Why Your College Degree Might Not Be Enough

As the job market becomes more competitive, the hiring decision often comes down to education vs. experience, with employers believing that the ideal candidate is someone with a bit more to offer than academic experience.

“Plenty of employers are moving toward skills-based hiring, which can be helpful for job seekers in this competitive market. That isn’t to say a degree isn’t helpful, but it may no longer be a requirement for many jobs and is less likely to be the deciding factor,” said Christian Lovell, certified career coach and founder of Careers by Chris.

By 2031, nearly 70% of jobs will require some form of postsecondary education. But this doesn’t necessarily mean a four-year degree is the only path to success, especially depending on the field you work in. Between the two economies—managerial and professional economy and blue-collar and skilled trades economy—postsecondary education will often be required for job seekers in the managerial and professional economy, which consists of jobs in areas like STEM (science, technology, engineering, and math), education, and healthcare.

Skills and Training That Employers Are Looking for Beyond a College Degree

While a college degree provides foundational knowledge, many roles now demand a combination of hard skills, soft skills, and hands-on experience.

“In today’s job market, hard skills and technical expertise are definitely important, but soft skills can be equally as important, especially in management roles. Employers are looking for skills like communication, adaptability, problem solving, the ability to lead and influence without a formal title, and other soft skills—which can be hard to convey on a resume,” Lovell said.

According to a 2024 LinkedIn survey, the most desirable skills that employers are seeking are communication, customer service, leadership, project management, management, analytics, teamwork, problem solving, and research.

As employers have shifted their focus to skills-based hiring, attitudes toward the necessity of a college degree have also shifted among those in the workforce, with 49% of Americans viewing them as less important than they were 20 years ago and 34% believing it’s possible to secure a well-paying job without a degree. Data also shows that salaries over the years have increased for young adults ages 25 to 34 without a college, while poverty has decreased across this demographic.

“Many companies hiring for project managers don’t require a degree. Instead, they might be looking for specific skills and experience such as stakeholder management, budget management, and cost management. It’s also a great career path for those without a traditional college degree because there are tons of courses to learn related hard skills and relevant certifications like CAPM (Certified Associate in Project Management) for those who have zero project-based experience,” Lovell said.

The average salary for a project manager position is $90,942, but it’s possible to earn over $100,000 in this role. And the field is expected to grow 7% by 2033.

“There are other high-paying careers that a job seeker can land with experience, certifications, or boot camps and don’t necessarily require a specific degree, like cybersecurity or UX,” Lovell said.

What to Do If Your College Degree Isn’t Enough

For those who feel that their degree might not be enough for employers, there are several actionable steps to take toward securing a job offer.

• Upskilling: Completing online courses, attending boot camps, and earning certifications can help boost your resume and make up for any gaps in your current knowledge and skill set.
• Reskilling: Learning new skills to adapt to changes in the job market, technology, or career goals is a smart way to get noticed by employers.

“If you don’t have any of the key skills, look for ways to learn and use them. There are countless low-cost or free courses online that can help you learn job-related skills. Then, take it a step further and try to apply the skills in your current job—you can even take on a ‘stretch’ assignment if you have the capacity,” Lovell said.

• Internships, volunteering, and freelancing: Gain practical experience in your desired field to build up a strong portfolio that demonstrates your skills.
• Networking: Attend industry events, engage in online communities, and reach out to professionals in your field to increase your chances of landing your desired role.

“Networking is one of the best ways to land a new job in this competitive market. Having a referral or connection can get you a lot further than a cold application, so building relationships—and letting your network know that you are trying to land a new role—is crucial,” Lovell said.

Before deciding what action to take, it’s necessary to stop and consider what types of roles you’ll be applying for and what the ideal candidate looks like to employers in that industry.

“You absolutely have to know where you are going in order to make an actionable plan. Read through the job descriptions for your target roles and create a two-column list. On one side, write down the skills needed for these roles. On the other side, write down any instance where you’ve used or demonstrated those skills in your past jobs. Use this information to update your resume and LinkedIn to ensure you are showing hiring managers that, even though you may not currently hold the title, you do have the skills to do the job,” Lovell said.

The Bottom Line

In today’s economy, a college degree is a valuable asset, but it is no longer the sole determinant of career success. While certain fields offer clear pathways to success and high pay for those with a college degree, this isn’t the case for every job out there, especially since employers are starting to recognize the value of skills and experience.

Regardless of your chosen industry, to stand out as a candidate and better position yourself to secure your dream job, the best thing you can do is build a practical skill set that complements your degree.