Earning a degree is a huge achievement. For some, it is considered a vital milestone that must be reached before starting your ideal career. Yet, does a degree always guarantee success? Is it possible to secure an ideal job without a degree? In 2022’s competitive market, what is it that employers are actually looking for? This article takes an honest look at the question: what is a degree really worth?
2022 and the status quo
According to The Complete University Guide and the most recent league table, the UK’s top 5 universities all have one thing in common: high ‘Graduate Prospects’. This ‘GP’ rating scores how many graduates have secured a career within the first 15 months of graduating. In terms of predicting job-hunting success, it’s a great indicator. Whilst not all of the UK’s universities have as high a GP rating as their top competitors, most fall somewhere between 75-90%. With those impressive statistics, it seems obvious that a university degree is both time and money well spent.
However, there is some disparity between ‘graduate prospects’ and ‘on-track graduate prospects’. This means that, whilst graduates have secured a job, it is not the job – nor necessarily within the same industry – that they wanted. This disparity can be seen consistently throughout the league table and is true of even the top universities. Whilst Oxford has a graduate prospect rate of 88.3%, its on-track GP rate falls to 81.4%; Cambridge’s GP rate is 87.5% but has an on-track rate of 81.2%.
Statistics vs. People
The downward trend is troubling. In terms of percentages, it may not seem alarming, but when the statistics are broken down into real-world figures, it’s unsettling to see how many graduates are falling through the cracks.
In an average year, Oxford has around 3,300 graduates. Cambridge has roughly 3,400. According to the league table, this means that 386 Oxford graduates do not have careers (or are not in further education) a full 15 months after receiving their degree. Cambridge has 425 graduates still looking for jobs 15 months after receiving their degree.
When the ‘on-track’ GP rate is considered, the numbers are more concerning. After years of study and eye-watering expense, 614 Oxford alumni are still not working in their preferred job or industry; they are joined in their disappointment by 639 Cambridge alumni, and thousands more graduates from other UK universities.
If the point of university is to secure a position in your chosen career, what must these unemployed (or unhappily employed) graduates feel about their degree? Was it worth it?
What is a degree really worth?
There are many benefits to attending university. Opportunities, both on and off campus, and knowledge, which can be general or industry-specific. Let’s not forget the experience of being a student is also valuable: gaining independence, learning to live on a budget, broadening social skills, and having ultimate responsibility for yourself as an adult.
However, these benefits are not exclusive to university. Everything on that list can also be gained through employment – although industry-specific knowledge might take longer to achieve. Graduates aren’t handed a golden key with their degree; it is not a shortcut or a guarantee of a dream career. In some cases, a degree might be a drawback.
A 2021 study by CareerMap surveyed over 1,200 UK companies and found that 79% of them ‘didn’t care’ if an entry-level applicant had a degree, even if they’d listed it on the job description. When asked who they’d rather employ for a position, between an apprentice or a graduate, 63% chose an apprentice.
Why?
The truth is, employers don’t just look for academia. When the same CareerMap study asked employers to list what skills they looked for in entry-level candidates, the most popular answers were “enthusiasm” (78%), “transferable skills” (71%) and “relevant work experience” (64%). Universities don’t necessarily provide any of that, whereas apprenticeships, internships, and other jobs can.
Experience over education
The preference for experience over education can only be good news for this year’s A Level students. According to a recent BBC News article, top grades have fallen this year, with only 36.4% of exams achieving an A or an A+ grade. Last year, 44.8% of exams achieved top grades. Competition has always been fierce but for those hoping to attend academically elite universities, it will be even tougher. Some students are bound to be disappointed.
Whilst 65.3% of school leavers have been accepted to their first choice university, that still leaves 34.7% vying for places through clearing, or having to change their plans. Some may choose to eschew university completely and join the workforce early instead. Knowing that employers value experience higher than education might lessen the sting of that reality.
Simply put: university is not the only way to a dream career. In fact, it may now not even be the preferred option. Apprenticeships are rising in popularity as they combine education with relevant experience and industry placements. For those seeking immediate work, a job in a similar industry where you could learn transferable skills might be the way forward.
Where do we go from here?
When searching for work – especially for the first time – it is important to remember that what companies offer employees is just as important as what employees can offer them.
After spending three years at university, students may have accrued debt they want to repay, or feel otherwise anxious to start their career. As such, it may be tempting to jump at the first job they’re offered. However, although the current economy is competitive, there are also a lot of opportunities for those seeking work.
First jobs can often make or break a career. The right employer can ignite a passion for the industry or douse it completely. It is an employer’s responsibility to encourage and develop talent; it is an employee’s responsibility to make sure they’re in a place where their talent can be developed.
That’s why it is always important to research companies and ensure they’re providing their employees with the tools for success. Fortunately – for graduates and employers alike – Universum has published their own league table, showing how talent perceives the top employers in the UK.
If you’re a graduate looking for work, it’s an excellent place to start. If you’re an employee looking to hire entry-level roles, it’s important to know where you stand. [download the report].
Freelancing and Further Education
Whilst the benefits of university are many and degree-level knowledge is valuable, the economy and job market isn’t necessarily skewed in a graduate’s favour. Higher education has its place, but it isn’t the only option.
Whilst apprenticeships offer specific industry experience and knowledge, it is possible to tailor your experience and skills independently. UK businesses are now embracing freelancers and, for the practical and self-taught individual, opportunities abound online. School leavers could work full-time as a freelancer in their chosen career (or part-time in conjunction with a salaried job) and build up their experience portfolio. Those that do could find themselves with 3 years of relevant experience and knowledge under their belt by the time their graduate competitors leave university. This would automatically put them at an advantage when seeking an entry-level role.
So what is a degree really worth? Only as much as the relevant experience that comes with it. With that in mind, here are our top 3 tips for success:
KTAS 3 Top Tips for Success
For Graduates, School Leavers or Apprentices
- Take every available opportunity. Whether you’re still at university, college or school, or have just graduated, it’s important to align your knowledge with your experience. Apply for appropriate internships or work experience assignments when you’re not studying – anything to give you an edge.
- Create your own opportunities and experience. Sometimes the opportunities are simply not there – or they have already been taken. This is particularly true for those in creative industries, but there is a solution. Create your own relevant work experience by working on a freelance basis (or volunteering with relevant charities).
Multiple online platforms exist for freelance workers and it can be a lucrative way to earn ad-hoc money whilst gaining work experience. If you’re a budding photographer, graduate graphic designer, aspiring book editor, journalist, illustrator or actor, there’s a platform to support you. Twine, UpWork, Fiverr and The Dots are the most well-known, but there is something for everyone.
- Make the most of your time. The top desirable traits for entry-level workers are enthusiasm, transferable skills and relevant work experience. Therefore, it would benefit anyone to ensure they’re using their time to set themselves up for success. Graduates have 2-3 years of school breaks and summer holidays in which to complete internships. School leavers might be able to hold down a part-time job whilst doing short-courses, upskilling or volunteering. Whilst work / life balance is incredibly important, time is a precious commodity. Use it wisely.
