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Your Career: Is College Still Worth It?… Less Than 40% of Hiring Managers Felt that Recent Graduates Were Ready for Jobs in Their Fields of Study

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Mark Zuckerberg. Bill Gates. Steve Jobs. Sir Richard Branson. These are some of the world’s most illustrious college dropouts. Of course, they’re also outliers – extraordinary individuals who probably didn’t need college to be successful in the first place. For most people, though, common wisdom says that a college degree is practically a requirement for a good career. But with rising tuition costs and an entire generation of graduates burdened by crushing debt, the ROI on college is shrinking.

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The High Cost of Higher Education

First, let’s weigh the overall opportunity cost of skipping college. College isn’t just a degree; there are friends, alumni connections, and the fabled “college experience.” There’s no doubt these are valuable, but the Internet has helped us build global communities for the last 25 years. Do we need to be on a campus to form these bonds?

Now, consider the cost of going to college. You risk taking on serious debt. You potentially take longer to develop the vital skills to be competitive in the world. You lose four years of building professional experience — and four years of earning money instead becomes four years of spending money.

The average cost of attending a top four-year college is rapidly approaching a quarter of a million dollars, and last year’s graduating class is the most indebted ever. The average 2014 graduate with student loans will have to pay back around $33,000. Even after adjusting for inflation, that’s nearly double the amount from only 20 years ago. As costs rise and median wages fall, how will the 40 million Americans with student debt repay what they owe?

 

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College should prepare students for careers that ignite their passion and build upon their natural talents. Instead, graduates are chasing jobs based on debt-repayment.

To make matters worse, less than 40% of hiring managers felt that recent graduates were ready for jobs in their fields of study, citing a lack of key skills like leadership, organization and personal finance. While university administrators largely felt they were sending skilled graduates out into the workforce, employers disagreed.

Sign On, Log In, Drop Out

If the average college graduate is both indebted and unprepared for work, isn’t it time to consider other options? As the Gig Economy grows, innovative gig entrepreneurs are choosing to gain valuable skills through practice, coupled with on-demand peer-to-peer learning via sites like Skill Share and General Assembly. Young people used to leave school to take on apprenticeships. They got their hands dirty (sometimes literally) and learned a trade. This isn’t a new idea, but it might be a better one than we give it credit for.

Success doesn’t depend on education alone; it can also be won through innovation and entrepreneurship.

“You don’t have to be a genius or a visionary or even a college graduate to be successful. You just need a framework and a dream.” — Michael Dell

Peter Thiel and Seth Godin are high profile advocates of eschewing the academic route in favor of practical experience. Every year, the Thiel Fellowship grants 20-25 young adults $100,000 each to drop out of school and pursue their interests.

I’m not challenging the potential value of a college education; I’m just suggesting that we need to reevaluate the assumption that it’s the best path for everyone.

Learn to Work and Work to Learn

I graduated with a law degree and landed a job with a top firm, but it left me unfulfilled and uninspired. It was only when I sold my first software product that I realized that my dream was to run my own business. It was that experience – not my education – that set me on the right path.

The Gig Economy lets people build real-world business skills, even if they’re fresh out of high school. Decide which of your talents you are passionate about pursuing and then start building a business around them. Or reach out to startups, and engage with the kind of people you want to emulate.

Nintendo started off by making playing cards. Wells Fargo used to operate the Pony Express. Just like large companies adapt to new markets and new technology, you can learn as your customers’ needs change. Lifelong learning and continuous education are the new norm, so why not start now? With the rise of on-demand education, college campuses might even be in danger of becoming obsolete.

It’s not that there’s no merit in the college experience, but higher education can insulate students from the real world as much as it prepares them. And you can seek out the equivalent, or better, connections and social experiences in the outside world. Before you devote four years and tens of thousands of dollars to a piece of paper, remember that the real value in life is pursuing your passions and discovering what truly drives you.

I understand that stepping off the traditional path can be scary, but, as I’ve said before, it’s important to make a habit of exposing yourself to new and unpredictable opportunities. After all, taking the scarier path might be the best preparation for the uncertainty of the real-world.

And if you eventually do decide to go the traditional college route, your experience as an entrepreneur will make you a savvier consumer of the education you’re purchasing.

Do you think college is still worth it? Let me know on Twitter @michakaufman

 

Forbes.com |  March 20, 2015 | Micha Kaufman

http://www.forbes.com/sites/michakaufman/2015/03/20/is-college-still-worth-it/