Why a Degree is no longer worth what it was
Why a Degree is no longer worth what it was
As a former graduate, achieving your degree is a wonderful feeling. It brings prestige to you, your family and your image. You have a degree. There is a degree value. That carries serious weight, right? Sadly, whilst it does for you and in the main it still does, times are changing.
These days compared to the past
In 2025 51% of people in their early 20’s hold a degree. In 1990, that was 19% of the same age group. A 268% increase. Tony Blair, on the 21st May 2001, delivered a speech remembered for his “Education, Education, Education” line. It was about getting more people into higher education. The optimist would argue that it better equips our young people to help grow our economy. The cynic would say it gets more people into debt and devalues the degree. You decide.
However, with 51% of people holding a degree coming into the workforce, the fact is the majority of people entering the workforce have a degree. In a recent survey by British Gas, 47% of degree holders do not work in an industry related to their degree. 22% of graduates work in jobs where their degree makes them notably overqualified.
Getting your foot in the door
If you ignore statistics, doesn’t the concept of having a degree at least get your foot in the door. Is it the case that not having a degree will restrict your career possibilities? Is the degree value?
Currently that depends on perception of who you ask, but I would argue that the value of a degree, despite it’s rapidly declining rarity, still would get your foot in the door in most career paths. The question is for how long though? And what will get for your degree these days?
I expect a 50k salary as I have a degree
I have seen a number of articles recently about graduates expectations of first job salaries. Some are written about the lack of market understanding by graduates and others are ridiculing graduates for being entitled. However, the reality is, most graduate roles do not pay extreme salaries and in truth they never have generally speaking.
Can you get a 50k salary for your first job after graduating
Yes, but there are a few points needed for a reality check. Firstly, only a select group of universities carry the weight. Oxbridge and Russell Group Universities aside, the University of Hertfordshire is unlikely to carry the same brand strength (no offence).
Furthermore, the degree itself where supply is scarce and demand is high also helps. If the degree is associated with an industry where salaries are sky high then even better.
But universities also get more money for high paying foreign student than domestic students so read into that as you will also.
Conclusion
A degree is not what it was. These days, and increasingly so, people will start to weigh up whether a degree, 50k of debt and a qualification that most people share are really worth it. Apprenticeships, experience and other options are there at a fraction of the price and arguably at levelling values. Your decisions today, shape the decisions you will need to make tomorrow.
