College enrollment has dropped significantly since the beginning of the pandemic, with 1 million fewer students enrolling in American colleges and universities. Some young people may be unsure whether a college degree is worth the cost in 2022. While going to college may not be for everyone, there are still several reasons to consider getting a bachelor’s degree. Whether it is the right choice for you will depend on your priorities and career goals.
Access to More Job Opportunities
College graduates generally have access to a more diverse pool of job opportunities compared to those with a high school diploma. Approximately 65 percent of job listings require a postsecondary education and about 61 percent of HR and business leaders say that they will not consider applicants who do not have a college degree, even if they meet the other qualifications.
There are more jobs available to college graduates and these jobs are also often more easily accessible. According to data from Burning Glass Technologies, each quarter there are about two million new job postings online that require at least a bachelor’s degree, and about 80 percent of all job openings for workers with at least a bachelor’s degree are posted online. Conversely, only about 50 percent of jobs requiring a high school diploma are posted online, which makes it more difficult for high school graduates to find new employment.
Preparing for a Specific Field
Some college degree programs are designed to prepare graduates for careers in specific fields, such as nursing, engineering, education, and computer programming. Other degree programs may be more general, but can still provide useful skills and knowledge for students who are looking to work in a specific field. For example, a high school graduate who knows that they want to do some form of professional writing can find major value in an English degree, even if the English program does not provide training for one specific career path.
College Graduates Have More Earning Potential
On average, those who hold a college degree have much higher lifetime earnings than those who only hold a high school diploma. According to the Association of Public and Land-Grant Universities (APLU), college-educated workers earn an average of about $32,000 more per year than those who only completed high school. The APLU also estimates that millennials with a high school diploma earn 62 percent less than a typical college graduate. Data shows that in 2019, the median income for bachelor’s degree holders between the ages of 22 and 27 was about $44,000, while the same figure for high school graduates in the same age group was $30,000 per year.
College-educated workers can also expect to weather economic downturns better than those whose education stopped after high school. During the Great Recession, recent college graduates had an unemployment rate of about 6.9 percent in 2010, while the total unemployment rate for all young workers was 15.8 percent that year. The current jobless rate for people with bachelor’s degrees is only about 2.5 percent.
Bachelor’s degree holders are also less likely to fall into poverty, as the poverty rate for this group is about 3.5 times lower than it is for workers with high school diplomas alone. This trend can also be expected to continue as more jobs begin requiring a bachelor’s degree or higher. The Georgetown University Center on Education and the Workforce estimates that about 70 percent of all jobs will require a college education by 2027.
College Degrees Offer Competitive Advantages
College graduates have a competitive advantage in the job market. In the four fastest-growing industries (healthcare, STEM, education, and government services), about 80 percent of jobs require a postsecondary degree. Even in careers that do not require a degree in a specific field, employers often look for applicants with college degrees because college programs provide graduates with skills in critical thinking, problem-solving, communication, leadership, and analytical thinking.
Networking Opportunities
For better or worse, success in the modern job market often depends on networking. Those who have connections may have an easier time finding work in their chosen field. The college experience provides these networking opportunities, as graduates may have an easier time getting their foot in the door if one of their former college classmates already works at the company where they are applying. Networking also helps people stay up-to-date on current trends in the industry in which you are seeking employment.
Additionally, graduates can benefit from reaching out to former professors and mentors, who can provide professional guidance. College students who are looking to maximize their networking opportunities for post-graduation should consider participating in job fairs, clubs, and other career development resources during their time as students.
A college degree on its own is no guarantee of professional success, but the college experience is what you make of it. Students who work hard to earn good grades and build networking opportunities are more likely to find success in the job market after graduation.