Do You Really Need A College Degree To Have A Successful Career? | NBC News NOW

NBC News

26 Apr 202104:39

Summary

TLDRThe video script discusses the changing landscape of job requirements, particularly concerning the necessity of a college degree for high-paying positions. It features Ali Alcala, who has a successful career in HR at JPMorgan Chase without a college degree, highlighting the bank's initiative to recruit and train individuals without degrees. The script also mentions Salesforce CEO Mark Benioff's stance that success is possible without a college degree and points out the rising costs and student debt associated with higher education. The narrative emphasizes the growing trend among major corporations, such as Apple, to value skills over formal education and the increasing availability of free online training programs. It suggests that while a college degree is still valued, it is no longer the sole path to a successful career, as companies are adapting their hiring practices to focus on skills and diversity.

Takeaways

🎓 **Degree Shift**: There's a growing trend where some companies are hiring applicants without college degrees, focusing more on skills than formal education.
🏦 **Success Without College**: Individuals like Ali Alcala have found high-paying jobs in sectors like finance without a degree, highlighting that success is attainable without a traditional college education.
💼 **Programs for Skill Development**: Companies like JPMorgan Chase are actively recruiting and training people without degrees, offering programs that pay for career development.
💰 **Cost of Education**: The average cost of a four-year degree has risen significantly, leading to a reconsideration of the return on investment for higher education.
🚀 **Alternatives to College**: Online training and certifications are emerging as viable alternatives to traditional college degrees, with platforms like Salesforce offering free training.
🌐 **Tech Giants Leading the Way**: Major corporations such as Apple and Salesforce are setting examples by hiring a significant number of employees without college degrees.
📈 **Economic Reality**: The economic burden of student debt is causing many to question the necessity of a college degree, with some graduates facing an average debt of $29,000.
📉 **Changing Perceptions**: There's a shift in the stigma associated with not attending college, as more people recognize the value of alternative paths to success.
🔍 **Skills Gap**: Employers are recognizing a skills gap and are adapting their hiring practices to include individuals with the right skills, regardless of whether they hold a degree.
🤝 **Diverse Workforce**: Companies are focusing on equity and diversity, which includes considering non-traditional candidates for roles, potentially leading to a more diverse workforce.
❓ **Future of Hiring**: While many jobs still require a bachelor's degree, the trend of hiring without one is growing, and it's uncertain how widespread this practice will become.

Q & A

What is the traditional belief about the necessity of a college degree for a successful career?
-The conventional wisdom has been that a four-year college degree will lead to a more successful career.
How is the job market changing in terms of the importance of a college degree?
-The job market is evolving, with more employers starting to focus on skills rather than just education, and some companies are actively recruiting people without college degrees.
What is an example of a company that is hiring employees without college degrees?
-JPMorgan Chase is actively recruiting people without college degrees through programs that pay them to train in careers like operations and consumer banking.
What is the average cost of a four-year degree at a public university?
-The average cost of a four-year degree has risen to more than ten thousand dollars a year at a public university.
What is the average student debt for graduates?
-Graduates typically have an average of twenty-nine thousand dollars in student debt.
What is one reason mentioned in the script for considering college education less valuable?
-The rising cost of college education and the fact that more than half of graduates are leaving with significant debt.
What is the average earning difference between a college graduate and a high school graduate?
-On average, a college graduate makes 67 percent more than a high school graduate.
What is the opinion of Salesforce's CEO on the necessity of a college degree for success?
-Salesforce's CEO, Mark Benioff, believes that success in the United States is not contingent on having a college degree and that one can create incredible value without it.
How does the script suggest one can gain valuable skills without attending college?
-The script suggests that free online training, such as that offered by Salesforce, can lead to valuable skills and career opportunities without the need for a college degree.
What is the current trend among major corporations regarding the requirement of a four-year degree?
-Many major corporations are abandoning the requirement of a four-year degree, recognizing the value of skills over formal education.
What is the implication of the rising cost of college on the perceived return on investment for a degree?
-As the cost of college rises, some argue that the returns on investment are not keeping pace, suggesting that the traditional belief in the financial benefits of a college degree may be outdated.
What is the potential impact of companies focusing on skills over education on the workforce?
-Focusing on skills over education could potentially lead to a more diverse workforce, as it opens up opportunities to individuals who may not have had the means to pursue a traditional college education.

Outlines

00:00

🎓 Rethinking the Necessity of a College Degree for High-Paying Jobs

The video discusses the changing landscape of job requirements, with a focus on the increasing trend of companies hiring individuals without college degrees. It highlights how skills are becoming more important than formal education for many employers. The segment features Ali Alcala, who, despite not having a college degree, has a successful career in HR at JPMorgan Chase with an annual income of over seventy thousand dollars. The video also includes commentary from Mark Benioff, CEO of Salesforce, who emphasizes that success in the United States is not solely dependent on having a college degree. It discusses the high costs of college education and the rising student debt, contrasting it with the availability of free online training programs that can lead to successful careers. The narrative points out that while many jobs still require a bachelor's degree, there is a growing shift towards skill-based hiring, and the potential for a more diverse workforce as companies focus on equity.

Mindmap

Keywords

💡College Degree

A college degree is a formal academic qualification awarded by a college or university upon completion of a course of study. In the context of the video, it traditionally signifies a pathway to a successful career. However, the narrative is shifting as companies are increasingly valuing skills over formal education, challenging the necessity of a college degree for high-paying jobs.

💡High-Paying Job

A high-paying job refers to employment that offers a salary significantly above the average income. The video discusses the changing perception that such jobs are only accessible to those with a college degree, as companies like JPMorgan Chase and Salesforce are now actively recruiting individuals without degrees, focusing on their skills and potential.

💡Skills Gap

The skills gap refers to the discrepancy between the skills that job seekers possess and the skills that employers require. The video highlights that even with a tight job market, there's a growing realization among employers that focusing on specific skills rather than formal education can help bridge this gap and attract a more diverse workforce.

💡Online Training

Online training refers to educational programs or courses delivered via the internet. The video emphasizes the rise of free online training as an alternative to traditional college education. For instance, Salesforce offers free training that has led to employment opportunities, suggesting a shift towards skill-based learning that doesn't require a college degree.

💡Recruitment

Recruitment is the process of seeking, selecting, and appointing suitable candidates for jobs. The video discusses how companies like JPMorgan Chase are changing their recruitment strategies to include individuals without college degrees, focusing on their skills and providing training programs to equip them for specific roles.

💡Student Debt

Student debt refers to the outstanding loan balance owed by students who have taken out loans to finance their education. The video mentions the rising cost of a four-year degree and the average student debt of $29,000, which is prompting reconsideration of the value of a college degree in the face of high-paying job opportunities without it.

💡Career Path

A career path is the trajectory of an individual's professional life and the progression of jobs they may hold. Ali Alcala's story in the video illustrates how a clear career path can be pursued without a college degree, emphasizing the importance of skills and opportunities provided by companies that value potential over formal education.

💡Equity and Diversity

Equity and diversity in the workplace refer to the principles of fairness and inclusion, ensuring that all individuals have equal opportunities regardless of their background. The video suggests that by focusing on skills and offering online training, companies can create a more diverse workforce, which is a positive outcome of the shift away from degree-centric hiring practices.

💡Ivy League

Ivy League refers to a group of eight prestigious private universities in the United States, known for their academic excellence and social prestige. In the video, the mention of Ivy League schools highlights the traditional perception that attending such institutions is a prerequisite for success, a notion that is being challenged by the new hiring trends discussed.

💡Investment Banks

Investment banks are financial institutions that assist individuals, corporations, and governments in raising capital by underwriting or acting as the client's agent in the issuance of securities. The video features Ali Alcala, who works in HR at JPMorgan Chase, an investment bank, and does not have a college degree, which defies the stereotype that such positions are exclusively for college graduates.

💡Free Online Courses

Free online courses are educational offerings available at no cost, often provided by educational institutions or companies. The video mentions free online training with Salesforce as an example of how individuals can gain valuable skills without incurring student debt, highlighting the potential of such courses to democratize access to high-paying jobs.

Highlights

Some companies are now hiring applicants without college degrees, challenging the traditional belief that a degree is necessary for success.

More employers are focusing on skills rather than just education when hiring.

Ali Alcala, a 30-year-old without a college degree, has a thriving career in HR at JPMorgan Chase with an annual income of over $70,000.

JPMorgan Chase is actively recruiting people without college degrees through training programs in operations and consumer banking.

The average cost of a four-year degree has risen significantly, leading to questions about the value of college education.

Mark Benioff, CEO of Salesforce, believes success in the U.S. is possible without a college degree.

Free online training, such as that offered by Salesforce, provides an alternative to traditional college education.

Major corporations like Apple are abandoning the requirement of a four-year degree for many of their employees.

Despite the rising cost of college, the average college graduate earns 67% more than a high school graduate.

The idea that a college degree is necessary to make a lot of money is becoming outdated as skills become more valued.

Online training courses are becoming more prevalent, offering opportunities for skill development without the need for a college degree.

Many jobs still require a bachelor's degree, but there is a growing trend towards valuing skills over formal education.

As the job market tightens and a skills gap becomes apparent, companies are offering skills training to a broader range of potential employees.

The shift towards skill-based hiring is also seen as a way to achieve a more diverse workforce.

There is a stigma attached to not going to college, but this perception may be changing as alternative paths to success become more recognized.

The trend of hiring non-college graduates is expected to continue as companies adapt their job requirements to focus on specific skills.

Online training and courses offered by companies like Google, IBM, and Salesforce are seen as a way to bridge the skills gap and attract a wider talent pool.