Cover Image by Gauraangi Gupta
These days, there are more and more stories about how bleak the job market is becoming for average college graduates. With AI on the rise, students are beginning to worry about what their future careers will look like.
Some jobs are being taken by artificial intelligence, and others require more experience than is possible for new graduates.
Many of the featured posts on LinkedIn are from struggling job seekers sharing statistics about how many job applications and interviews they have completed, all while appearing qualified for the positions.
This leads us to wonder: Is a bachelor’s degree going to be enough in the future?
It Might Not Be.
Just take a look at the home tab on LinkedIn. It’s flooded with post after post of struggling new graduates on the job hunt.
Part of the reason it may feel harder to find a job with a degree is because there are now more graduates than ever. According to the U.S. Census Bureau, in 2021, 52.8 million Americans had a bachelor’s degree, compared to 31.5 million in 2001. This is about a 38% increase in only two decades.
The job market cannot keep up with the increase of undergraduate degree holders, thus moving the goalposts and basing employment on other factors instead.
Many of the fields that are typically high-salary have become oversaturated with degree holders. According to the National Center for Education Statistics, around 375,000 of the 2 million bachelor’s degrees awarded were business degrees and 263,000 were health care-related.
With each semester ending, there is an influx of new graduates vying for the same positions, creating tension in the job pool.
This desire for the highest and quickest return on investment is what often leads to the hardest job hunts.
Additionally, with the rise of AI, entry-level jobs seem like they are disappearing. According to labor research firm Revelio Labs, there has been a 35% decrease in postings for entry-level jobs since January 2023.
For now, more advanced jobs requiring undergraduate and graduate degrees seem safer, but it is too early to tell what the long-term effects will be with artificial intelligence taking more advanced jobs.
The best way to get ahead of the curve is to learn how to use AI as a tool, as more companies will be seeking people who are skilled in using AI efficiently.
But Then Again, Could a Bachelor’s Degree Be Enough?
Aside from the job market benefits, the knowledge gained through a four-year degree can be life changing.
Learning about government, economics, the arts and sciences is not only necessary in the age of technology, but enriching. It is a privilege to earn a bachelor’s degree.
With a bachelor’s degree alongside a strong résumé, it is also possible to earn a high salary. According to U.S. News, jobs like construction managers, petroleum engineers, human resources (HR) managers and actuaries can all achieve a six-figure salary in America with only the designated bachelor’s degree.
And while things currently seem rough for entry-level workers, the number of jobs has unexpectedly been increasing. According to CNBC, the U.S. payroll increased by 139,000 last May.
The main reason employers are currently hiring slowly, however, is due to the uncertain economy. Many companies are remaining cautious, and therefore refraining from hiring too quickly.
These are factors that will change with time, meaning the hardship of the job hunt won’t last.
Higher-Level Degrees Are Also Becoming More Attainable.
Online classes and online degrees have all made gaining higher degree levels more accessible. This is a net positive for education’s sake.
Still, it feels like employers are making it harder for the average degree holder to get their foot in the door. With time, experience and connections, however, it is ultimately up to degree seekers and holders to use their resources wisely. This will determine their degree’s worth.
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