The traditional pathway of a university degree leading to a stable, well-paying job is diminishing for young graduates in Western countries, prompting a re-evaluation of higher education's value and the skills needed for future employment.
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Earning a degree
used to lead
to a steady job
with a good salary
But today
young graduates in the West
are finding fewer
employment opportunities
So, is it still worth
going to university?
The unemployment rate
of young graduates in America
is now approaching
the same rate
for the age group as a whole
In 2010
there was around
a six percentage-point difference
in unemployment
between young people
and young graduates
But now there's just a
one percentage-point difference
between them
It's not just in America
In the European Union
the unemployment rate
of young people
with tertiary education
is now approaching
the overall rate
for that age group
One theory for this
is that universities are accepting
less-talented applicants,
and then they aren't
teaching them very well
This could lead to employers
not expecting much of a difference
between the average graduate
and then someone who didn't
go to university
Another theory
is that fewer jobs
need graduate-level qualifications
For example, in the past
you often needed
to attend a university
in order to understand
how to use a computer
On the frontiers of science
the strange world
of the computer
But today almost everyone
can use tech,
regardless of whether or not
they went to university
The number of jobs
in graduate-friendly industries
is also decreasing
Across the EU
the number of 15-to-24-year olds
who are employed
in finance and insurance
fell by 16%
from 2009-2024
And, since 2016,
the number of British
twentysomethings in law and finance
has fallen by 10%
It's tempting to blame AI
for these waning opportunities
Yet the decline in graduate jobs
started long before ChatGPT
What's more likely
is that the industries
that traditionally employed graduates
have had a tough time lately
Since the global financial crisis
of 2007-2009,
the golden age of investment banking
is over,
so they're spending less money
on hiring graduates
In America
all this
is affecting young people's decision
on whether or not
to attend college
The number of Americans
enrolled in bachelor's programmes
fell by 5%
from 2013-2022,
according to data from the OECD
Yet in most rich countries,
where education is cheaper
because the state plays
a larger role,
young people are still applying
to universities in droves
Excluding America,
enrolment across the OECD
rose from 28m
to 31m
in the decade to 2022
Perhaps students
simply aren't picking
the right subjects
Arts, humanities
and social sciences
are still proving popular
Even, inexplicably, journalism
If these trends say anything
about young people's ideas
about the future of work,
they truly are in trouble
So, in the age of AI
what should you study at university?
As technology improves,
the future of work
is changing, too
Many of the jobs
that graduates will have
don't even exist yet
Some young people worry
that certain skills they learn
might become outdated
as technology changes
Coding, for example,
is at risk of becoming obsolete
within only a few years
According to one study
the percentage of American
and British IT professionals
who worry that AI tools
will make many of their
day-to-day skills obsolete
increased from 74%
to 91%
in just one year
There are some subjects
which are likely
to stay relevant
Robotics, for example,
will help people
maximise the benefits
of technological change
And practical jobs,
like plumbing
and carpentry,
are less likely
to be taken over by AI
and will remain
valued by society
These professions
often don't require
a university qualification
and can be learnt
in other ways,
like on apprenticeships
But arguably
what's more important
for students
than studying a specific subject
is to focus on learning
soft skills instead
Things like communication,
critical thinking
and reliability,
as well as empathy
and being able to
build relationships
All are transferable
across multiple industries
OECD findings
from 2019
demonstrate that people
will need to rely
on their currently
unique human skills
to succeed
Understanding how to learn
will be key
to developing new skills
and adapting in changing times
The research also suggests
that jobs with complex
social interactions,
such as care,
will still need humans
so developing skills
like negotiation
and persuasion
will be vital
Currently AI isn't very good
at these soft skills
I understand
emotions have a deep meaning,
but I can't experience them
like you can
So if workers
can plug the gaps,
while also being
able to transition
into emerging industries,
then it will help humans
to compete with machines
Nearly all degrees
will allow you
to gain these skills
through group projects,
presentations and
extra-curricular activities
Ultimately it doesn't
really matter
which degree
you choose to study
Perhaps what's even
more important
is that a student gains
work experience
or an internship
Research finds
that those who graduated
in 2022
and completed internships
were 23% more likely
to start a full-time position
within six months of graduation
This gap
increases further
in certain fields,
like oil, gas and mining,
where it rose to 65%
Although it's hard to predict
how improving technology
will change the world of work
over the coming decades,
one thing is for sure:
a student
with a variety of skills,
a lifelong desire to learn
and a good attitude
will go far
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