The Declining Value of College Degrees

 

Introduction

Not long ago, college degrees were the ultimate symbol of academic excellence and professional credibility. Degrees conferred status, opened doors to exclusive job markets, and earmarked people for certain salary levels. However, in today’s fast-evolving world, the value of degrees is increasingly being questioned. With the widespread availability of higher education and the changing dynamics of the job market, many are beginning to wonder: Is a college degree still worth it?

The Golden Age

A few years ago, degrees were hailed. They were a badge of honour and a beacon of elitism. Universities were fewer, access to formal education was limited, and graduates enjoyed near-automatic access to highly coveted job opportunities. In Ghana, for instance, intellectuals like Dr. J.B. Danquah, a lawyer and politician, were revered because of their education.

Lost Glory: The Current State of College Degrees

Today, degrees are widespread. According to Statista data from 2022, approximately 635,000 students were enrolled in tertiary institutions in Ghana, with figures showing a consistent increase in enrollments each year over the past 15 years. This surplus of degree holders has diluted the once-prized value of a college education. Much like the economic principle which states that when there is surplus, the value of a commodity falls, the value of a college degree has seemingly been washed down the drain. Employers now view degrees as a basic requirement rather than a competitive advantage. From the security person at the gate to the driver, to the receptionist, to the HR to the IT guy and the manager, everyone is required to have a degree.

Does a Degree Still Matter?

Today, a degree does not even matter, it is who you know, or even more recently, who knows you. Thus,  less qualified people are often pushed into roles and opportunities, while those who are qualified are side-lined, just because they have no affiliation with the powers that be. Well, that is not the focus of this piece. This article seeks to highlight the glaring decline in the value of college degrees.

The perception that degrees are losing their significance is not without merit. The rise of degree inflation has forced individuals to pursue higher levels of education, such as master’s and doctoral degrees, not necessarily for knowledge but to meet rising employment standards and to remain competitive in an increasingly saturated job market. Moreover, the very factor that once set degree holders apart—their specialisation—is often undermined by the generalist nature of many university curricula. This pokes a hole into the value of college degrees, revealing a lack of specialisation as one of its major lapses.

The Rise of Skills-Based Hiring

Beyond that, many emerging job roles do not necessarily require a university degree. Consider a typical office job, the white-collar jobs, which Ghanaians so covet; roles such as email correspondence, customer support, content creation, automation, and even programming often rely more on practical skills than academic credentials.

In a recent article featured on Deloitte Insights, a notable trend which suggests that “the perceived value of higher education has fallen as the skills needed to keep up in a job constantly change and learners have better consumer information on outcomes” emerged. Employers increasingly prioritise adaptability, problem-solving skills, and hands-on experience over academic qualifications.

This trajectory got even more interesting lately. Elon Musk, the owner of X (formerly Twitter), made headlines when he tweeted:

“If you’re a hardcore software engineer and want to build the everything app, please join us by sending your best work to code@x.com. We don’t care where you went to school or even whether you went to school or what ‘big name’ company you worked at. Just show us your code.”

This single tweet by the world’s richest man on 15^th January 2025 changes a lot.

A Ghanaian Perspective on the Degree Debate

In Ghana, the relevance of degrees has also been discussed extensively, particularly following a controversial remark from Kofi Gabs, a Ghanaian residing in the Netherlands, claiming that “a Dutch passport is better than aGhanaian PhD.” His statement dominated the national discourses for weeks, triggering several conversations among stakeholders in the Ghanaian education sector, with figures such as President John Mahama (then former president) and Lord Paul Boateng of the UK House of Lords adding their voices. Many lamented the quality of life and job prospects for PhD holders in Ghana, adding to the growing scepticism about the tangible benefits of higher education. Several others disagreed, arguing that a passport and PhD served entirely different purposes and cannot be meaningfully compared.

The Enduring Value of Degrees

While their fate hangs in the balance, college degrees still hold significance. They remain globally recognised qualifications that give individuals a competitive edge in the job market, in general terms. Degrees facilitate networking, professional connections, and access to funding and research opportunities. Certain fields—such as law, medicine, engineering, and architecture—still require formal academic training to ensure expertise and credibility.

Moreover, while the nature of education is shifting towards online learning and short courses, universities continue to play a vital role in equipping students with critical thinking skills, discipline, and structured learning experiences. The issue, therefore, is not whether degrees are valuable but whether universities can adapt to the rapid changes in industry demands.

Conclusion

The world is evolving faster than traditional degree programs are adapting. If universities fail to modernise their curricula to meet the demands of the digital and technological age, the value of degrees will continue to decline. By evolving to reflect global changes in academia and industry, college degrees can maintain their competitive value in a fast-paced tech-driven information age.