Importance of Formal Education: Is a Degree Still Worth It?

Imagine two people:

• Person A spends 4 years (and $10000+) on a college/university degree, graduates with honors, but struggles to find a job in their field.
• Person B skips college, learns coding from free online courses, builds a portfolio and lands a high-paying tech job at 19.

Who made the smarter choice?

For decades, formal education — schools, colleges, degrees — has been the “golden ticket” to success. But in today’s world, is it still the best path? Or are we blindly following an outdated system?

Let’s rethink the importance of formal education — without bias, without fear, just facts.

What Is Formal Education?

Formal education means structured learning — schools, colleges, universities — where you follow a set curriculum, earn grades and get certificates or degrees.

Society tells us:

• No degree? No future.
• Good grades = Good life.
• College = Success.

But is that really true anymore?

The Rising Cost of Formal Education

• The average student loan debt in the U.S. is $37,338 per borrower. (Forbes, 2023)
• College tuition has increased by 1,200% since 1980 — way faster than inflation. (CNBC)
• 60% of graduates regret their degree choice, saying it didn’t prepare them for real jobs. (Gallup Poll)

So, if formal education is so important, why are millions drowning in debt with skills employers don’t even want?

The Changing Job Market: Degrees vs. Skills

Employers used to require degrees for almost every decent job.

But now?

• Google, Apple, IBM, and Tesla no longer require degrees for many roles. They prioritize skills over diplomas.
• 45% of employers say they’ve removed degree requirements because they couldn’t find enough skilled workers. (Harvard Business Review)
• Self-taught coders, YouTubers, freelancers and entrepreneurs are making 6-7 figures without formal degrees.

The Rise of Alternative Education

• Online courses (Udemy, Coursera, Khan Academy) cost a fraction of college and teach real-world skills.
• Bootcamps (coding, design, marketing) can land you a job in 3-6 months instead of 4 years.
• Apprenticeships & on-the-job training let you earn while you learn — no debt needed.

When Formal Education IS Still Important

I’m not saying formal education is useless. In some fields, it’s essential:

• Medicine (Doctors, Surgeons) – You can’t learn heart surgery from YouTube.
• Law (Lawyers, Judges) – Degrees and licenses are mandatory.
• Engineering & Advanced Sciences – Some jobs require deep theoretical knowledge.

But for many other careers (marketing, programming, writing, sales, entrepreneurship), experience and skills often matter more than a degree.

The Psychological Pressure: Why We Still Chase Degrees?

Even if degrees aren’t always necessary, why do we still push for them?

1. Social Validation – “My parents will kill me if I don’t go to college!”
2. Fear of Missing Out (FOMO) – “Everyone else is doing it, so I should too.”
3. The “Safe Path” Myth – “A degree guarantees a stable job.” (Spoiler: It doesn’t!)

Truth: Many of the world’s richest and most successful people didn’t finish college:

• Steve Jobs (Apple) – Dropped out of Reed College.
• Mark Zuckerberg (Facebook) – Left Harvard.
• Richard Branson (Virgin Group) – Quit school at 16.

Then, What Should You Do?

If you’re rethinking formal education, here’s a smart approach:

Ask Yourself: “Do I Really Need a Degree for My Dream Job?”

• Research job listings. Do they require a degree, or just skills?
• Talk to people in your desired field. Did their degree help, or was experience more valuable?

Consider a Hybrid Approach

• Community College + Online Courses – Save money, learn practical skills.
• Part-Time Study + Internships – Gain experience while studying.

Build Skills Outside School

• Freelancing, side projects, and portfolios impress employers more than grades.
• Networking (LinkedIn, events, mentors) can open doors faster than a degree.

If You Go to College, Do It Smartly

• Pick marketable degrees (STEM, healthcare, finance).
• Avoid massive debt — scholarships, part-time work or cheaper schools.

Education ≠ Schooling

Here’s the truth:

Education is lifelong. Schooling is temporary.

You don’t stop learning after graduation. The most successful people never stop improving.

Formal education has value — but it’s not the only path. The future belongs to those who learn, adapt and think for themselves, whether they have a degree or not.

If you could either:

• Spend 4 years and $10000 on a degree
• Spend 4 years building real skills, a business or a portfolio

Which one would actually get you closer to your dreams?

Think about it.