Few aspects of modern life are as closely scrutinized as higher education, and no wonder: Though most Americans believe that a college degree leads to better jobs, many also think it costs too much and may not be worth the time and money.
The ambivalence is understandable. On average, a bachelor’s degree is worth more than a million dollars in extra lifetime earnings. But concerns remain about the tuition cost of that opportunity. There is progress: College tuition has fallen in the last 10 years, according to the College Board, and schools are working to harder to connect students with careers. We can do better though, especially if we:
- Think broadly. The term “higher education” sometimes carries unnecessary baggage. It’s important that the discussion includes all high-quality learning and training beyond high school. Bachelor’s degrees are valuable, but for many the starting point will be trade skills and industry certifications.
- Let Goals Drive Results. A goal that 75 percent of Americans will have degrees and other credentials of value by 2040 is a great way to think boldly. That’s ambitious, since we’re only at 44 percent now, but in the global race for talent to redesign our energy, manufacturing, agriculture, and other economic sectors, we either move fast or fall behind.
- Act Today—With an Eye on Tomorrow. Labor experts tell us that, by 2031, 72 percent of good jobs—the ones that offer a living wage and decent benefits—will require advanced education. These are the jobs students want, and these are the workers America needs in order to fill millions of open positions and create real prosperity. The need is obvious, as shown in the list of fastest-growing occupations from the Bureau of Labor Statistics. We must prepare people for the now and the next—for today’s jobs, and for the tech-driven opportunities just around the corner.
Education isn’t just the fuel for economic progress; it’s also an engine of social stability. Better-educated people earn more, are more active in their communities, and even live longer. Despite all this, the benefits of higher learning haven’t always outpaced the doubts. Research by Gallup has shown dropping confidence in higher education over the last decade. The good news? Newer polling now shows that 87 percent of Democrats and 68 percent of Republicans believe higher ed has some importance for success.
Value is critical
Restoring confidence will take time and honest reflection on the real value of higher ed. People pursue these credentials to improve their lives, and they deserve real benefits for their time and effort—things like higher wages, and opportunities for career growth and advancement.
But we must also ensure that these credentials have long-term value, that they help people adapt to the profound changes brought about by artificial intelligence and other technological and societal trends.
We have consistent information on wages and income—not a full measurement of the value of advanced education, but a good place to start. Many economists believe that a credential of value needs to show, at a minimum, that the degree or other credential yields wages that are at least 15 percent more than a person would earn with just a high school credential. Eventually, as we develop better data systems, we’ll be able to talk about career growth and community impact as indicators of value.
Learning for a lifetime
Many are encouraged to see the growth of valuable short-term credentials including industry certifications—and applied learning programs in some colleges and universities, as documented by The Hechinger Report. These programs prepare people for purposeful work by teaching career-ready skills on top of a bachelor’s degree, which offers durable skills such as critical thinking, problem solving, ethics, and communication.
In a larger sense, this is part of a welcome movement toward redesigning higher ed. Of course everyone should be concerned about affordability. But schools also need to be clear about what these degrees, certificates, and certifications prepare students to do.
In thinking of those short- and long-term opportunities, the goal must be to ensure that everyone has opportunities for learning for a lifetime. Short-term credentials are important, but it’s a mistake to think that they alone will provide the learning necessary for lasting economic success.
So the goal isn’t just more credentials. It is to have more opportunity, more fairness, more prosperity—for all. Every credential should be a bridge: to better jobs, better lives, and a better society. We must make those bridges stronger, more visible, and more accessible.
The future of work demands it. The health of our democracy depends on it. And the promise of the American dream requires it. Let’s build a system that delivers on that promise.
This article was originally published in Forbes.