A recent US survey by employer review site, JobSage, found a declining emphasis on college for career purposes:
“69% of people believe college degrees will be less important for getting well-paying jobs in coming years. 72% would skip college if their ideal job didn’t require it.” – Katie Duncan writing for JobSage
Are careers now college-optional? 5 alternatives for your education fund
Check out the full post for some interesting career options in a variety of industries, which don’t require a college degree (e.g., surgical assistant, commercial pilot, tax preparer). The post also includes salary estimates and job growth projections.
If you’re mid-/ late-career like many of my readers, you’ve probably already made your choice. But you might be saving for your kids’ college fund or for graduate school in anticipation of a career pivot. Before you default to paying for school as a prerequisite to a thriving career, consider these five alternatives for your education fund:
1 - Fund an educational gap year (or years)
Digital nomad in a new geography you want to learn about. You’ll get experience living in another culture, making a big move and building a career foundation (i.e., brand, network and track record) in a new area. The money you would have spent for education could cover living expenses while you try out a lower-paying career or take a more junior role. The experience is still educational – just on-the-job and not in-the-classroom. One operations professional who ultimately pivoted to business development spent over a year moonlighting with unpaid consulting assignments and advisory roles, while also spending on industry conferences and other specialized events in his target field.
2 - Curate personalized learning with courses, conferences and certifications
Conferences can add up once you factor in registration, travel expenses and the opportunity cost of not working while you’re at the conference. However, they are great venues for meeting decision-makers and other experts in your area of interest. Courses, certifications and boot camps are other alternatives to terminal degree programs that can give you hands-on experience in a new area, as well as proof of expertise for prospective employers. These are not a 1:1 substitute for a college or graduate degree, but if funds are limited, if you’re looking to experiment with different interests or if you need to fit your education around other time commitments, curating your own personalized learning can be an option to keep moving on your career in the meantime.
3 - Invest in your interests
Should you buy stock in the market leader of the field you’re interested in? Is there a startup in the field where you can be an angel investor? Smartly investing your education fund into companies in your target area of interest forces you to research competitors, market trends, innovations and risks. As you do that, you’ll identify potential employers and/or roles that you could play. As an early investor, you might get the chance to take an advisory role.
4 - Invest in rental real estate
Even if real estate itself is not your target area of interest, turning your education fund into rentals creates an income stream that can pay the tuition when you’re ready for more school, fund one of the alternative options above or simply cover your existing financial obligations so you can take more chances with your current career. If your education fund is for your kids, buying rental property while they’re young gives you time to pay it off by the time they enter college.
5 - Start a business
Burger and shakes chain, Five Guys, is a success story born out of the choice by four brothers to start a business instead of going to college. Even if the business is short-lived or doesn’t grow to the level of Five Guys, you’ll get hands-on education in sales, marketing, operations, finance and area-specific expertise in whatever field you start your business. If you build a profitable business, you can always funnel those profits back into an education fund for later.
Still committed to college or grad school? You can add any or all of the above alternatives as part of a comprehensive learning plan
Even if you are still committed to traditional schooling for you (or your kids), starting a business, investing in businesses or real estate and pursuing alternative education options can still be part of your career development. Employers look at education AND hands-on experience, results in the field and personal qualities. A comprehensive learning plan that incorporates different skills, expertise and experience will make you a more well-rounded, competitive candidate.
