Multiverse Survey Finds 72% Believe College Degrees Do Not Equip Adults with Everything Needed for their Careers
66% of young adults with degrees think workplace training is most important for a successful career, it's also an element that's noticeably missing from their curriculums
NEW YORK, Nov. 15, 2022 /PRNewswire/ -- In the midst of the growing conversation about the ROI of a college degree, a new report from Multiverse reveals that parental expectations push students to attend college, even though 50% of young adults believe a college degree isn't worth the cost.
The report challenges the notion that only one education pathway, a degree, can lead to high-paying and high-growth careers. Among other compelling data points, the survey revealed that while 48% of adults say they were expected to attend college, 76% would skip college if their dream job was attainable post-high school.
The new report, Professional Apprenticeships: Defining a New Way to Train and Hire for Today's Employers, which published today in celebration of National Apprenticeship Week, surveyed adults at the start of their careers (ages 18-26) in order to establish a holistic understanding of America's learning choices, workforce preparedness, perceived impact of a degree, and awareness of apprenticeships.
"While the majority of American adults still see a degree as necessary, they know it's not sufficient to prepare them for a great career. Given rising costs and a growing conversation about the return on investment the average student experiences, it's essential we update our assumptions about education to include a wider range of pathways for young people," said Sophie Ruddock, VP and GM of Multiverse. "There needs to be alternative career paths that prepare people for work without the debt while meeting the ever evolving needs of employers. In a world where the status quo is a college education, our research shows that young adults are hungry for real world experience that will better equip them for thriving careers in today's most in-demand skills."
The survey found that college attendees are often left wanting when it comes to preparing for the workforce and wish to have more workforce experience and opportunities for applied learning as part of their college education. 66% of degreed young adults believe that real workforce training is the most crucial element to preparing for a successful career. At the same time, this same group listed "having a clear idea of what a job is like," "real workforce training" and "quality time with industry professionals" as the top three elements missing from a college education. And, nearly half of those with a degree (49%) say higher-ed disregards at least some of the key skills needed for today's workforce.
The report upholds that there is a widespread belief that post-high school success is determined by a college degree. Young adults revealed they are often influenced to attend college by parents and other family members, friends, teachers, and counselors. Nearly 8 in 10 students currently enrolled in either two- or four-year programs admit that their parents influenced their decision to attend college.
Moreover, people believe that college is the only pathway towards the most desirable industries. Three quarters of young adults considered college their top option after high school, and 63% of those with degrees went to college because they wanted to improve their ability to get a high-paying job post-graduation.
At the same time, 76% of those who did not enroll in college cite financial reasons; either wanting to earn a salary right after college or not being able to afford the cost of a degree. And one-third of those without a degree are unhappy with opportunities to work in their preferred field, calling for more alternative routes to train for today's jobs.
Real workforce training can include apprenticeships, whereby skills are learned and tested via immediate application in working scenarios. Professional apprenticeships are tuition-free and paid, and have the potential to create a true alternative to college training for the careers and roles most in demand in the US. In a survey of apprentices, 90% of apprentices are happy with their career choices, 81% are happy with their opportunities for progression and 73% rank their career prospects higher than their peers.
The report also surveyed 300 current and former Multiverse apprentices to reveal the impact of an alternative route to educating and training young adults.
Key insights from this group include:
- 87% of Multiverse apprentices at the start of their careers say they are making more now than prior to apprenticeship;
- 83% of respondents believe their apprenticeship will set them up to succeed in their career;
- And 83% of apprentices would say their career prospects are higher than those who have not done an apprenticeship
"I enrolled in college as a computer science major in 2021 to pursue my dream of working as a software engineer. However, I quickly realized that the traditional classroom format didn't feel right for me. I found out about apprenticeships and it sounded like a great opportunity to continue my education in software engineering while working full time and delivering on meaningful projects. Today, I'm working as a software developer where I build reporting and auditing tools for my company. I feel lucky to have been placed at a company that is committed to my growth and training," said Reese Gosain, Software Developer Apprentice, ConvergeOne.
This study was conducted in partnership with Vanson Bourne, an independent specialist for market research in the technology sector. To download the full report, visit here.
Multiverse commissioned Vanson Bourne, an independent market research specialist, to undertake research on learning choices and career opportunities with consumers in the US aged 18-26. 500 interviews took place online during August and September 2022 in compliance with GDPR guidelines. Rigorous quality checks were carried out to ensure that the insights are built on engaged survey responses and dependable data. These include real-time data checking and multi-factor validation across a range of metrics. In addition, a multi-level screening process ensured that only suitable candidates were given the opportunity to participate.
Multiverse also surveyed 300 UK Multiverse apprentices to establish a baseline understanding of the impact of the apprenticeship program on workforce preparedness, career progression and success and financial standing.
Multiverse is a tech startup on a mission to create a diverse group of future leaders by building an outstanding alternative to university and corporate training. They offer apprenticeships to a diverse pool of young adults and those looking to reskill. Multiverse works with over 500 businesses, helping them embrace digital transformation, close skills gaps and develop a diverse talent pipeline. Apprentices benefit from individualized coaching, applied learning, and a community of social, networking and leadership opportunities. Founded in the UK in 2016, Multiverse launched in the US in January 2021.
SOURCE Multiverse
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