For decades, young people have been taught that a degree is the ultimate key to success — a guaranteed way to secure career goals. But with free or low-cost university tuition in many European countries — and a job market increasingly valuing skills over credentials — the question arises: is a degree still the best path forward?
Do you really need a degree, or is it overrated?
European universities might offer affordable tuition, but even “free” education comes with costs. Living expenses, time out of the workforce, and the pressure to follow conventional paths all add up. While graduates often gain higher employment rates, recent data from Eurostat reveals a nuanced picture. By 2023, the EU employment rate for new graduates climbed to 83.5 %, rising to 87.7 % for those with tertiary education, compared to 78.1 % for medium education levels. However, not all countries follow the same trend. Nations like Malta, the Netherlands, and Germany showed graduate employment rates as high as 95.8 %, while Italy and Greece lagged behind at 67.5 % and 72.3 %, respectively.
The disparity in outcomes doesn’t just vary by geography — it also depends on cost versus reward. Even in nations offering low-cost education, many young people question the value of investing years of study if it doesn’t guarantee a relevant job. For instance, 22 % of employed young Europeans work in fields unrelated to their degree — a statistic raising doubts about degrees being a reliable pathway to dream careers. More employers are recognising this mismatch and pivoting to skills-based hiring.
Skills above degrees?
Insights from Ernst & Young’s (EY) 2024 Work Reimagined Survey highlight a significant shift in the hiring landscape. Instead of relying on degrees as a one-size-fits-all filter, many organisations are focusing on practical skills and adaptability. According to their findings, globally, 32 % of organisations consider themselves “talent advantaged,” meaning they excel at aligning their workforce with productivity outcomes and business needs. This alignment is often achieved through a deliberate focus on reskilling and upskilling workers.
EY’s emphasis on continuous learning supports this shift. Their strategies include innovative programmes such as the fully accredited EY Tech MBA — available to all employees, regardless of position. This makes it clear that staying competitive isn’t about traditional qualifications anymore; it’s about building capabilities that align with rapidly evolving industry demands.
This trend is mirrored across Europe’s job market. A Hays 2024 report revealed that 80 % of employers prioritise skills over formal qualifications. Industries such as tech and green energy often find university graduates unprepared for the fast-paced changes they face. Certifications, bootcamps, and vocational learning have proven to be more agile pathways for equipping candidates effectively.
Germany and the Netherlands have long championed vocational education, equipping students directly for the workforce through apprenticeships and internships. This pragmatic model delivers results; Malta reported that 95.8 % of their vocational graduates entered employment shortly after completing programmes.
Purpose over prestige
Young Europeans — especially Gen Z — are increasingly sceptical of traditional career blueprints. Surveys show their priorities are shifting towards flexibility, meaningful work, and independence over academic accolades. If a coding bootcamp or an apprenticeship offers a faster and cheaper route to a fulfilling role, many are eager to skip the university track altogether.
The findings from EY emphasise this cultural shift, with more organisations revisiting rigid academic requirements not only to address skill shortages but also to broaden hiring pools. This approach creates opportunities for diverse talents, independent of formal credentials, instead enabling workers to focus on creativity, problem-solving, and adaptability.
Still, it’s important to acknowledge that degrees retain their relevance in specific fields. Professions like medicine, engineering, and law have stringent licensing requirements heavily reliant on traditional university education. For those with clear career ambitions in these areas, higher education remains a worthwhile investment.
The bottom line
The question of whether a degree is necessary doesn’t have an easy answer. For some, it’s a valuable tool for entering regulated professions; for others, it may feel like an outdated tradition. The key is aligning your approach with your aspirations — whether that means pursuing university or exploring faster, cheaper alternatives like apprenticeships or certification programmes.
The growing focus on skills-first hiring has opened new doors for the young workforce. If you understand your goals and tailor your learning pathway to meet them, you’ll stand out, no matter which route you choose.
References
Eurostat. (2024, August 21).Employment rates of recent graduates in the EU. Retrieved fromhttps://ec.europa.eu/eurostat/web/products-eurostat-news/w/ddn-20240821-1
Ernst & Young. (2024).Work Reimagined Survey 2024. Retrieved fromhttps://www.ey.com/en_us/insights/workforce/work-reimagined-survey
Deloitte. (2023).Gen Z and Millennial Survey. Retrieved fromhttps://www2.deloitte.com
Hays. (2024).Skills over qualifications report. Retrieved fromhttps://www.hays.co.uk
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