Is a degree really necessary in today’s job market? And is higher education really an important step towards ‘adulthood’ or ‘success’?
Watch more: https://www.asiaone.com/video
Watch more: https://www.asiaone.com/video
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LifestyleTranscript
00:00Honestly, students' kids have a lot more options than my time.
00:04Without a bachelor's degree, you can't earn much in Singapore,
00:06especially the livelihood is so expensive now.
00:09It's very hard to compete with people who have a higher qualification.
00:12Education versus experience.
00:14Which do employers really prefer?
00:17Based on the Ministry of Manpower's labour force in Singapore 2023,
00:21around 42% of residents in the labour force are degree holders.
00:25And among residents aged 25 to 29,
00:27degree holders from both local universities and private institutions
00:31had a slightly higher employment rate
00:33as compared to those with a local polytechnic diploma or ITE certificate.
00:37The median gross monthly income inclusive of employer CPF contribution
00:42from employed residents of that same age range also saw a variance
00:46as degree holders from local universities threw $5,850
00:51while local polytechnic diploma and ITE certificate holders
00:54threw $3,726 and $2,958 respectively.
01:00We wanted to find out if Singaporeans felt that pursuing higher education is worth it.
01:05Asia 1 recently did a survey which received 1,189 valid responses.
01:11Less than half of the respondents agreed that pursuing a bachelor's degree
01:14is worth the cost today regardless of it being from a public,
01:17private or overseas university.
01:20Respondents who were bachelor's degree holders or higher
01:22were more likely to agree or strongly agree
01:25that a bachelor's degree from a public university in Singapore
01:28is worth the cost today.
01:30There was also a stark difference in perspectives
01:32on which are the most useful aspects of a bachelor's degree
01:35between bachelor's degree holders
01:37and those who are planning to or are currently pursuing one.
01:40Securing their first job, career advancement
01:42and building professional networks saw the largest difference.
01:46More than 60% of respondents agreed or strongly agreed
01:49that there are now more pathways to grow one's talents
01:52and build a successful career compared to 10 years ago.
01:55Younger respondents were also more likely to disagree or strongly disagree
01:59that the education system in Singapore prepares its students well for the future.
02:03To expand on our findings,
02:04we headed out to find out if Singaporeans found bachelor's degrees useful.
02:08I have a diploma in architectural technology and building services from TP.
02:14A doctorate in philosophy.
02:16Postgrad diploma.
02:18My N levels.
02:19A levels.
02:19I have a masters.
02:20I studied the HR for postgrad diploma with SHRI
02:24but related to my work, not really
02:27because I'm actually a personal assistant.
02:28Interestingly, it's not
02:30but it's something that I felt that would value add to
02:32the skills that's required for me to do my job.
02:35It is not exactly related to my field of work.
02:39I did engineering so currently I run my own
02:42I guess AI IT company, that's why it's relevant.
02:45Actually not really because my degree from NUS is accounting
02:49but currently I'm not in an accounting firm.
02:52In terms of monetary value, can't really comment on that
02:56but I think it helps in shaping the person's values.
03:00At a certain point in time in your career,
03:01you might need to choose pursue a bachelor degree
03:05but whether you do it before you start work or after, I mean it's really up to you.
03:09I feel like it's worth it because I can find a better job.
03:12I think having a degree is crucial, especially in Singapore
03:16because almost everything requires a degree.
03:20Without a bachelor's degree, you can't earn much in Singapore
03:23especially the livelihood is so expensive now.
03:26Honestly, today whether it's a degree necessary to succeed,
03:29I personally don't think so.
03:32I know people who doesn't have a degree that do amazingly well in life.
03:37Knowledge is practically free.
03:38It's just how motivated you want to find that knowledge.
03:41Firstly, it depends on what do you want to do in the future
03:45and secondly, it depends on which industry as well.
03:48I believe it's very worth it, especially in Singapore
03:51because some people have diplomas, some people have degrees
03:54so it's very hard to compete with people who have higher qualifications.
03:57Work experience also matters a lot,
03:58so some people may choose work experience over the degree.
04:01Yes and no.
04:02Yes, in the sense that it gives us the foundation
04:05to be able to pursue a higher education downstream.
04:09No, because what we study may not be directly relevant.
04:13More would need to be done to ensure that
04:17whatever is being taught in school stays relevant
04:20especially so when the world is changing at a fast pace.
04:26Singapore also encourages like CCAs and stuff
04:29so students are not just book smart, so they get to learn other skills.
04:34I believe yeah, especially because they have you attend workshops
04:37like for like career workshops all in secondary school.
04:39In diploma also they have like career workshops on.
04:42I feel like everyone has the opportunity to pursue whatever they're interested in.
04:46Honestly, students' kids have a lot more options than my time.
04:51A lot more options today.
04:52You can pursue different and diverse interests.
04:54Now whether they prepare the kids really for the market,
04:58again it boils down to the fact that
05:01whether kids are motivated to find what really is of interest to them.
05:05Of the people we interviewed, half of the respondents were employed
05:08and four out of these five said that what they studied was not related to their field of work.
05:13All of the respondents agreed that pursuing a bachelor's degree is worth it
05:17and if you can, you should look to pursue it
05:19although it isn't necessarily a must-have to be successful.
05:22More than half of the respondents also said that
05:25Singapore's education system prepares students well for the future
05:28with the others of the view that while it is slowly changing and adapting,
05:32more still needs to be done.
05:34So, what do you think?