We don’t need no education

When Tony Blair gave his now-famous “education, education, education” speech in May 2001, he stated the Labour party’s goal was to see 50% of young adults progressing to higher education by 2010. 

Nearly 25 years later, progress towards Blair’s goal has been rocky. In February, the Office for National Statistics released data showing that the number of young people not in employment, education or training (NEET) has reached the highest level in over a decade. 

Furthermore, the most recent figures released by Ucas (the universities and colleges admissions service) shows that the percentage of 18-year-olds applying to university is down for the fourth year in a row across the country.

But is this really a problem? For years, and particularly since Blair’s speech, the prevailing theory has been that higher education is the key to unlocking a successful career. Businesses looking to bring on the best talent often specify higher-education qualifications in applications.

This may be changing. New analysis of Indeed job-listing data, conducted by the University of Cambridge, has found that over half of all listings that specified educational requirements were not mandating any type of degree.

In fact, for young people with their sights on a senior position in business but little interest in traditional education, there is some good news: the study found that almost half (47%) of managers, directors and senior officials do not hold a degree or similar qualification.

For those who choose to pursue the standard educational route to the top, the focus is shifting. Applications for more traditionally academic subjects, such as mathematical sciences, physical sciences, psychology and historical, philosophical and religious studies, are all down. Conversely, interest in business, management and computing is rising.

Focusing on more practical, business-related subjects could be a smart move for ambitious young people. According to Raconteur’s CEO Index, over half (57%) of FTSE 100 CEOs have a qualification in business, economics or finance. However, exploring the statistics around this highly qualified group of leaders suggests a degree might still be necessary for those aiming for the upper echelons of business. Only three of the 97 FTSE 100 CEOs studied by the index do not have a bachelor’s degree.

There are also industries that maintain strict higher-education requirements. Nearly 70% of IT jobs ask for a bachelor’s degree and nearly 35% of all management and consulting jobs require a master’s. 

When Blair laid out his vision, in 2001, the skills businesses desired from graduates were quite different than they are now. In a time before widespread social media use, mass connectivity and artificial intelligence, young people could focus on education as a means to, as Blair put it, “gain the basic tools for life and work”. Now, what they learn in the first year of a university degree might no longer apply to the workplace they enter three years later. Indeed, regardless of whether or not 18-year-olds choose to take a degree, wisdom would suggest that the best thing they can learn is adaptability.