Is college still worth it in 2023?

By: Resume Now

Today’s world of work is hyper-competitive. Not surprisingly, everyone wants to crack the code of professional success. Many view education as the cornerstone of a fulfilling career and financial stability. But is it indeed so? Let’s find out.

Here are some recent data on this important topic.

  • According to the U.S. Bureau of Labor Statistics 2021 Employment Projections, educational background and income are closely correlated, with higher degrees typically leading to higher salaries and lower unemployment rates.
  • As the Association of American Colleges and Universities 2021 Employer Report shows, 87% of executives and hiring managers do care about your higher education credentials.
  • Research from Georgetown University calculated that the lifetime earning potential of a worker with a Bachelor’s degree is $2.8 million. Without a degree, the expected earning power is $1.6 million.

In August 2023, ResumeNow conducted a study on over 1,000 U.S.-based workers to examine the link between education and a successful career. Do educational achievements guarantee prosperous careers? Can we be sure that having a college degree will pay off one day? Does a diploma open the door open doors to a brighter future? Keep reading to discover what the study revealed.

College degree & professional fulfillment

At first, participants were asked whether educational achievements were necessary for a future career.

Almost 9 in 10 (87%) believed that education was essential to be successful at work.

Digging deeper—

The answers differed depending on the respondents’ educational level. The higher the education, the stronger their conviction that a college degree is necessary.

Education was considered essential for professional life by:

  • 65% of those without a college degree
  • 88% of Bachelor’s or Associate degree holders
  • 92% with a Master’s degree or higher

Survey takers also claimed that more education led to…

  • better job stability – 85%
  • better job performance – 84%
  • higher earnings – 81%
  • greater job satisfaction – 81%
  • having a more prestigious job – 80%

Additionally, college degree holders were viewed as more likely to…

  • work in managerial roles than those with lower education levels – 83%
  • become bosses’ pets than those with lower education levels – 80%
  • get promoted than those with lower education levels – 78%

Now, let’s move on to see what participants with a college degree think.

Is it worth having higher education?

ResumeNow also examined how degree holders felt about having a higher education.

  • 87% were proud of their educational achievements.
  • 85% claimed an academic degree boosted their self-confidence at work.
  • 83% believed higher education allows them to follow their professional dreams.

Also, almost 9 in 10 (88%) declared that a college degree was worth the money. Sticking to the topic of money, 66% of participants without higher education thought they would earn more money if they were better educated.

Education costs are high, but they’re a lifetime investment.

Some more study findings to mention here:

  • Only 36% of survey takers claimed they ended up working in the area of their degree specialization. 64% followed a different career path.
  • 72% regretted choosing their area of specialization.
  • 83% stated their current job required higher education.

Is getting a college degree worth it, then? It seems so.

Still, we all have the right to decide how to live our lives. There are different dreams to follow and career paths to choose.

Job descriptions are dead. Long live job descriptions!

In my interview with Scott Morris, CEO of AI Propulsion, we discuss unsuccessful return to the office policies and the evolution of the job description. The consensus? Traditional job descriptions are passé; what brings the most benefit are outcome-oriented job descriptions. Scott addresses issues related to a paradigm switch that would massively impact any recruiting organization. | This episode is brought to you by “The Recruiting Life” newsletter. Subscribe now at: https://jimstroud.beehiiv.com

 

About my guest:

Scott Morris, Co-Founder and CEO
PropulsionAI
www.getpropulsion.ai

Scott Morris is a seasoned HR and People Operations leader with over two decades of experience in the field. His experience spans the complete range of HR disciplines. He has led People Ops in organizations ranging in size from 250 to 15,000 employees, giving him a unique perspective on the world of work.

About the company:

PropulsionAI is a talent management platform that emphasizes organizational fit. The company is poised to launch its maiden product, SPARC (an Intelligent Job Description Creator). Driven by Al and guided by a digital human, SPARC is a conversational Al tool that helps users quickly scope roles and then writes a complete job description, job posting, and social media posts for you. PropulsionAl’s approach moves beyond traditional task oriented job descriptions, focusing on outcomes, competencies, and skills to enable alignment based on individual abilities. It empowers hiring managers directly without risk (no need for HR or compliance knowledge, ensures unbiased job postings, and fosters diverse hiring).

ResumeLab’s Survey Finds 70% of Workers Lie on Resumes; Lying Rates Increase in Cover Letters and Peak During Job Interviews Job applicants with Master’s or doctoral degrees admit to lying most frequently

October 2, 2023 – ResumeLab®, a leading resource for resume advice, surveyed over 1,900 U.S.-based workers in August 2023 about the rate at which job seekers lie on their resumes, in their cover letters, and during job interviews. According to ResumeLab’s Job Applicant Behavior Survey, workers are lying at very high rates throughout the job application process.

70% of workers said they have lied on their resume, with 37% of those admitting that they lie frequently. Embellishing responsibilities in general (52%), their job title (52%), the number of people they managed (45%), and the length of employment (37%) were the top lies told on resumes.

76% of workers said they have lied in their cover letters, with 50% of those admitting to frequently lying. 80% of workers said they have lied during a job interview, with 44% of those admitting to frequently lying. Job seekers are lying the most during job interviews, then in their cover letters, and then on their resumes.

In all three parts of the job application process, those with Master’s or doctoral degrees reported the highest incidence of lying, followed by those without college degrees. The education demographic that reported the lowest rates of lying were those with bachelor’s or associate degrees.

“Honesty is always the best policy when it comes to job applications and interviews,” said Agata Szczepanek, Career Expert at ResumeLab. “Even slightly stretching the truth can result in immediate or long-term consequences. Instead of lying about employment history, education, or something more, workers should try shifting the focus to the related experience and transferable skills they can offer,” Szczepanek stated.

Lying on a Resume

70% of workers said they have lied on their resume, with 37% of those admitting that they lie frequently. When asked, “Have you ever lied on a resume?,” respondents claimed:

  • 37% yes, I lie frequently
  • 33% yes, I have lied once or twice
  • 15% no, but I have considered lying
  • 15% no, and I have never considered lying

Those with Master’s or doctoral degrees reported higher incidences of lying on resumes (58% frequently lie, 27% have lied once or twice = 85% total) compared to people without a college degree (29% frequently lie, 42% have lied once or twice = 71% total), with those with bachelor’s or associate degrees lying the least (30% frequently lie, 33% have lied once or twice = 63%).

What Do Job Seekers Lie About?

The top lies job seekers tell on their resumes:

  • Embellishing responsibilities in general (52%)
  • My job title (to make it sound more impressive) (52%)
  • Fabricating how many people I actually managed (45%)
  • The length of time I was employed at a job (37%)
  • The name of the company that employed me (31%)
  • Made up the entire position (24%)
  • Inflating metrics or accomplishments I achieved (e.g. sales numbers) (17%)
  • My skills section (15%)
  • Awards or accolades (13%)
  • Volunteer work (11%)
  • My education credentials (11%)
  • Covered up a career gap (9%)
  • Technology capabilities (knowing tools like Trello, Asana, etc.) (5%)

The Job Applicant Behavior Survey also inquired about lying on cover letters and during job interviews.

Lying in Cover Letters

76% of workers said they have lied in their cover letters, with 50% of those admitting to frequently lying. When asked, “Have you ever lied on a cover letter?” respondents claimed:

  • 50% yes, I lie frequently
  • 26% yes, I have lied once or twice
  • 15% no, and I have never considered lying
  • 9% no, but I have considered lying

Those with Master’s or doctoral degrees reported higher incidences of lying on cover letters (73% frequently lie, 17% have lied once or twice = 90% total) compared to people without a college degree (49% frequently lie, 34% have lied once or twice = 83% total), with those with bachelor’s or associate degrees lying the least (40% frequently lie, 29% have lied once or twice = 69%).

Lying During Job Interviews

80% of workers said they have lied during a job interview, with 44% of those admitting to frequently lying. When asked, “Have you ever lied in a job interview?” respondents claimed:

  • 44% yes, I lie frequently
  • 36% yes, I have lied once or twice
  • 20% no, I have not lied

Once again, those with Master’s or doctoral degrees reported higher incidences of lying on cover letters (63% frequently lie, 25% have lied once or twice = 88% total) compared to people without a college degree (31% frequently lie, 53% have lied once or twice = 84% total), with those with bachelor’s or associate degrees lying the least (38% frequently lie, 38% have lied once or twice = 76%).

To view the full report with more information, please visit https://resumelab.com/career-advice/lying-to-get-a-job or contact Peter Bryla at bryla.peter@resumelab.com

These findings were obtained by surveying 1,914 U.S. respondents online via a bespoke polling tool on August 3, 2023. Respondents were asked a variety of questions around the job application and interview behaviors. These included yes/no questions, scale-based questions relating to levels of agreement with a statement, questions that permitted the selection of multiple options from a list of potential answers, and a question that allowed open responses. All respondents included in the study passed an attention-check question.

About ResumeLab
ResumeLab is the ultimate career resource providing state-of-the art software to create a job-winning resume in minutes. To make landing a job quick and easy, ResumeLab offers free, up-to-date job hunting tips and resume examples for the most popular professions and industries from a dedicated team of experts. Sharing more than 100+ templates, fact-checked advice and the latest workplace insights, ResumeLab has been featured in Forbes, Inc., and the Wall Street Journal, among many others.

Why do women bully women at work?

In the latest issue of “The Recruiting Life” newsletter, I wrote an article called, “Why do women bully women at work?” When researching that article, I asked my social media followers to share any testimonies they might have concerning women bullying women at work and… be careful what you wish for because you just might get it. In this episode I share stories of tortured women and offer solutions to keep it from happening again in the future. |

 

* The article referenced in this podcast can be found here: https://jimstroud.beehiiv.com

* Music featured in this podcast is by Vodovoz Music Productions. Songs featured: Dreamer, Beyond the Void, Bass in the Clouds, and Baretta Blues.