4 Signs Your Degree Won’t Lead To a Stable Income by 2030 — and What To Do Now
An article published in The Guardian noted that many young people feel stuck and that the life they had hoped for in adulthood isn’t feasible, as Gen Z struggles to find prosperity with a college degree.
The article reported that the graduating class of 2024 had an average of $29,560 in student loan debt, a burden that can be challenging to pay off in this economy.
Based on data from the Federal Reserve Bank of New York, the unemployment rate for new college graduates has been higher than that of the overall workforce since the pandemic, putting Gen Z in a difficult position.
We consulted with experts to identify the signs that your degree won’t lead to a stable income by 2023, as well as proactive measures you can take now.
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Signs Your Degree Won’t Lead To a Stable Income by 2030
Entry-Level Jobs Are Shrinking
“Look out for industries where entry-level jobs are shrinking and senior postings are holding steady,” said Brennan Kolar, senior financial analyst and founder at Atlas CPA Index. “This is a massive concern in the business world, as accounting, analysis, software developers, web designers, and many other positions are being automated with AI tools.”
Many industries are cutting out entry-level jobs as AI tools replace this type of work. This brings us to the next sign.
AI Tools Are Automating Tasks
Another thing to look out for is degrees in tasks that AI-powered tools are already automating.
Lauren Mastroni, career expert with Resume Genius, emphasized that you should pay attention to whether entry-level hiring is shrinking, whether wages in the field are stagnating and whether employers are increasingly using automation or AI to perform work that was traditionally assigned to junior employees.
If there’s a chance that your role can be automated, you may want to choose another major.
Salaries Have Been Flat
Kolar suggested that you avoid industries where salaries have remained flat for years despite rising tuition costs. This signals a supply of applicants that exceeds the demand, and may indicate long-term income instability.
A Lack of Job Growth
Another warning sign is a growing mismatch between the number of graduates entering a field and the number of quality jobs being created, per Mastroni. She noted that there are industries where full-time roles with clear career growth are becoming harder to land, as employers increasingly rely on contract, freelance, or temporary workers. This can signal a less stable path ahead for new graduates.
How To Prepare for Possible Job Disruptions
Look Into Upskilling
The experts agreed that if your skills are limited to basic analysis, routine reconciliations, and data entry, consider expanding your skill set and providing value in other ways. Kolar warned that the education system has not yet kept pace with the rapid changes in the business world. This is why you want to focus on upskilling, through courses and certifications, to “level up” what you can offer in your current role.
Earn Relevant Credentials
Kolar believes that one of the highest leverage moves you can make is obtaining a credential in your chosen field. He believes that it’s an immediate signal to employers that you have what it takes to succeed in your industry in the long term and that you’re dedicated to your career.
The experts noted that now, more than ever, it is imperative to set yourself apart from the applicant pool, which may require you to spend money upfront on additional courses, credentials or workshops.
Review Job Postings in Your Field
You want to review job postings in your field to ensure that the skills in new job postings haven’t drifted too far from your daily functions. This will also help you identify any skill gaps.
Focus on Creating Relevant Work Experience
Mastroni advised that to prepare for disruption, students and young professionals should think beyond earning a degree. She elaborated, “The strongest protection against uncertainty is developing a broad set of skills, gaining practical experience, and learning how to work alongside emerging technologies rather than compete with them.”
According to data from Resume Genius, 86% of hiring managers said they valued relevant work experience over formal education, while 79% said self-taught skills or a strong portfolio are as valuable as formal education.
"It's an extremely volatile and difficult job market right now, but with the right preparation, young professionals can adapt and achieve income stability down the stretch,” Kolar added.
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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