Is a College Degree Necessary for Success?

Is a college degree necessary to succeed in business?

A college education is still a common path to career success, and for many professionals, it plays an important role. According to Statista, 2.02 million students earned bachelor’s degrees in the United States during the 2021-2022 academic year, a figure projected to grow to 2.46 million by the 2031-2032 academic year. That steady increase suggests higher education remains a popular and influential option.

That said, a degree isn’t the only route to success, especially in business. Many industries place greater value on practical skills, real-world experience and results than on formal credentials alone. Whether college is the right choice depends on your goals, the field you want to enter and how you prefer to learn and build expertise.

Reasons a college degree may be necessary for success.

For many job seekers, a college degree is still a prerequisite for getting a foot in the door. While its value varies by role and industry, most employers continue to view a degree as an important hiring signal. A college degree can bring the following benefits: 

• It helps your résumé get considered. Many employers use education requirements as an initial screening tool in the hiring process, especially when applicant pools are large. “The way HR departments have evolved and hiring strategies have changed, [a college degree] has become an essential box to tick, something that must be on a résumé for you to be considered for a position, even if the position wouldn’t require skills that you acquired while earning that degree,” explained Valerie Streif, a marketing and PR specialist at GetMyBoat.
• It opens access to more job opportunities. Because many roles still list a degree as a requirement, earning one can expand the range of positions available to candidates, including jobs they may not have otherwise qualified for.
• It can lead to higher earnings over time. While pay can vary widely by position, industry, experience and more, the long-term wage gap between degree holders and non-degree holders can be substantial. According to the Bureau of Labor Statistics, in the third quarter of 2025, full-time workers aged 25 and over with at least a bachelor’s degree earned a median weekly wage of $1,747. By comparison, high school graduates who didn’t attend college earned $980. 
• College degrees are common even among entrepreneurs. Formal education remains prevalent among people who go on to start and run businesses. According to Guidant Financial’s 2025 Small Business Trends report, 43 percent of small business owners have a bachelor’s degree, 27 percent have a master’s degree, and 5 percent have a doctorate.
• It can help once you’re past the first cut. When employers are comparing candidates with similar experience, having a college degree can give one applicant a slight edge.

Reasons a college degree may not be necessary for success

While a college degree still offers clear advantages, it isn’t the only path to success. For many people, the rising cost of higher education and shifting employer expectations have changed how valuable a four-year degree feels in practice. Here’s why many professionals aren’t going the college route:

• The cost of attending college has risen steadily. College Board research shows that average tuition and fees for the 2025-2026 academic year are $45,000 at private colleges and $11,950 at public four-year institutions for in-state students. That price tag has led many people to rethink the return on a four-year degree. A Pew Research Center survey found that just 22 percent of U.S. adults believe a four-year degree is worth the cost if taking out student loans is required.
• Some employers are removing degree requirements altogether. A 2025 survey by ResumeTemplates revealed that about one-quarter of U.S. companies have already dropped or will drop bachelor’s degree requirements, and 69 percent say relevant experience is more important than a degree. When it comes to hiring experienced workers vs. recent college graduates, many employers now place greater weight on proven skills and real-world performance than on education alone.
• Many careers offer alternative paths to learning and advancement. While degrees remain essential in fields such as medicine and engineering, other industries — particularly technology, digital marketing and some business roles — often value on-the-job training, certifications and hands-on experience. In fact, companies such as Google, Apple and IBM have removed bachelor’s degree requirements for many positions.
• Success without a degree is possible in the right circumstances. Some entrepreneurs have built highly successful careers without completing college, including Steve Jobs and Mark Zuckerberg. While these examples are not typical, they show that formal education is not the only route to professional success.
• Personal goals and definitions of success matter most. Experts agree that success isn’t one-size-fits-all and depends heavily on the path someone chooses. “People can certainly be successful without a degree,” said Alex Membrillo, CEO of Cardinal Digital Marketing. “However, they need to choose a path or career where it’s not necessary.” Jacob Dayan, partner at Consumer Law Group LLC, agrees, noting that it’s up to the individual to decide how they view and measure success. “There are many variables to help measure your own unique success,” Dayan noted. “For example, you can find success without a college degree by taking on a family business at an early age.”

Alternatives to obtaining a college degree

There are other viable paths to building a career. For many people, these alternatives offer faster entry into the workforce and a clearer connection between training and job outcomes. Here are a few to consider:

Trade schools

For people who don’t have the resources or desire to attend college, trade schools offer a more direct path into the workforce. These programs focus on practical, job-specific training in fields such as HVAC installation, dental hygiene and culinary arts, often allowing graduates to begin working far sooner than those pursuing four-year degrees.

Most trade school programs can be completed in six months to two years and lead to a diploma or industry certification. For students who want faster entry into paid work and a clearer connection between training and job outcomes, this shorter timeline can be a major advantage.

For those who prefer hands-on work and structured career paths, trade schools can be a practical alternative to a four-year degree — one that emphasizes employable skills over credentials alone.

Apprenticeships

Apprenticeships are similar to trade schools but place a stronger emphasis on paid, hands-on experience. Instead of paying tuition, apprentices typically earn wages while learning job-specific skills, making this an attractive earn-and-learn option for people who want to enter the workforce quickly.

Pay during an apprenticeship can be competitive, especially when working in skilled trades. According to Indeed’s 2025 data, some of the highest-paying apprenticeship roles include plumbers, elevator technicians, carpenters, electricians and mechanics. Many apprentices in these areas earn roughly $41,500 to more than $51,700 per year while still in training. They also gain valuable real-world experience, mentorship and access to industry networks that can help ease the transition into full-time roles.

Apprenticeship program participation is enormously popular. U.S. Department of Labor data shows there were about 680,000 active registered apprentices in fiscal year 2024, up from prior years. Things tend to work out well: Roughly 93 percent of apprentices who finish their programs remain employed, underscoring apprenticeships’ effectiveness as a pathway to long-term work.

Self-made endeavors

For people who don’t pursue college, trade school or apprenticeships, success often depends on initiative, networking and real-world experience. Building a personal brand, developing a reputation or learning directly from industry peers can open doors that formal education may not.

For some entrepreneurs and professionals, it’s possible to get rich without college by building in-demand skills, growing a business or leveraging industry experience instead of formal credentials.

“I had a financial advisor who was a retired PGA club pro,” Membrillo recalled. “While he did not have a college degree, he had over 25 years of business experience running a large golf club and pro shop. When he transitioned to financial advising, he obtained all the needed certifications and training from the national investment company he worked for.”

For many workers, experience speaks louder than degrees. Short-term professional and business certifications, online courses and bootcamps, such as those offered by Coursera, LinkedIn Learning and Google Career Certificates, can help build job-ready skills without a four-year commitment.

“If you start out by working for small businesses through personal connections and build up a strong reputation and a long résumé of experience, you’ll reach a point where no one will question your education,” Streif said.

Sean Peek and Sammi Caramela contributed to this article. Source interviews were conducted for a previous version.