How the college degree lost its value: Nearly half of US companies plan to ax Bachelor's degree requirements - after Walmart, Accenture and IBM led the charge

Trending 3 months ago
  • Some 45% of companies scheme to destruct bachelor's grade requirements
  • And 55% said they'd already eliminated bachelor's grade requirements successful 2023
  • Walmart , IBM , Accenture and Google are among those to person led nan charge 

By Neirin Gray Desai Consumer Reporter For Dailymail.Com

Updated: 16:44 EST, 29 November 2023

Nearly half of US companies intend to destruct Bachelor's grade requirements for immoderate occupation positions adjacent year, a caller study has revealed.

And 55 percent said they'd already eliminated grade requirements this year, according to an Intelligent.com study of 800 US employers, carried retired successful November.

It comes after Walmart, IBM, Accenture, Bank of America and Google announced akin plans. 

The study recovered that nan aforesaid employers that person already eliminated Bachelor's grade requirements were acold much apt to proceed doing so. 

Nearly half of US companies intend to destruct bachelor grade requirements for immoderate occupation positions adjacent year, according to a study by Intelligent.com

In October, Walmart eliminated assemblage degrees arsenic a request for hundreds of its firm roles, saying it would get free of 'unnecessary barriers' that forestall profession advancement. Pictured is simply a firm office successful San Bruno

For example, Accenture launched an apprenticeship programme successful 2016 done which it has since hired 1,200 people, CNBC reported.

INDUSTRIES DROPPING DEGREE REQUIREMENT

Information services: 72%

Software: 62%

Finance and insurance: 61%

Construction: 55%

Healthcare and societal assistance: 42%

Education: 35%

Some 80 percent of those group joined nan institution without a four-year-degree.

Earlier this year, nan institution expanded nan programme pinch nan extremity of filling 20 percent of its US entry-level roles.

'A person's acquisition credentials are not nan only indicators of success, truthful we precocious our attack to hiring to attraction connected skills, experiences and potential,' CEO of Accenture North America, Jimmy Etheredge, told nan outlet.

In October, Walmart eliminated assemblage degrees arsenic a request for hundreds of its firm roles, saying it would get free of 'unnecessary barriers' that forestall profession advancement.

It said job applicants would commencement seeing updated occupation descriptions adjacent year.

In particular, it said it will waive nan request for a assemblage grade if candidates tin show they person gained nan basal skills done replacement anterior experience.

'While degrees should beryllium portion of nan equation and successful immoderate cases moreover required, location are galore roles wherever a grade is simply unnecessary, including astatine firm headquarters,' a blog station from nan retailer read.

But while immoderate companies look to beryllium spearheading nan movement, those that haven't made changes frankincense acold look little apt to do truthful successful nan future.

Among nan companies that didn't destruct bachelor's grade requirements successful 2023, only 9 percent said they expect doing truthful adjacent year.

Accenture launched an apprenticeship programme successful 2016 and has since hired 1,200 people, 80 percent of whom joined without a degree

As portion of nan survey, employers were besides asked what types of positions they were astir apt to destruct grade requirements for.

Among nan 55 percent who eliminated bachelor's grade requirements, 70 percent did truthful for entry-level roles, 61 percent for mid-level roles and 45 percent for elder roles.

And of nan 95 percent of employers who person bachelor's grade requirements, 24 percent require these degrees for three-quarters of their jobs and 27 percent opportunity they require a grade for astir half of their positions.

A study published by nan Burning Glass institute past twelvemonth described nan increasing inclination of cutting degrees arsenic a request arsenic 'an basal measurement successful reducing inequity successful nan American labour market.'