Are Degrees Worth More and Feel Worthless?

In the past three years, job vacancies in Canada have declined from more than 70,000 spots to fewer than 30,000 by early 2025. In comparison, the number of bachelor’s degree holders has never been higher. In 2024 alone, the University of New Brunswick awarded 2,517 undergraduate and graduate degrees across multiple fields of study. 

The combination between fewer vacancies and more graduates relates to employer’s selectiveness in hiring. These trends, among others, help explain why some degrees are perceived as more valuable than others in today’s society. 

An article published in theEconomics Of Education Review journal states that a graduate’s earnings are proportional to how much their job matches their knowledge of their degree. This aligns with Government of Canada data showing that certain programs have higher odds of landing a job in their field of study. 

This trend is most noticeable in programs designed for specific professions such as nursing, nursing administration, nursing research and clinical nursing. These showed 90.1% of employment in their field in a 2021 census. In contrast, broader degrees like sociology or history landed in a variety of jobs, such as social workers, police officers, administrative assistants, and marketing and public relations. These findings highlight the importance of building skills that are useful across multiple professions.

However, not all students view this flexibility as a disadvantage. Melissa Del Rio, a 2nd year student at UNB, shared:

“I feel very confident about my career path after graduation … I see a wide range of possibilities. It’s very flexible and can fit tons of different jobs and projects, and I see sociology as a foundation that lets me shape my career exactly how I want.”

Dr. Walter L. Tarver, founder of T3 Group, said in a Forbes article:

“When deciding between a liberal arts degree or a specialized degree, one must objectively weigh the return on investment.” 

In the same article, Cheryl Robinson mentions how different companies have opted to evaluate candidates based on their experience and practical skills rather than their degrees. 

Del Rio resonated with this perspective, adding:

“Most of the time, people think that sociology is only studying social theory and analyzing community behaviors, and although that is a huge part, it’s only the basics.”

Del Rio also noted that she plans to double major in international development studies, and that “combining them feels like the perfect blend that matches my professional expectations.”

Despite a growing emphasis on practical skill development, the Ontario Confederation of University Faculty Associations assures that a bachelor’s degree holder will on average earn an additional $33,140 in salary per year compared to someone with just a high school diploma, which suggests that degrees continue to offer long-term advantages. 

More specialized degrees have higher chances of obtaining employment within their field of expertise, compared to those in applied arts and humanities. However, as the job market continues to evolve, practical skills are becoming increasingly valued. While degrees and fields of study still play an important role in earnings, they are no longer the only determinant of economic outcomes for employees.