by Fred Fuld III
Is College Worth It?
As graduation approaches, many families face one of the biggest decisions of a young person’s life: Should I go to college? For decades, the answer was automatic—college was seen as the surest path to success. But with rising tuition costs, student debt, and alternative career paths gaining traction, students and parents alike are asking a new question: Is a college degree really worth the investment?
Here’s a balanced look at the advantages and disadvantages of getting a college degree, tailored for families weighing both the personal and financial implications.
Advantages of a College Degree
1. Better Job Prospects and Earning Potential
College graduates tend to earn more over their lifetimes. Many well-paying professions—like engineering, medicine, law, and finance—require a degree to even get in the door. A degree can also open up more stable, long-term career paths with benefits like healthcare and retirement plans.
2. Professional and Personal Growth
College isn’t just about lectures and exams. It helps students develop critical thinking, communication, and time-management skills. Living away from home can also foster independence, resilience, and social maturity.
3. Networking Opportunities
College campuses are full of future colleagues, business partners, mentors, and job leads. Professors, alumni networks, and internship programs often become valuable stepping stones into competitive industries.
4. Access to Careers That Require a Degree
Some jobs—especially in education, healthcare, and science—legally or practically require a college education. Without a degree, these paths are not accessible.
Disadvantages of a College Degree
1. High Costs and Student Debt
Tuition, housing, books, and fees can add up to tens or even hundreds of thousands of dollars. Many students graduate with significant debt that takes years—or even decades—to repay. For parents, college can mean dipping into retirement savings or taking on loans themselves.
2. Not Always Necessary for Success
Tech, trades, arts, and entrepreneurship often reward skills, experience, and creativity more than diplomas. Self-taught developers, digital marketers, electricians, and business founders have all built successful careers without a degree.
3. Delayed Entry into the Workforce
Spending four or more years in college means delaying full-time employment and income. Meanwhile, others may start apprenticeships, gain hands-on experience, or launch businesses straight out of high school.
4. Mismatch Between Degree and Job Market
A college degree doesn’t guarantee a job. Some graduates find themselves underemployed or working in fields unrelated to their majors. The job market favors candidates with relevant skills and experience—sometimes more than formal education.
Questions Families Should Ask
- What is the student passionate about, and does that path require a degree?
- Is there a clear return on investment (ROI) for the school and major being considered?
- Are there lower-cost options—like community college, state schools, or scholarships?
- Could internships, certifications, or trade programs offer a faster, cheaper path?
So can you really become successful without a college degree? Look at Steve Jobs, who dropped out of Reed College and became the co-founder and former CEO of Apple (AAPL). Then there is Bill Gates, who co-ounded Microsoft (MSFT). He dropped out of Harvard. Kevin Murphy started as a front-service clerk at Publix in 1984 and became CEO in 2024. Richard Branson, founder of Virgin Group, left school at 16 (SPCE).
Here’s a list of notable founders and CEOs of large publicly traded companies who either did not attend or did not complete college. Despite lacking a degree, they went on to lead or found some of the most influential companies in the world:
Tech and Internet
| Name | Company | Role | Education Status |
|---|---|---|---|
| Steve Jobs | Apple | Co-founder, former CEO | Dropped out of Reed College |
| Bill Gates | Microsoft | Co-founder | Dropped out of Harvard |
| Mark Zuckerberg | Meta (Facebook) | Co-founder, CEO | Dropped out of Harvard |
| Michael Dell | Dell Technologies | Founder, CEO | Dropped out of University of Texas |
| Larry Ellison | Oracle | Co-founder, former CEO | Dropped out of University of Illinois and University of Chicago |
| Evan Williams | Twitter (now X Corp.) | Co-founder, former CEO | Dropped out of University of Nebraska |
| Daniel Ek | Spotify | Co-founder, CEO | Dropped out of KTH Royal Institute of Technology (Sweden) |
Retail and Consumer
| Name | Company | Role | Education Status |
|---|---|---|---|
| Richard Schulze | Best Buy | Founder | Dropped out of college |
| Amancio Ortega | Inditext (Zara) | Founder, former chairman | No formal higher education |
| Do Won Chang | Forever 21 | Co-founder | No college education |
Industry and Other Sectors
| Name | Company | Role | Education Status |
|---|---|---|---|
| Howard Hughes | Hughes Aircraft, aviation and media mogul | Founder | Dropped out of Rice University |
| Travis Kalanick | Uber | Co-founder, former CEO | Dropped out of UCLA |
Industry Trends
The trend of valuing skills and experience over formal education is gaining traction. Companies like IBM, Google, GM, and Apple have moved away from requiring degrees for certain positions. Initiatives like Peter Thiel’s fellowship program offer $100,000 grants to young entrepreneurs who choose to skip or leave college to pursue business ventures.
Final Thoughts
College can be a powerful investment in a student’s future—but it’s not the only one. It’s essential for students and parents to look beyond tradition and emotion, and weigh the financial and personal implications carefully. Success doesn’t always come with a diploma—it comes with purpose, effort, and choosing the path that fits best.
One thing to keep in mind. Although the above business leaders never received a college degree (excluding honorary degrees), many of them did attend college, and a few of them met their friends there who became co-founders of their company. So another consideration is trying college for a while without being concerned about finishing or getting that degree.
Disclosure: Author may own shares in the above described companies.