"They Can't Take Your Education Away from You" - But They Don't Want to Buy It Either

 For centuries in America, ever since the Puritans founded Harvard in 1636, higher education had been the differentiator. Having the BA/BS or, better yet,  advanced degrees signaled - like a tailored-made suit or an upper class accent - you were destined for unique success. Those who pushed you to get "a good education" hammered the meme "They can't take your education away from you."

Well, it’s turning out in some sectors that the "they" aren't willing to pay for that education either. This is not new.

Way back in 2008, during the global financial downturn, in my career coaching for those displaced the issue arose: Should they leave that law degree or the Ph.D. in leadership off their resume? It was common sense they could come across as overqualified or anticipating a high salary.

Post-9/11, when my industry collapsed, I deleted all but the BA from my credentials. Since I know how to handle interviews I was offered the first survival job I applied for. I got it: Loop into what the company needed, don’t showcase my mighty mind honed at Harvard and more.

What is new is this: Not hiring those with advanced degrees - or even the standard BA/BS - had mutated into a norm. Instead of being a differentiator they are functioning as a hardening obstacle to getting work. 

The Wall Street Journal confirms this trend:

"Landing a professional job in the U.S. has become so tough that even Harvard Business School says its M.B.A.s can’t solely rely on the university’s name to open doors anymore."

The numbers capture the plight of what employers label the "overeducated." For instance, 23 percent of Harvard M.B.A.s who graduated last year were out there pounding the pavement for a long time. That's up from 10% in 2022. Other elite M.B.A. programs are also no longer turning out what industry clamors for. Even the erudite bunch at McKinsey had cut the number hired at Booth from over 70 to the low 30s.

Of course, there are pockets in professional services which are thriving - for now. Big Law is among them. Myriad large elite law firms had a record year for Profits Per Equity Partner. With the lucrative practice of M&A bouncing back the demand for associates is there. Paul Weiss has been on a hiring spree, both for recent law school graduates and for seasoned star partners. Its signature is as a disruptor. That’s where a business has to be in the second decade of the 21^st century.

But, when it comes to the Big Law scene, another old saying kicks in: No one knows what will happen to them, that is those hired. Professional anonymous networks such as Reddit and Fishbowl, like the ancient Greek Chorus, chant: Beware. The performance bar is high for associates, plus the culture is quite political. As for the partners, soon enough they could be found not to be cranking out the expected ROI and forced out. Meanwhile, in December the sector lost 1,200 jobs and Reuters projects overall demand will decline in 2025.

Career experts keep hounding that professionals must provide proven evidence of having exactly the skills to get results doing a very specific function. However, that's only part of the new norm. Added on is the urgency to keep producing at a higher and higher level. Most of tech, for instance, is putting supposed subpar performers on the chopping block. Meta is on the front lines for that one. 

The solution? In business, we’re trained to provide solutions, not stay stuck in problems.

Those determined to earn a very good living have to align with the ever-shifting law of supply and demand, developing the narrowly defined skills required at that moment. That might happen through grabbing unpaid opportunities. For a sideline in my Portfolio career, I did pro bono work on the border of Mexico. Soon enough, a paid contract assignment came to me. A third old saying kicks in: And nothing gets you work like having work. The meme is: Scramble.

As I detail in "O'Dwyer's," 80% of professionals will be changing careers, maybe a double-digit number of times. And, that will be done right in the messy setting of getting, holding and moving on to better work, not in advanced degrees programs. Going for certifications and licensing? Sure. But first do due diligence about the marketability of those.

Affordable Career Coach Jane Genova provides end-to-end career services, ranging from diagnosis of the challenges and fix-it strategies to preparation of resume/cover letters/LinkedIn profiles and how to gain control of an interview. I specialize in over-50 work issues. My edge is a background in marketing communications. For a confidential complimentary consultation please text/phone 203-468-8579 or email janegenova374@gmail.com. Remote and in-person.