More Students Are Forgoing College for Apprenticeships
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Here's your money briefing for Tuesday, March 21st. I'm Erin Delmore for The Wall Street Journal, filling in for J.R. Whelan. What's harder to get into than an Ivy League university? Some apprenticeships. Would-be college students are increasingly choosing them over traditional four-year universities to train for careers in insurance, banking, IT, and other white-collar professions.
It's kind of popping up everywhere because the need to get more skilled workers into the labor market is intense.
We'll talk to Wall Street Journal reporter Doug Belkin about why apprenticeship models are taking off right now and why more students are choosing an alternative investment in their futures. That's after the break.
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Some apprenticeships are harder to get into than an Ivy League university. More and more students are choosing them over traditional four-year colleges. I'm Erin Delmore, and joining me is Wall Street Journal reporter Doug Belkin.
What apprenticeships are now harder to get into than Ivy League schools?
Doug, thank you for being with us.
Thanks very much for the invitation.
So, Doug, tell me more about these apprenticeship programs. How do they work?
Mostly students will take classes, often in community college, but not always, sometimes in a four-year college, and they'll be working at the same time, and they'll have a mentor at work, so they'll be learning a trade. Traditionally, the trade's been in construction or something blue collar, but more and more we're seeing these pop up in white collar industries and insurance and banking and IT. And so they're going to school on the one hand and learning the theory about how an industry works. And then the second half of the week, they're in an office building or on a construction site and they're actually performing what they're learning and they're getting paid for it.
Okay, so you're saying that we're seeing these apprenticeship models move into more of a white-collar space. Insurance, banking, IT. Where else are we seeing them? Which industries and which parts of the country?
They're really spread all over. And what's interesting about this phenomena is that it's very organic. It's being driven in high schools. It's being driven from corporations. It's being driven within the trades. And the government is also behind some of it. So it's kind of popping up everywhere because... The need to get more skilled workers into the labor market is intense, and there's just a skills mismatch, which is prompting people to think a little bit more creatively about how to do this and do it quickly.
Doug, should we take all of this as a sign that traditional four-year colleges are losing a bit of their appeal?
Yeah, they're facing headwinds, and they have been for a number of years, probably since the Great Recession. The cost of a university degree continues to outstrip earnings. And more importantly, I think, the risk of going into debt for a degree that may or may not pay off and that you may or may not get. Only about 60% of kids who start a four-year degree graduate in six years.
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