Four years and tens of thousands of dollars for a piece of paper. Is it worth it? While higher education often correlates with higher compensation, more Americans are saying no. According to the Pew Research Center, only one in four Americans now believes a college degree is necessary for a well-paying job. Rising tuition fees and the impact of student debt have driven this shift.

• Over the past decade, earnings for US workers without bachelor’s degrees have increased — about 49% believe a degree is less essential for a well-paying job than 20 years ago.
• As a result, less than half of young workers (ages 25 to 34) have a four-year college degree, with 29% saying the cost isn’t worth the debt.

The Great Unlearning: In 2022, ~60% of graduates started “sellout jobs” (a.k.a. finance, consulting, and tech), but that number dropped to 54% in 2023 due to decreased hiring in these sectors. This trend may continue as companies plan to hire 5.8% fewer graduates this year due to the economy. Employers are rethinking “entry-level” roles, valuing sophisticated internships, soft skills, and AI abilities over traditional experience.

But it’s not all bad news. According to the latest Labor Department report, new graduates can find part-time roles in retail, transportation, or healthcare, which are currently the most in-demand industries.

Read: MBAs Don’t Shine Like They Used To: Why Students Are Skipping B-School