For some 18-year-olds, today’s A-level results day will be one to celebrate, as months of hard work will be rewarded with a ticket to their dream university. But those who miss the mark may have to make a plan for their future more-or-less on the spot.
Though going through clearing is always an option, in today’s job market having a degree is increasingly seen as superfluous.
Official figures indicate waning enthusiasm among school leavers for higher education.
Data from the University College Admissions Service (Ucas) show that the share of 18-year-olds applying for university fell from 42.1pc to 41.9pc this year, with just a third of sixth-formers in the northeast going through the system – a regional disparity that some have found alarming.
The soaring cost of further education is understandably off-putting for many. Under the relatively new Plan 5 loan, this cohort of students may be paying off their loan well into their sixties.
Graduate careers website Prospects found 40pc of students were worried about money – up from 32pc in 2022 at the start of the cost of living crisis. It added that six in 10 students were worried about the cost of living and tuition fees.
Indeed, Prospects’ report found that the share of students taking on apprenticeships had risen from 15pc to 24pc, while those opting for university dropped from 59pc to 54pc. Of those who are pursuing higher education, roughly half were motivated by the career prospects of completing a degree course.
Traditional wisdom suggests a degree is the ticket to higher salaries, but does that still stack up?
Here, Telegraph Money reveals the lucrative careers open to those that don’t have a degree – and some pay up to £65,000.
Wage growth has remained at a strong 5.7pc, according to the latest official figures. However, unemployment levels have soared by 133,000 to 1.5m, a rate of 4.4pc.
In the wake of the pandemic, a strong demand for workers had companies jostling for top talent, offering high salaries and cost-saving perks. However the so-called “talent war” appears to be winding down.
Against this backdrop, business leaders and politicians alike have turned cold on university degrees. When he was Prime Minister, Rishi Sunak, disparaged so-called “Mickey Mouse” degrees and vowed to increase funding for apprenticeships instead.
The careers outlined in the table below show how much someone at the start of their career could earn, having achieved A-levels but without any university education. The jobs are for junior and entry level positions, excluding managerial roles.
In conclusion, while a university degree may still be a valuable asset for many, there are plenty of high-paying career options available for those who choose not to pursue higher education. With the job market evolving and the cost of education rising, it’s important for individuals to consider all their options and make informed decisions about their future.