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The Indicator from Planet Money

Do I need a four-year degree?

The Indicator from Planet Money

NPR

Business

4.79.5K Ratings

🗓️ 5 April 2024

⏱️ 12 minutes

🧾️ Download transcript

Summary

The U.S. labor market continues its hot streak, adding 303,000 jobs last month — more than expected. Many of these jobs will require a four-year degree despite a push among some employers to eliminate these requirements. On today's show, we look at the state of the job market for people without a four-year college degree.

Related episodes:
The lopsided market for higher ed
Enough with bachelor's degrees
The cost of student debt
Failing college

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Transcript

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0:00.0

NPR. This is the indicator from Planet Money. I'm Adrian Ma.

0:14.3

And I'm Sally Herships.

0:16.0

Uh, Sally, it's so good to have you back.

0:17.7

It's so nice to be back. Thank you so much for having me.

0:20.5

On a special day, right?

0:22.0

Oh, yeah, it is Jobs Friday.

0:24.0

That's right.

0:26.0

The latest Bureau of Labor Statistics Report came out and it said employers added

0:30.0

303,000 jobs in March and the unemployment rate fell to 3.8%.

0:37.0

Those are some good numbers.

0:39.0

Totally, very hot jobs numbers this month and many of these newly added jobs will probably be asking

0:43.9

candidates to have a four-year degree. You know that's a pretty common thing to

0:48.1

see right? And yet only 40% of Americans actually have a four-year degree.

0:53.6

That's not even half the country.

0:55.7

So it makes sense that during a recent state of the Union,

0:59.1

President Biden said he's focused on high-paying jobs

1:02.1

that do not require a degree.

1:04.0

Creating tens of thousands of jobs.

1:06.6

Many of those jobs paying $100,000 a year

1:09.4

and don't require a college degree.

1:11.5

And we have seen a small uptick in employers dropping degree

1:14.8

requirements, but it's a pretty small uptick, not even 1% over the previous year.

...

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