The College Scam

[TopHatWombat]

So, what is a person to do?  I will use myself as an example. I have had a number of jobs—archaeologist (shovel bum), museum tour guide/educator/manager, financial advisor, teacher, and now accountant. A bachelor’s degree is required for all of the jobs that I have had. In other countries, that isn’t always the case. In England, one can leave school and go to work as a field archaeologist or an entry-level bookkeeper (not sure about the other jobs) and learn on the job, complete courses and certifications, and progress in your career into a professional role. Degree completion, top-up programs, and direct entry into master’s degree programs for skilled workers all offer real, viable ways to “move up”.

I'm going to push back on this a bit. In the US, one doesn't absolutely need a degree to have a career as an accountant or financial advisor. The minimum entry point for financial advising is the Series 65. Many an FA has started their career with that, and maybe some of the other FINRA exams. I personally know advisors with no degree and just their exams, and a couple have their ChFC. CFP requires a degree, but CFP is not the only path forward in that career.

Same for accounting. Yes, becoming a CPA requires a degree. However, only about 1/3 of accountants in the US have a CPA license, according to BLS and NASBA data. I had a very successful accounting career with no accounting degree, and no formal accounting education. At conferences and seminars, I met hundreds of practicing accountants that had no degree at all, but had successful careers in the space.

Does a degree accelerate one's career track in these fields? Yes. Does a degree open doors that wouldn't otherwise exist? Yes. Can a degree lead to a license/certification that increases lifetime earning potential? Yes, absolutely. But is a degree required for a successful career in accounting or financial planning? Nope, not at all.