In my field, the degree means relatively nothing.
It is a question of whether the time I spent earning the degree, and the experience and networks that came with it, gave me the fundamental background to be valuable.
I would say most of the opportunities and benefits that came out of my college career had to do with personal enrichment, interim work experience and internships and not specifically the degree itself.
Nobody has hired me on the basis of having a college degree, and I don't expect that anyone will. I think as long as college students (and parents) understand that, then college can be an excellent investment in your future development.
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