The rise of artificial intelligence can make college degrees 'out of date': Upskill in AI or fall behind, says expert
"AI helps people rapidly build and command expert knowledge ... which could make formal qualifications less relevant," according to the report which analyzed close to a billion job ads and thousands of company financial reports across six continents.
The technology is also creating rapid turnover in the skills and knowledge workers need to succeed, which may mean that formal degrees become "out of date" more quickly, the report added.
Notably, the skills that employers look for are changing 66% faster in occupations most exposed to AI, such as financial analyst, compared to those least exposed, such as physical therapist. This is up from the 25% recorded last year, according to PwC's data.
"For workers, a greater emphasis on skills over degrees in hiring may help to democratise opportunity, opening doors for those who lack the time or resources to gain formal degrees," the report said. "In AI-exposed fields, what matters is increasingly what people can do today, not what they studied in the past."
Today, education isn't limited to formal institutions or universities anymore, as you can learn using AI tools and LLMs (large language models), PwC Global Chief AI Officer Joe Atkinson told CNBC Make It. In order to adapt and futureproof your career in the rapidly changing work landscape, he suggested upskilling on AI at home.
"I think the ability individuals will have to tap vast amounts of knowledge is amplified in this age of AI," said Atkinson. This is leading to a new kind of economy where "the bar for everybody goes higher, because the access we all have to knowledge will be greater."
"The AI models are developing capabilities at a speed that is incredible ... I think anybody that is not uncomfortable feeling like they are constantly trying to keep up, probably isn't paying attention," he said.
He suggested exploring the different AI models, figuring out the differences between them, learning how to prompt LLMs, monitoring tech blogs and practicing using the tools as much as possible.
"What's most important is that AI skills are practical skills. They're applied skills ... you have to use the tech," he said. The dedication to self-learning during this era is becoming "the new table stakes. If you're not able to do that, you are going to fall behind so quickly."
"The reality is we can't fear the tech. We have to embrace the tech," added Atkinson.
But ultimately, formal education isn't only about acquiring knowledge and skills — "it's about the whole person," he said. "It's about how you think and how you interact and how you critique. I think those higher-order capabilities ... become more valuable in the future, not less."
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