Degree from a reputed university in Australia may not transform into a good job, says a new study by Ernst & Young. According to the research, Australian university degrees may become obsolete in the next decade. The company has called universities to look at their future and make amendments otherwise which students would be left with debt and poor job prospects.

For the study, 50 university leaders and policymakers were interviewed, in which more than 3000 students and employers participated. Of those studying humanities, culture and social sciences only 36 percent left their degree was relevant to jobs. Around 41 percent of students studying science and mathematics felt the same.

The research found out that around 42 percent of current and past graduates felt their degree courses needed to be thoroughly examined. More than half of the employers surveyed said that degrees in commerce and management were not worthwhile. EY recommended universities to closely observe and understand the industry and create courses required in the market.

Ernest & Young Oceania Education Leader Catherine Friday said, "Australian universities are under threat from changing learner preferences, new competitive models and international competition. They need to move now to ensure they meet the needs of a changing society and changing economy. To succeed, they will need to deconstruct the higher-education value chain, offering new formats such as unbundled degree programs, continuous subscription-based learning and just-in-time learning options."

Between 2000 and 2015, Australia's university sector grew by more than 5 percent per year which now generates USD30 billion. There were 1.4 million students at our 43 universities in 2016.

The study outlined future scenarios for Australia's university sector including a hands-on government approach that “actively champions universities as "strategic national assets", a hands-off government approach, a deregulated approach, and an "activist government" which revamps the current sector including more vocational institutes.

Under three-quarters of graduates believed that completing a degree was worth the time and effort, however, 40 percent said that they would have gone for a degree if employers did not require it.

Talking about which,  Catherine Friday commented saying, "Fixing that has become an urgent priority - 51 percent of international students believe their degree needs to be transformed and the university leaders we spoke to estimate that 40 percent of existing degrees will soon be obsolete. Those institutions that can crack the new, flexible teaching-learning models required will reap the benefits, as they outpace competitors that persist in delivering three to four-year degree programs that employers simply do not value."

However, Universities Australia chief executive Belinda Robinson slammed the report, saying government data did not match claims of growing employer dissatisfaction with university graduates and their qualifications. While Education Minister Simon Birmingham said the report pressed on the need for performance funding reforms proposed by the Turnbull government.

(The above story first appeared on LatestLY on May 02, 2018 04:49 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).