With the cost of universities in the UK and around the world rising steadily, and the increasing number of university graduates making graduate level work more and more difficult to find, it is unsurprising that many high school leavers are thinking hard about their future before investing in a university education. In the UK, according to the latest available statistics, the median hourly rate earned by individuals with a university level education stood at £16.10, compared to £8.68 for those with GCSE Level qualifications; suggesting university attendance still does pay.
However, with many of the richest individuals on the globe currently being college drop outs, or those who elected not to attend university at all, what ideas can be gleaned for those looking to make a lot of money without needing to attend university?
Be entrepreneurial
Richard Branson's educational background is so widely discussed that it is the first google search suggestion appearing in relation to his name. The second suggestion, 'Net worth' - which incidentally stands at $4.6 billion - explains why there is so much interest in the fact that this entrepreneur dropped out of Stowe School at 15 years old to run a newspaper, before starting a string of businesses which have made his fame and fortune. Many other names arise to demonstrate that, if you have an idea, and the drive to succeed at all costs, dropping out of school or college is no barrier to the born entrepreneur - from Coco Chanel and Henry Ford to Simon Cowell and Phillip Green, the high school drop out entrepreneur has a long legacy.
Get ahead with tech
No discussion of famous, wealthy and influential individuals who do not have a degree, could go far without a nod to the tech industry, counting Bill Gates (dropped out of Harvard and is now the world's second richest man), Mark Zuckerberg (dropped out of Harvard, now worth an eye watering $33.1 billion), and even the more old school Alan Sugar (famously started off by selling from the boot of his car, now worth $1.14 billion). Whether it is through identifying, understanding and selling the latest in consumer electronics, through coding, or keeping at the leading edge of technological advances, there are plenty of examples to show that success in the field of technology does not require a college tie.
Property can still pay
The property market is notoriously fickle, and can be a cruel mistress. Understand it, however, and make some smart decisions at the right time, and it can be the road to a fortune. Although the names of Trevor Hemmings and Steve Morgan might be less familiar than those associated with technology, with fortunes in the region of £500 million, their investments in property development have provided them with fortunes despite the turbulent times suffered by property prices – and all without a degree.
Choose your sector wisely
So, what if, as a mere mortal, you don't have a new entrepreneurial idea up your sleeve, your coding is not up to scratch and you can't put the deposit down on your first flat yet - let alone invest in a string of luxury hotels? Firstly check out different roles by sector to get a feel for the earning potential in roles which might suit your skills and interests. An average wage for a heating engineer, for example, in London, tops £33,000 - significantly above the national average, and some even earn over £40,000. Look at the areas in which you could excel to maximise your earning potential, as in every market - be it chefs, hairdressers, plumbers or PAs, the very best in the industry can command the most impressive wages.
Certain sectors, such as retail, are well known for rewarding hard work, and requiring commercial acumen rather than academic qualifications. With managers of the largest supermarkets in the UK earning six figure salaries, and many high ranked directors and even CEOs coming up 'through the ranks' as part of internal training and development schemes, rather than entering after completing university, retail is a great place to make a mark if you want to get stuck in rather than study. Look to join one of the larger chains, and be prepared to put in the hours and the hard work to move your way up.
Think outside the box
Other areas that are well placed to facilitate a lucrative career for those who have the ambition and drive to break through the more junior positions, include estate agency and sales roles, in which an ability to build relationships and work to targets are far more valuable than a degree. And if you're still not sold on the variety of options to get rich without a degree, then check out these career choices as well - some of them are somewhat unexpected, but all of them can help you make a lot of money without needing to invest in university.
If you decide to take your chances on an entrepreneurial career, or plunge your savings into property, don't imagine that you can't change your career trajectory at a later stage should you wish to. A modern working life will be, essentially, several different stages - almost mini careers in themselves - and there is no real reason why you could not choose to attend university at a later date should that appeal down the line.
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