Is a marketing degree worth it? Many say it’s a waste of time, money

Is a marketing degree worth it? 

Do the big brains behind the pink juggernaut that is the Barbie movie and its ensuing marketing campaign have a degree in fuelling their US$1.446 billion box office success?

We uncovered that Josh Goldstine, the president of Worldwide Marketing, at Warner Bros. Pictures Group (responsible for the Barbie movie), studied at Harvard University (his major is a mystery). 

With the prospect of being part of a billion-dollar venture, you might be enticed to invest in a marketing degree now.

Let’s run some numbers on whether a marketing degree could bring good returns on invesement.

The average cost of tuition for a bachelor’s in marketing in 2021-022 is US$10,740 for in-state tuition at US public four-year institutions.

It is US$38,070 for private nonprofit four-year institutions.

Given that half of Americans between the ages of 25 and 34 make between US$52,936 and US$63,596,  US$40,000 in tuition fees alone seems like a lot to fork out, if not impossible.

That doesn’t mean we forego getting any degree. The best way to answer the question “Is a marketing degree worth it?” or is any degree in general worth it is to know as much as possible about what we can do with it.

Marketing: The who, what and how

Marketing is about an exchange. 

The American Marketing Association defined it as “the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large.”

Forbes describes it as something that “encompasses every part of a plan to turn a prospective consumer into a happy and satisfied customer.”

From market research to advertising, as a marketer, you aim to reel in your prospective customers by filling in their needs (with your product or service in mind, of course). 

As this field is quite broad, there are many different areas of marketing you can specialise in:

• Internet marketing: Essentially to do with having a presence on the web. 
• Search engine optimisation (SEO): A method of optimising content according to what people are searching for. 
• Search engine marketing: This employs a concept called “pay-per-click.” You would pay a search engine to get more exposure to your links.
• Blog marketing: This is no longer limited to solo bloggers, but brands often run their own blogs. 
• Social media marketing: Currently the hottest marketing tool, companies use apps like Facebook, Instagram and TikTok. 
• Print marketing: While a dying art, there is still an audience for newspapers and magazines.
• Video marketing: This is no longer limited to commercials but often branches into whole campaigns.

Now that you understand what marketing entails, is a marketing degree worth it?

Despite airing in July last year, the Barbie phenomenon still fills our consciousness because of its successful marketing. Source: AFP

Is a marketing degree worth it? It might be a waste of your money

Bloomberg recently published an article with the most daunting headline: “Don’t Bet on That Marketing Degree, Gen Z.”

It reports on a study that found that nearly 60% of marketing majors are working high-school-level jobs five years after graduating. 

This statistic feels especially disconcerting when considering how important marketing is for all companies. 

It is a high-demand skill emphasised by more than 70% of global companies.

Still, many businesses expect applicants to have years of experience, even for low-level roles. 

Between this, competition from the tens of thousands of Gen Z clamouring for these roles and the emergence of AI, getting a job in the field is increasingly difficult. 

Recruiters say they hire based on who has the most experience, not who has the best marketing degree.

Perhaps this is why Bloomberg is cautioning Gen Zs against signing up for a marketing degree.

Experience can be gained without a degree. It’s hard work and a steep climb up the job ladder but you save yourself from the hefty university fees. 

You can bank on free or paid online courses (think Google career certificates) and join internships to get the work experience for the required skills. 

All of this may sound good but it’s not a path for everyone. If you don’t have a degree and don’t have experience, how do you plan to land a job to gain more experience?

Even if you do land a job, it’s unlikely to give you a comprehensive view of the field and you might maintain gaps in your knowledge.

Is a marketing degree worth it? Depends on who you ask. Source: AFP

Is a marketing degree worth it and what can you do with one?

With a bachelor’s degree in marketing, you can earn anywhere from US$78,880 to US$131,850.

The median pay of advertising, promotions, and marketing managers is US$138,730 per year — it’s one of the highest-paying non-STEM roles today.

A degree in marketing helped some to land these roles.

Take Jessica Rajesh Pope, photographer and freelance social media consultant. 

She is a self-professed “Photographer in the Streets and Marketer in the SpreadSheets,” who found her degree helpful. 

“As someone who started with zero marketing experience, it was nice to be in a place where they feed you the fundamentals,” she says.  

“And those extra bonus points my professor offered really made me get my LinkedIn game together.”

Pope notes that marketing is an ever-evolving field, so even with a degree, you must keep on your toes with the latest events.

“The hands-on, real-time learning was key,” she adds. 

“The Hootsuite certificate was one of my key learning points. And it was something I definitely used as I moved into a place that needed social planning and listening.”

While Bloomberg might disagree, some believe that the prospects of those in marketing will only improve over the next few years. 

Nike has run numerous successful marketing campaigns over the years. Source: AFP

Here are a few leading marketing roles and how much they are expected to grow according to the US Bureau of Labor Statistics: 

• Market research analyst (22%)
• Advertising, promotions and marketing manager (10%)
• Public relations and fundraising manager (13%)
• Public relations specialist (11%)
• Sales manager (7%)

It helps if you are suited to the lifestyle of a marketer or have the necessary characteristics to thrive in the job. 

Think of some impressive marketing moments from the past:

• California Milk Processor Board: “Got Milk?” Campaign
• Nike: “Just Do It” campaign
• Coca-Cola: “Share a Coke” campaign
• Wendy’s roasting its competitors on Twitter
• Duolingo’s unhinged content
• Spotify’s yearly wrapped campaign

If being a part of movements like these or perhaps being the brains behind the operation sounds good, then marketing might be right up your alley. 

Successful people in marketing are usually creative, analytical, team players, friendly, detail-oriented and comfortable taking negative feedback. 

Is a marketing degree worth it? In some cases, like with social media marketing, work experience is all you need. Source: AFP

How to get the most out of your marketing degree

A marketing degree offers many benefits:

• You will have the ability to adapt and change according to different markets.
• This degree will open you up to a wide range of roles.
• Your knowledge is applicable to different industries. 
• You can solve problems and think on your feet.
• Most universities will help you network with relevant people in the industry or work with experienced professors.
• You can develop and hone your entrepreneurial skills.
• This area is constantly changing, so you will always be learning and have the skills to keep up with changes. 

Ensure you research your university and programme thoroughly to align your interests with what you will learn. 

This will also make it easier to map out your career pathway after graduation.

If you are concerned about your job prospects, perhaps diversifying your degree would be the way to go.

You can supplement your degree with minors and electives in in-demand subject areas like finance, business, economics and psychology.

Choose these with your interests and future plans in mind as well.

You should also get as much work experience as possible. 

Dive into internships and use them as an opportunity to learn from those who know the industry in and out.  

This will also give you an idea of the pace of the industry and whether that suits your temperament. 

Is a marketing degree worth it? Yes, if you dream of being part of a groundbreaking campaign. Source: AFP

If you’re hoping to make great headway in the digital world of marketing and make your mark as a successful manager, consider a master’s programme. 

Here are the top 10 in QS Business Master’s Rankings: Marketing 2024: 

1. HEC Paris —Master in Marketing 
2. ESSEC Business School —MSC in Marketing Management Digital 
3. IE Business School — Master in Strategic Marketing and Communications 
4. ESCP Business School — MSc in Marketing & Creativity 
5. Imperial College Business School — MSc Strategic Marketing 
6. Columbia University — MS in Marketing Science 
7. Emlyon Business School  — M.S. Transformation Digitale et Marketing Stratégique 
8. ESADE Business School — MSc in Marketing Management 
9. Warwick Business School — MSc Marketing & Strategy 
10. EDHEC Business School — MSc in Marketing