In a recent interview with Wired, Harvard Professor, Clayton Christensen, said "I think higher education is just on the edge of the crevasse. Generally, universities are doing very well financially, so they don't feel from the data that their world is going to collapse. But I think even five years from now these enterprises are going to be in real trouble."

Too many students are graduating with their bachelor's degrees after six long years, with massive amounts of debt and without the slightest idea of how to land a good job. The investment of time and money just doesn't pay off for many students in today's world.

Employers are looking for people with skills. A degree is nice, but can graduates actually do the work required? It's hard for employers to justify hiring someone just because they have a degree.

Remember the 1:2:7 rule

For every one job that requires a master's degree or higher, there are two jobs that require a bachelor's degree and seven jobs that require a two-year degree or certificate. This concept has been taught for the last 50 years at Harvard Business School.

A recent study conducted by Brigham Young University—Idaho shows that students graduating from a four-year institution have about 80 percent of skills needed for the job matching their degree. Graduates from a two-year program have 70 percent of the required skills. People who have one full year of on the job training have at 100 percent of the skills needed. If people are trying to get a job, many times that two-year option is a much better investment.

Here are three things everyone should consider when making a decision about attending school.

1. Time

Time is one of our most valuable assets. There is always opportunity cost associated with any time commitment. Students should consider how long they will not be making money because of their focus on school. The average student spends six years working on a bachelor's degree, (according to the Washington Post). Those are six years with little to no income and large amounts of debt. Ask yourself, will the job I can get with this degree empower me to make up for lost time and income?

2. Cost

When you add up the costs of going to school with the gains of employment, the numbers start to get really big. Here's how it works… It costs $22,826 for every added year at a public four-year college, according to a new report by the nonprofit Complete College America.

With a two year degree or certificate, one can expect to make around $35,000 in an entry-level position, That is a difference of nearly $58,000 in just one year. Someone who shaves three years off their schooling would be close to $175,000 ahead and have some good work experience behind them.

3. Jobs

What do the jobs look like at the end of this tunnel? Will the degree I choose help me gain the skills I need to actually land a specific set of jobs? How much do those jobs pay? What is the long-term potential for that career path? Could I get that job without the investment of a bachelor's degree? Is there a quicker and more affordable route to landing that job?

"There are many ways to gain the skills needed for gainful employment," comments J. Lawrence Richards, LDS Business College President. "Our students are gaining these skills, and saving time and money by jumping right into their first career in just two years."

There are colleges out there that offer valuable, skill-based degrees or certification that can help you land the job you want.

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