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Will a degree help me find a job in the game development industry?

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The sole purpose of acquiring a degree/diploma/certificate is to prove your credentials to potential employers and to assure them that the degree holder possesses certain minimum qualifications that the job at hand demands.

This works great for subjects that remain constant for a relatively large period of time, for example languages. The grammar of languages remain relatively constant for thousands of years. The Sanskrit language is one of the oldest organized language known to man and its grammar hasn't changed for approximately five thousand years. Same is true for the English language. The “parts of a speech” of an English sentence has not gone any major changes for approximately hundreds of years. When someone possess a degree in such subjects, one can be assured that the person possesses the knowledge that (s)he has a degree for.

The information/entertainment technology is a very different ballgame. The industry practically reinvents itself in every few years. Knowledge acquired today may become obsolete tomorrow. This somehow restricts the scope of certifications as one is required to upgrade his/her skills as new technologies emerge.

It's true that a degree can provide an indication of a person's commitment and dedication towards a subject in information/entertainment technology, but more often than not, its your ability to creatively apply contemporary technologies that sets you apart. Whether you are self-employed or seeking employment, the first thing clients or game development companies look for is a working demo (if you are a programmer). As the industry saying goes ,"You're only as good as your last project." If at all you want a degree, get one in traditional subjects such as mathematics, physics or computer science.

For a minority of individuals, a degree can also serve as a mental road-block. It can subconsciously force a person to conclude that (s)he has mastered the subject since (s)he possesses a degree. Such people stop any further studies. Nothing can be further from the truth when it comes to computing. As far as technology is concerned, we have not even scratched the surface of what's possible. There are so many individuals with degrees in engineering without ever engineering anything. As Mark Twain once said, it is better to deserve an honor and not have it than to have it and not deserve it.
 

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