Do you want to work in crypto? University programs offer great opportunities for job seekers

With Bitcoin halving, cryptocurrencies and other macro factors seeming to signal the beginning of the next bull market cycle for crypto, many may be considering starting a career in this space. It happens to many people involved in Bitcoin (BTC), blockchain or cryptocurrencies.

Initially, they are “investors” in the new digital asset class, researching and buying assets. For some, this will change the interest in decentralized ledger technology and the blockchain industry. Many have decided to find career paths and acquire the skills necessary to jump into a career in this field.

Since the start of the blockchain and cryptocurrency industry, most people have found employment through informal connections or visible skills.

Today it is a bit difficult to break into this growing industry, but universities have come up with a solution. Formal blockchain degrees are now offered worldwide, allowing individuals to master the concepts upon which the sector is built as they network and enter the industry.

In the wake of the bear market and subsequent slowdown of the blockchain industry in late 2021, there have been significant layoffs at crypto-centric firms such as Coinbase, Gemini, and Consensys.

The last half of 2023 has seen recent bullish speculation and signs that the start of the next bull market is approaching. The increased activity in the blockchain industry indicates an increased demand for talent to meet the upcoming demand, and more people are looking to get in the door at a crypto company and find ways to differentiate themselves from the rest of the industry.

Not everyone is like John Dalby, who will join New York Digital Investment Group (NYDIG) in 2021 as chief financial officer of Bridgewater Associates. Dalby brings valuable traditional finance experience to NYDIG.

However, not all degrees can be easily translated into the blockchain industry, because individuals need to understand the technical and practical aspects to understand the unique value that this new industry holds.

With an average growth rate of 59.9% predicted from 2023 to 2030, the blockchain industry is said to be on the path to strong growth. According to PwC, by 2030 there will be more than 40 million jobs connected to the blockchain industry worldwide. For some typical blockchain industry jobs in the United States, the average salary, job responsibilities are more extensive, and the demand for advanced degrees increases.

Traditional educational institutions such as colleges and universities now offer degree programs focused on blockchain technology. Some are technical while others combine business and technology.

The existence of these programs begs the question: Do these formal degrees have value in a still-growing industry? Do they give a degree holder an advantage in the current marketplace? Is this a sign that the industry is maturing, and should we view these academic credentials as a sign of a certain level of competence?

What do blockchain educators say?

Cointelegraph spoke to directors of various university programs around the world to get their insights on the goals of formal blockchain education programs.

Brian Huillon, program coordinator for Cumberland's Master's Program in International Business in Blockchain Technology, told Cointelegraph that the program is “preparing our business students to serve as partners and support the role of entrepreneurs and developers.”

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One of the most important skills needed in the blockchain industry, he said, is a deep understanding of regulatory issues, especially as innovations “don't get shut down before they're developed,” allowing these up-and-coming blockchain experts to work with lawmakers as the industry grows.

Roman Beck, head of the European Blockchain Center, told Cointelegraph, “Standard degrees allow to mark and position the topic next to more established degrees and increase the visibility of the blockchain industry”, giving it more acceptance among the traditional world.

He believes the industry needs multi-skilled individuals, saying that “it is a very urgent skill and mindset for blockchain architects and developers” to develop economic models that create and capture value for decentralized businesses.

Michael Jones, director of the Cincinnati Cryptoeconomics Lab, told Cointelegraph that having a formal degree brings legitimacy and credibility to the industry as a whole. In addition to pointing to the traditional world that decentralized ledger and blockchain technologies deserve further study, he cited “opportunities to connect with students from multiple disciplines, such as computer science, mathematics or economics.”

The number one skill Jones believes the industry needs is “risk assessment and risk management.” Merely knowing the technological capabilities but lacking a basic understanding of “market risk, operational risk, risk exposure, protocol risk, regulatory risk, etc.” The industry calls blockchain technology “slow and uneven.”

Each of these programs has produced industry experts who have gone on to work at companies such as Chainalysis, MakerDAO, Brainbot, TradeLens, ZTLment, Januar, Concordium and Reality+, among others.

For example, the European Blockchain Center and the University of Cumberland boast alumni Demelza Hayes and Michael Tabo, who work as economists and researchers for Cointelegraph.

All of the program directors interviewed have different opinions about the current state of the blockchain industry and its implications for formal education.

According to Jones, while industry does not particularly value formal degrees, universities have not been good industry partners. Universities can be slow to introduce new and innovative curricula, and many universities are reluctant to pay top dollar to attract industry experts to teach students.

“The industry is looking for anyone who can handle the jobs,” Haulien added, but “a formal degree in the field is desirable, especially when it comes to developer/programmer roles.”

Beck sees the industry as valuing formal degrees, but “what they really value is the education in which students develop a decentralized mindset, able to imagine and realize distributed networks of value co-creation.”

What do blockchain employers say?

The higher education institutions mentioned above are forward-thinking in preparing students for jobs in the blockchain and decentralized ledger technology industries. The hiring process at Web3, however, is not as traditional and does not hinge on formal credentials.

Cointelegraph wanted to find the other side of the proverbial coin and asked some Web3/Blockchain recruiters to take formal degrees and what they might mean for the industry in the future.

All employers interviewed reported that clients were employed with formal degrees. The easiest and most sought-after degrees to transition into the blockchain industry are technical ones like coding and cryptography.

This makes sense, because more highly specialized skills need to be filled first, especially in a nascent and growing industry. However, they all believe that the demand for individuals with additional qualifications but strong experience in technical matters will increase as the industry grows.

“I think degree pathways get people involved earlier and make the position more legitimate,” said Ryan Hawley, head of recruiting at Crypto Recruiters. He added: “In time [formal blockchain degrees] It will be universally accepted. He listed the four skills that on-demand employers are looking for: cryptography, smart contracts, database management, and compliance.

CB Recruiter David Lamb told Cointelegraph that formal blockchain degrees may be undervalued because references are currently very informal in Web3.

But having formal degree paths would bring credibility not only to the industry as a whole, but to a whole new set of individuals who might not have entered the field if not for these programs.

From Lamb's point of view, the hallmarks of a formal degree in blockchain, at least a passion for the field, as well as minimal exposure to the various elements required to become a blockchain expert are:

“Demand will come back into the market, and there aren't enough good developers to go around. However, I would argue that non-technical specialists are equally important to the industry as it grows into a multi-trillion dollar industry.”

He then lists the marketing, operations, finance, legal, sales and research analysts that Web3 companies will need as the industry matures.

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Conor Holliman, the proof-of-concept, echoed some of the sentiments to Cointelegraph: “[Formal blockchain degrees] Creating an opportunity for size in space. The process of onboarding people to use blockchain technology is akin to learning a foreign language. As someone with no experience with blockchain before, I had to go through trials and tribulations to really learn how to market and use different blockchains. The more people with normal backgrounds come to this space, the easier it will be to onboard the next billion users.

Holliman says that as blockchain use cases expand, soft skills between different parts of Web3's business will be highly valued. Engineers, cryptographers, and developer relations are three sought-after careers in Web3 today.

While no magic bullet guarantees a degree holder a Web3 job, it can give future candidates a competitive advantage. It's also like an incubator to work with like-minded individuals who are all trying to break into the field at the same time. This network may be worth the price of admission alone, giving students the opportunity to create the next revolutionary Web3 project in this area.