There are many advantages in holding a college degree. Even if you are not interested in following an academic career, there are plenty of vocational diplomas or certificates which can help give you the training to get ahead. Whatever type of training you receive; you'll likely earn more, be in a greater position of responsibility, and enjoy greater job security with less risk of unemployment. A good education can really help jump start your career and allow you to start making a real contribution to your employer from day one.

On the Job Training versus College degree or accredited training

Some people may argue that learning on the job is the only real way of acquiring skills and knowledge. While this may seem like a more cost effective option there are various pitfalls to watch out for too. You may be attracted by the regular income you'll receive, but if you scratch the surface this may turn out to be a false economy.

Your training may be at the whim of colleagues when they have spare time to teach you.
They may not be very good at explaining concepts or teaching.
There may be no recognized "syllabus" and you are at the mercy of what your work colleague thinks is suitable for you to know.
You will likely not receive any formal recognition of your training (like a certificate, diploma or college degree) that you could use to prove your training to another employer.
With a diploma, certificate, or college degree, you can instantly prove to a potential employer that you have achieved a specific level of expertise within your chosen field.

Finally, your resume may appear far more attractive to an employer if they can see at a glance what you have achieved. Many pay scales are also based on educational attainment.