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I grew up in the US and worked in Austria for a number of years in my twenties, I was always impressed with this part of their education and professional process, always wondered when American companies would get smart and follow suit.

Many jobs don't need a degree, they just need you to know how to do one thing really well. A short well focused training program would do that.

The trick to making this work in the US will be breaking the habit of pointing every student in the direction of a 4-year college degree after high school.

It's also something that's not done at the senior year of high school. Students are tracked toward multiple types of schools (basic, vocational, or university) at a much earlier age.

It's a pretty serious decision, and IMO clashes with the mode of American parenting these days.

Yeah, but will the students stay? Or will they take their free training and go elsewhere?
Lets take an example like a auto body shop(i knew a guy in Austria that owned one and did training), although they could take the skills he had taught them elsewhere, he could also hire off of his competitors as well. Some could start their own thing, but not everyone is meant or wants to run a business.
I posted an Ask HN related to this, would love to get some feedback on it:

https://news.ycombinator.com/item?id=12561580

Short version:

Does anyone do this in software for certain specialties (like application security, DevOps, etc.) either for people with no experience (or more likely) generalist dev experience? What Dan Luu termed "trainingball" and what Matasano (sort of?) used to do with its proverbial .NET programmers:

https://danluu.com/programmer-moneyball/

https://news.ycombinator.com/item?id=7260087

Most companies in Silicon Valley will train you in Devops if you're a DBA, as long as you already can write a Perl or Python script.