The need for upskilling and reskilling has garnered attention due to the global skills gap and the demand for future jobs. It is estimated that, on average, 42% of the skill demand for jobs across all industries will change between 2018 and 2022 according to UNESCO report of 2021. Failure to meet the skill demands of the new workplace could be as high as $11.5 trillion in G20 states over the next year according to Accenture reports. The skill gap problem is so serious that Garnet recently found that 58% of employees need new skills to do their jobs effectively. This study aims to explore the perceptions of Iraqis regarding the effectiveness of the formal education system in providing them with the necessary skills and training to secure a job, perform their duties effectively, and become self-reliant. The study uses data from the seventh wave of the World Values Survey and includes three variables related to the formal education system and skills required. Gender, age, and education level of respondents are considered as moderators, and crosstabulation, Chi-Square Test, and Fleiss Kappa are used for analysis. The study's hypothesis is to
EJMSSThe study's contribution to the contemporary perceptions of the people of Iraq on formal education and skill development highlights the need for skill development to meet the demands of the current and future workforce.