How important are graduate and doctoral degrees? As job markets become even more competitive in the current static economy, recent college graduates will need to compete with seasoned applicants for the same positions. Qualifications and specialized skills could become that much more important.
How important are graduate and doctoral degrees? As job markets become even more competitive in the current static economy, recent college graduates will need to compete with seasoned applicants for the same positions. Qualifications and specialized skills could become that much more important.
Between 2010 and 2020 there is expected to be a growth of 2.6 million jobs that will require advanced degrees, according to a study conducted by the Council of Graduate Schools. Of these 2.6 million jobs, 20 percent are expected to require a doctorate degree and 22 percent are expected to require a master’s degree. The Georgetown Center for Education and the Workforce conducted a study that shows unemployment rates of those with graduate degrees are lower than those who only hold bachelor’s degrees.
“Graduate degrees tend to outperform [bachelor’s degrees] on employment in part because advanced degrees represent higher levels of human capital development and because those degrees are more closely aligned with career pathways in particular occupations and industries,” according to the Georgetown Center study.
While students may choose to pursue a doctorate or master’s degree in order to increase their knowledge in a specific field, students are also considering graduate school in order to delay entering a limited job market caused by the economic downturn.
In 2011, a total of 3,660 master’s degree students and 627 doctoral students were enrolled at Portland State.
The largest graduate schools at PSU are the Graduate School of Education, housed under the College of Liberal Arts and Sciences, and the College of Public and Urban Affairs. Other large graduate programs include the School of Social Work and Maseeh College of Engineering and Computer Science.
“We have seen an increase in the number of students exploring graduate school, and sometimes students will be explicit that they are planning on graduate school as an alternative or a backup plan to struggling in a tough job market,” said Gregory Flores, PSU associate director of Career Services. “There has not been a particular field that stands out; people in a number of disciplines have made appointments to talk about how to apply to graduate school or to work on personal statements,” he added.
One problem Flores observed is that students often decide too late to apply for graduate school.
“Most of the students I have seen who are interested in graduate school as a way to wait out the weak job market have started too late to apply for this fall. Doctoral applications are typically due in December, masters in February/March. Generally you should start working on your applications at least three months before that, and to be competitive, you should have at least six months of relevant experience on your resume to demonstrate your commitment to and understanding of the field,” he said.
For some students, the decision to pursue a graduate degree can help them gain more experience and expertise in their field. In some cases, it is also important for students to obtain real-life experience before choosing to apply for graduate school.
“The most important thing to remember if you are looking at graduate school as a way to improve your employment opportunities is that you need to use your time in school to get as much real world experience as you can,” Flores said. “For anyone in graduate school or considering it, it is important to make connections with people and companies you are interested in and find out what skills, training and experience you need to work there. Having this information up front will help clarify if graduate school is the right path for your goals.”
Kate Constable, School of Social Work undergraduate adviser, agreed with Flores. “In terms of a graduate program, it will be about specifying your career goals,” she said.
“Both of our majors require a practicum to graduate,” Constable said. This kind of hands on experience can give students more guidance when it comes to plans after graduation, she said.
While students wishing to pursue jobs in education or engineering may have clearer career goals, these decisions can become more difficult for students in less specified majors such as English or history.
“Another thing that helps a student in our major is that they can conceptualize their career options early on,” Constable said.
For all students, whether they choose to pursue a graduate degree as an enhancement or as a delay, cost one of the biggest factors. Tuition costs for Oregon schools were raised an average of 3.8 percent this year, and the graduating class of 2010 had an average student debt of $25,250.
“Cost should be a huge consideration. Before deciding to go to graduate school you should know what you are going to get back from it and how you are going to pay for it. In tight budget times, there are less assistantships available to help offset the costs, and starting next year, graduate students will not be eligible for subsidized loans, which will further increase the cost for most students,” Flores said. ■
