Millions of people are returning to school in the face of depressed job market. Having a masters degree seems to be the new bachelors degree. When the massive layoffs started to happen in the last few years, it's become really difficult for people. Even though they had years of experience in specific fields, they couldn't even get a job interview. Employers are very picky with the hiring choices they're making these days but it's made many people to wonder: even if they can find a job, is it worth all the money they've spend on a higher college degree? This is a big question that many are asking themselves. You go back to school and get a better education that would, eventually prove useful, but will it really translate into more money and better jobs security?
Recently, The New York Times reported on how many people are returning to school, especially non-traditional students that were laid off or hit particularity hard when the job market tanked. In many ways, the burdens of student-loan debt has become a deciding factor when trying to make the choice. Some economists believe that getting a higher degree is an investment and that the student loan problem isn't as bleak as people would have you believe. The article stated, “A number of economists and education researchers say that the student debt problem, while real, has been overblown by the press and loan-forgiveness advocates, and that most students do not graduate with too much debt.”
If you're wanting to get into the dollars and cents of what a master's degree is worth, the estimates vary depending on the source, but on average most agree that you'll ultimately make more money with a masters or doctorate. The site, Merit Education, talked about this very issue and estimated that a masters degree is worth about $2.5 million. That's quite a bit more than those with a bachelor’s and, it seems, that having a traditional four-year degree has become the new high school diploma in a competitive job market filled with over qualified individuals vying for employment. The numbers, as you would expect, climbs up even further for those with a doctorate. The number comes in around $3.4 million.
Overall, the more education you have, translates directly to hiring earnings but this isn't the only reason that people are staying in school longer. Many have decided to stay in school and get higher degrees through masters and doctorate programs simply as a way to ride out the bad economy. As many people have remained out of work, even with a good education, people are very hesitant to leave the education world behind and try to make their mark in a job field that's likely swamped with applicants. Yet, people with better degrees have had a much easier time finding employment opportunities given their education and background. The jobs might not pay as much as they would have several years ago, but eventually, the market will pick back up. Job markets and economies rise, and they fall. This is simply the way of things.
Whether it's worth it to you or not, an education is always a good investment. Perhaps it's not the best option for what you're wanting to achieve with your long-term employment goals, but going through a masters or doctorate program gives people the tools the need to surpass what the could achieve with a bachelor's degree. Higher education opens the doors to greater possibilities and allows us to realize our full potential. And that, in the end, is worth far more than the cost of student-loans or a better salary.
Photo Credits: Francis Storr
Originally posted 2011-09-30 16:36:54. Republished by Blog Post Promoter
