October 4th, 2007
Is the Master’s Degree the New Bachelor’s Degree?
By now, I think a lot of us have realized just how critical the graduate degree is to a career. A New York Times article called “Master’s Degrees Abound as Universities and Students See Windfall talks about the fast-growing numbers of master’s degree-earners and how this is turning into big business for a lot of campuses.
The California State University system has apparently added in a number of new master’s degree programs, and they’re not alone. For-profit schools have been catering to this surging demand for education for awhile, and one of them awarded nearly 25,000 graduate-level degrees last year. This isn’t meant to be critical of any profit that may be earned from the intense pressures on the work force to get a graduate degree. It’s simply an example of what many of us already know; the bachelor’s degree just doesn’t cut it anymore.
Back in the 70s, it’s probably safe to say that a bachelor’s degree put you well ahead of the pack, but well, we’re in the twenty-first century now. For 1970, the total enrollment in higher education institutions was about eight and a half million according to the National Center of Education Statistics.
In fall of 2005, seventeen and a half million students were enrolled in degree-granting institutions. At the graduate level, 2005 numbers show a doubling of enrollment compared to 1970; two point one million students filled up graduate rosters in 2005.
The emphasis on education and the continued development of increasingly specialized and niche jobs has facilitated the need for more educated individuals. Really, the information explosion that everyone has been talking about for the last decade has become a key contributor to it in my opinion.
The job market’s demands have pushed people to know more just to get in on the ground level much less to climb the career ladder or to push further ahead in any exploratory field, such as science. For instance, think about how much the study of genetics has expanded over the last twenty years with the human genome project and how much an individual needs to know now to get into the field. This isn’t just about a bunch of cross-pollinated pea plants anymore!
Seriously though, the traditional concept of a college student as the wet-behind-the-ears 18-year old schlepping off to a distant campus for a baccalaureate degree really is on the way out. That segment of the higher education populace will still be there, but professionals needing a flexible graduate degree program to take their careers to the next level may become the norm in higher ed. I think many campus schools know this, and I’d expect to see more and more distance learning options being provided by those traditional institutions. I suppose we’ll just have to wait and see how this all shakes out, but depending on how the job market goes, I wonder if the next question may some day be, “When is it time to start getting that PhD?”
As of 2005, a little over 27% of Americans had a bachelor’s degree or higher, according to the census bureau. The master’s may be the new bachelor’s for a handful at the peak of the mountain, but most of us educational flat landers have yet to finish degree one. If I really thought I’d need six years of education to get my foot in the door, I don’t think I’d be motivated to enroll in the first place!
And then there’s the money, honey.
Have you priced six years of enlightenment lately?
Hoping you’re wrong–Doubtful in Kansas
Comment by Doubtful — October 9, 2007 @ 6:14 pm
You’re right that this is a little bit of a peak of the mountain kind of view, but the strong impetus on education makes this an interesting topic today. In the 2000 Census, 24% of Americans had completed at least a bachelor’s degree. Between the 05 numbers that you’re quoting and the turn of the century, we see a remarkable 3% jump. And if we rewind the clock, 1990 only had about one in five Americans with a bachelor’s degree. If we look at the trends, ten years down the road may make a master’s the cutting edge degree for getting the best jobs–depending on the industry of course.
You’re totally right about costs, and education is becoming a big, but necessary investment. Let me know if you need any financial aid suggestions. There are a lot of helpful grants, scholarships, and loans that can make a difference in affording online or on campus education.
Thanks for the thoughts.
Comment by Peavine Porter — October 10, 2007 @ 11:47 am
One thing to consider when answering this question is the type of bachelor’s degree that you have. For example, graduating with a bachelor’s degree in finance or marketing may be enough to obtain an excellent entry level position in today’s business-oriented job market. However, a BA in a liberal arts discipline may not be as “marketable” to prospective employers. In that case, a master’s degree can provide a competitive edge, building on the diversity of skills and knowledge introduced at the undergraduate level. Before committing to a graduate program, however, make sure that you know exactly what you want to study, and how it can be applied to today’s job market.
Comment by Miles Standish — October 18, 2007 @ 12:22 pm
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