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Do you think employers are using Master as the new filter now? Do you think the increasing popularity of Master degree is a reflection of degree inflation, employer demand or else?
NYT has a very interesting article today. Follow are some selected quotes
NYT has a very interesting article today. Follow are some selected quotes
Call it credential inflation. Once derided as the consolation prize for failing to finish a Ph.D. or just a way to kill time waiting out economic downturns, the master’s is now the fastest-growing degree. The number awarded, about 657,000 in 2009, has more than doubled since the 1980s, and the rate of increase has quickened substantially in the last couple of years, says Debra W. Stewart, president of the Council of Graduate Schools. Nearly 2 in 25 people age 25 and over have a master’s, about the same proportion that had a bachelor’s or higher in 1960.
Colleges are turning out more graduates than the market can bear, and a master’s is essential for job seekers to stand out — that, or a diploma from an elite undergraduate college, says Richard K. Vedder, professor of economics at Ohio University and director of the Center for College Affordability and Productivity.
Not only are we developing “the overeducated American,” he says, but the cost is borne by the students getting those degrees. “The beneficiaries are the colleges and the employers,” he says. Employers get employees with more training (that they don’t pay for), and universities fill seats. In his own department, he says, a master’s in financial economics can be a “cash cow” because it draws on existing faculty (“we give them a little extra money to do an overload”) and they charge higher tuition than for undergraduate work. “We have incentives to want to do this,” he says. He calls the proliferation of master’s degrees evidence of “credentialing gone amok.” He says, “In 20 years, you’ll need a Ph.D. to be a janitor.”
Laura Georgianna, in charge of employee development at Welch Allyn, confirms that given two otherwise equal résumés, the master’s wins. A master’s degree “doesn’t guarantee that someone will be much more successful,” she says. “It says that this person is committed and dedicated to the work and has committed to the deep dive. It gives you further assurance that this is something they have thought about and want.”
It may be uncomfortable for academia to bend itself to the marketplace, but more institutions are trying.
In what could be a sign of things to come, the German department at the University of Colorado, Boulder, is proposing a Ph.D. aimed at professionals. Candidates, perhaps with an eye toward the European Union, would develop cultural understanding useful in international business and organizations. It would be time-limited to four years — not the current “12-year ticket to oblivion,” says John A. Stevenson, dean of the graduate school. And yes, it would include study abroad and internships.