Spring Break
Graduate degrees save jobs
Omkar Baxi
Issue date: 5/2/08 Section: News
A higher education provides a buffer against unemployment, especially when the economy is on a downturn, according to data released this month by the Bureau of Labor Statistics and the United States Census Bureau.
According to the Bureau of Labor Statistics, a branch of the United States Department of Labor, unemployment rates continued to rise in March 2008, increasing the amount of jobs lost this year to 232,000.
However, unemployment rates are much lower for individuals with college and graduate degrees, the report wrote.
According to BLS, the unemployment rate for individuals with a bachelor's degree or higher was 2.1 percent, less than half of the 5.1 percent unemployment rate reported for individuals with only a high school degree. The master's degree unemployment rates were even lower at only 1.7 percent.
According to Joan McDonald, vice president for enrollment management at Drexel University, graduate programs become more popular during recessionary periods in part because new college graduates have difficulty finding professional jobs and pay more attention to the possibility of attending graduate school.
"Applications for the University's graduate programs are up about five percent over the same point in time as last year, so this could suggest that the recession has led to increased interest in graduate study," McDonald said.
Rachael Kratzer, a first-year physics graduate student, agreed and said, "As a astronomy major graduating from Cornell, there aren't many jobs out there. Drexel pays graduate students, so I chose to study physics,"
According to Ron Nordone, assistant dean of the LeBow College of Business graduate programs, other prospective graduate students are individuals looking to change their careers.
"Approximately 60 percent of the inquiries into our full-time MBA programs are indicating that 'career change' is their ultimate goal, another trend that may suggest general concern about the changing market," Nardone said.
According to Kay Ford, senior director of MBA career services at LeBow, although the declining economic market affects everyone, individuals with graduate degrees seem to be more removed from the adverse effects.
Ford said while employers are becoming more stringent in their hiring processes, the MBA placement rates and starting salaries are the highest the College has seen in recent years.
However, Ford said that companies are beginning to implement hiring freezes throughout the area. According to Ford, the best strategy for graduates looking for a professional position is to expand their horizons and look harder for jobs.
"There are no guarantees against unemployment-in general, though, you are more inclined to hire someone with a graduate degree, as that is evidence of interest in the field and increased ability to handle more complex tasks, work in teams and manage higher level projects," McDonald said.
According to the Bureau of Labor Statistics, a branch of the United States Department of Labor, unemployment rates continued to rise in March 2008, increasing the amount of jobs lost this year to 232,000.
However, unemployment rates are much lower for individuals with college and graduate degrees, the report wrote.
According to BLS, the unemployment rate for individuals with a bachelor's degree or higher was 2.1 percent, less than half of the 5.1 percent unemployment rate reported for individuals with only a high school degree. The master's degree unemployment rates were even lower at only 1.7 percent.
According to Joan McDonald, vice president for enrollment management at Drexel University, graduate programs become more popular during recessionary periods in part because new college graduates have difficulty finding professional jobs and pay more attention to the possibility of attending graduate school.
"Applications for the University's graduate programs are up about five percent over the same point in time as last year, so this could suggest that the recession has led to increased interest in graduate study," McDonald said.
Rachael Kratzer, a first-year physics graduate student, agreed and said, "As a astronomy major graduating from Cornell, there aren't many jobs out there. Drexel pays graduate students, so I chose to study physics,"
According to Ron Nordone, assistant dean of the LeBow College of Business graduate programs, other prospective graduate students are individuals looking to change their careers.
"Approximately 60 percent of the inquiries into our full-time MBA programs are indicating that 'career change' is their ultimate goal, another trend that may suggest general concern about the changing market," Nardone said.
According to Kay Ford, senior director of MBA career services at LeBow, although the declining economic market affects everyone, individuals with graduate degrees seem to be more removed from the adverse effects.
Ford said while employers are becoming more stringent in their hiring processes, the MBA placement rates and starting salaries are the highest the College has seen in recent years.
However, Ford said that companies are beginning to implement hiring freezes throughout the area. According to Ford, the best strategy for graduates looking for a professional position is to expand their horizons and look harder for jobs.
"There are no guarantees against unemployment-in general, though, you are more inclined to hire someone with a graduate degree, as that is evidence of interest in the field and increased ability to handle more complex tasks, work in teams and manage higher level projects," McDonald said.
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