Economy Still Affecting Graduate students
Victor Dokukin, a graduate student in Chemistry, talks with Patricia Simpson, the director of the Chemical Science Career Services at the Grad Fair in the Illini Union on Thursday, Sept. 17, 2009. Simpson said she had noticed a change in the number of graduate students, "Especially this year, I think every department has seen an increase."Ned Mulka The Daily Illini
Andrew Stevens, graduate student, is in the second year of his aerospace engineering masters program. Though the job market was fairly stable when he graduated as an undergraduate student two years ago, Stevens said he was lucky he decided to go to graduate school.
"At the time (of my graduation), the job market was high. Shortly after, my friends started to get laid off," Stevens said. "So grad school was a smart economic decision for me."
Even two years ago, Stevens said some of his friends were concerned about not being able to find a job.
"A lot of my friends applied to grad schools as a sort of fall back (plan) in case they couldn't find jobs," he said.
The Graduate College reported a record high 10,495 graduate students are enrolled at the University this semester.
This number marks a 4.27 percent increase from lasts years' number of graduate students.
With the economy in a tailspin, the increase in the graduate school's numbers makes sense, said Tracy McCabe, the assistant dean for external and alumni affairs for the College of Business.
"There is certainly a correlation between graduate school applicants and the economy," McCabe said. "We have certainly seen an increase in applications this year. Students have decided to take advantage of these economic times to advance their degrees."
The trend of rising enrollments at graduate schools is not just a local issue, said Stewart Heiser, spokesman for the Council of Graduate Schools. He also said universities all over the country are reporting similar figures.
"For this semester, applications to graduate schools for domestic students (from the U.S.) are up 8 percent," Heiser said. "The median increase for admission to grad schools is up 2 percent."
Heiser said these numbers represent a small portion of the issue.
The final numbers on the increase for fall 2009 graduate admissions for the country will not be out until November.
Though admissions to graduate programs are up throughout the country, there are some regions where the numbers might be higher than others, according to McCabe.
"States where the industry is hurting the most is where people are going to grad school in bigger numbers," he said.
McCabe said the increase in demand for admission into these schools has positive economic implications for the graduate college.
"Two of our programs are full, but there are still some opportunities to get a degree in your desired field," he said.
Amber Brookshire, graduate student, said that there were a variety of reasons she decided to go to graduate school.
"The economy was a pretty big factor, but my major basically requires a higher degree," she said.
Even with her masters degree, Brookshire does not believe that she will get a higher starting salary or a better job offer when she graduates.
Still, McCabe said he believes that taking the time to further a student's education during a lapse in the job market is a wise decision, and that it is very likely a graduate degree will be beneficial.
"Without a question, a graduate degree from the University of Illinois will set a person up for success in the workplace," McCabe said.
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Don't overeducate yourself out of the market
Ah, yes, the classic way to avoid a bad economy - hide out in graduate school, maybe increase your debt unless you're able to secure a teaching assistantship or become a dorm counselor, and likely educate yourself out of the job market. What these people fail to realise is that if they and so many of their peers are going for the masters degrees, they invariably diminish the value of that bachelor's degree they've gone into big debt for. In the long run it does not help marketability - it might make you overqualified in the eyes of the potential employer.
false.
Grad school is a smart economic decision if you use it to further yourself in your field.
Grad school is not a smart economic decision if you're doing it for the sole purpose of hiding from the job market.
I just graduated in May, and I have a job. Sure, maybe I was lucky.
But to say that spending thousands more dollars to hide from the job market is a smart economic decision is 100 percent untrue.
College is an investment in yourself. That's why student loans exist. A creditor will give you a loan under the assumption that, after you graduate, you will be making a sufficient amount of money post-graduation to pay back that loan plus interest. If it works out, both the bank and the student profit.
Why does the student profit? Because of that college degree that person is now worth $10,000, $20,000, $30,000 -- whatever -- more per year than than they were before they got that degree. Over time, that extra salary will pay off the education. ...Like I said: an investment.
So here's what it comes down to... if you're going to grad school to hide from the job market, you're now wasting that $20,000 per year (plus the salary you would have otherwise made). Even if you don't get a job, you're at least not throwing away $20,000 per year on an education that might not get you any extra money down the line, depending on what you want to do.
So some people go to grad school for the right reasons. I'll even accept the argument that they just want to attain some more knowledge. That's perfectly acceptable.
But if you're doing it to hide from the job market, I won't accept your "smart economic decision" argument.
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