Should You Get a Master’s Degree?
These trying times may just be a blessing in disguise pointing you in the direction of grad school.
Many people are having trouble getting a job nowadays owing to the economic uncertainty and political turmoil overshadowing the world. These trying times have made both finding, and keeping a job (you may already have) a difficult task. But while this may seem like a closed door for job seekers; it actually opens another door that you may not have thought about.
Lack of jobs and joblessness may just be the reason for you to go back to school and get a postgraduate degree.
There are however, many questions that may go through your head if you are seriously considering this. The first is, will it be worth it? After all, you do not want to spend all that time and money believing that a postgraduate degree will help you get a job, only to be disappointed that it doesn’t in the end.
A recent study by the Destination of Leavers of Higher Education (DHLE) in the UK, found that those with a postgraduate degree have a 10% advantage of being employed within six months of completion of their degree; and 15% advantage of getting a fulltime job. That number might not be big enough to entice you to continue your studies. But looking at a different statistic: 72.1% of postgraduate students get a fulltime job after graduating, compared to 57.8% of undergraduates.
Two issues that might bother you as someone who may never have wanted to pursue a postgraduate degree in the first place, are time and money. These two factors will play a big role in either pushing you towards or away from postgraduate studies. Because if it wasn’t your first option, you would want something that won't take long and won't cost much.
Another study by GulfTalent showed that 38% of professionals stated that they won't pursue a postgraduate study because they don’t have time, and 19% just can't handle the costs. The study looked at 8,000 professionals across the GCC and further concluded that 16% of these professionals were thinking of getting a postgraduate degree to help get them a promotion at their current place of employment; while 17% believe that it will get them a better job somewhere else. Interestingly, 10% of them believed that it might help get them a job in a totally different field from what they were currently in.
One particular field that has seen an increase in professionals deciding to take a postgraduate degree is the oil and gas sector. With the recent decline in oil prices, many of those involved in the oil industry are seeking to study a whole new field in order to leave their now weakening sector. So, that's 43% of people deciding to take on a postgraduate degree based on career motivation. The study also found that the most popular subject that people choose for their postgraduate studies is business administration with 32% of people favoring it compared to the second favorite field which is engineering at 10%.
Even though the numbers stated above show more people are pursuing postgraduate studies, and that it can be helpful. Some companies who were asked about this issue in the same study, reiterated that actual work experience in that area is still more favorable than a postgraduate degree when it comes to hiring individuals. But because of the very competitive market, and continued slowdown in the global economy, it is difficult to even get a job to gain that experience that is needed. So if you are having difficulty getting a job, and you have the time and money to be able to do it, then a postgraduate degree might just be the perfect solution for you.