http://roomfordebate.blogs.nytimes.com/2009/06/30/what-is-a-masters-degree-worth/?emc=eta1
The "Room for Debate" blog @ nytimes.com has access to people who can opine with authority on important issues. Some of you may have a personal interest in the perspectives expressed in the post I refer to here (attached for you to read). Some of you are already headed for, or are in, Law School, Business School, Medical School, etc.
I have consistently told the students that have asked me that staying in school and getting a Master's degree is the right thing to do while waiting for the Great Recession to end. It adds to your percieved value in the job market and may, in some cases, allow you to change/improve your capabilities (ie. BA in Sociology to an MBA).
One of the reasons we bring real "practitioners" into our classes is that you get to see what and who is successful (even in down markets). This semester was no different with, for example, Mike Wheeler who came in to talk about "Worlwide Supply Chain" and some of his experiences at well known companies. He mentioned in passing after class that, in the consulting world, the new hot degree combination is the MBA/MS (Accounting). Put that together with the fact that Booz Allen plans to hire 5,000 people in the world this year and you have a small example of how to think in this poor employment environment.
Certainly, as Liz Pulliam Weston points out in the blog, certain degrees are winners (per the examples I give above) but that doesn't mean that an MA is useless. If I had identical candidates for a job, I'd chose the person with the higher degree.
Ironically, there is a coming "labor shortage" which we will discuss at my "Book Club" on the "Next 100 Years" this fall.
The "Master's" post is good stuff - I suggest you read it even if you've already made your choices.
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Not only do I agree with Charlie, but I would add that you probably get much more out of a MS than an MBA right out of college. The data is clear that the amount of salary gained if you get an MBA with less than 3 years of full-time work experience is not much more than with your BS. However, if you get a specialized masters (like in finance or accounting) your outcomes are much better. So, stay in school, but do it wisely.
ReplyDeleteI found it helpful, but finding any job right now without relevant work experience is a miracle. Jobs for experienced candidates tend to be abundant. 2 to 5 years is the norm. Although, a CIO blog mentioned unemployed executives on average are about a year out of a job in this climate. Finding work is most difficult at the extremes of experience education level?
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