On Track

The journey to adulthood.

by Jessica Garrett, PhD

Recession drives grad school applications: Is it worth it?

Published on March 2, 2010 by Jessica Garrett, PhD in On Track

It seems the recession is finally driving young adults back to academia. The New York Times reported on 1/9/10 that graduate and law school applications are up. It doesn't surprise me that young adults who are unable to find employment may choose to use their time getting a degree instead.

We all know the job market is tough. Sending out countless resumes for jobs that aren't available can wear on a person's sense of accomplishment. Too many rejections could threaten a person's self-concept and even sense of identity. Imagine this: you're at a party and someone asks the inevitable "what do you do?" Does it sounds better to say "I'm looking for a job" or "I'm getting a master's degree in philosophy"? Certainly I'd rather be the budding philosopher.

In the face of unemployment, graduate school might make a lot of sense psychologically. It might make perfect sense in terms of personal growth or fulfilling personal dreams. These are not reasons to sneeze at. But does it make sense economically?

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Does spending time in graduate school really lead to increased job marketability or earning across the lifespan? The answer, of course, is that it depends. Most research shows that the cost (both tuition and the opportunity cost of being out of work) of post-undergrad degrees does pay off in professional fields. Law school? Great idea. Business school? Go for it! A master's in liberal arts or social sciences? Why not, but don't justify the expense in terms of an economic gain. Be realistic and focus on the intangible gains - and continue building that social network for when you emerge from academia looking, yet again, for a job.