Why Grad School is No Solution to Unemployment Woes

 For a majority of the 20th century, fashion observers could gauge the state of the economy through women’s hemlines: When the Dow was up (think 20’s and ‘60’s), shorter skirts were in. A consistent downturn led to longer hemlines—and so it was in the 30’s and ‘70s. Today, we need only look to grad school applications to gauge the level of economic malaise.  With fewer employers on campus, many students in the class of 2009 are quietly re-evaluating their chances for employment success while taking steps to prepare for Plan B: More education. As of October, one Manhattan based testing preparation company reported that class enrollment was already up over 50% over 2007. Requests for FAFSA applications for financial aid are up 9%.

My friend and career strategy consultant, Sheila Curran, who coauthored the book Smart Moves for Liberal Arts Grads: Finding A Path to Your Perfect Career, calls the stampede towards grad school the “elephant in the room”: Riding out a dismal employment climate by continuing in school is a topic that is rarely openly discussed.  A former director of career services at Duke University and Brown University, Sheila advises students that they’d be wise not to follow the grad school pied piper before considering the following:

1. How much is pursuing a graduate degree going to add to my burgeoning undergraduate debt? Note: Now’s a good time to sharpen those cost/benefit analysis skills.
2. Do I really want or need to study this subject at a higher level, or am I just looking for an excuse to wait out the poor economy and please my parents?
3. Will I be more marketable with this particular graduate degree than with an undergraduate degree and a couple of years’ relevant experience?

Sheila’s advice to college seniors:

“There is no substitute for due diligence—as victims of today’s marketplace will tell you.  You need the straight scoop on the career prospects for the degree you’re considering. Talk to knowledgeable alumni, relatives, or friends of friends to find out if there’s really an advantage to having an additional educational qualification.”

Sheila points out that recruiters have mechanisms to hire those coming straight out of college, and an employment division to hire those with experience, but often have no formal avenues to hire the person with a graduate degree and no experience. And, it turns out that employers have some strong opinions on the subject of further education.

Asked whether new grads should go immediately to graduate school, the employers Sheila consulted unanimously expressed a preference for more relevant experience rather than further education.  One employer went further, exhorting students to “get a job, any job, even McDonalds.”

I agree with Sheila’s conclusions. And I think it’s about time we started to talk about the elephant in the room—especially since it’s going to be increasingly difficult to get financial aid from cash-strapped universities. Campus may not be safe haven from the economic storm that many students and their parents suppose. Maybe it’s a smarter decision to work for McDonalds after all.

I am not saying that you should “settle” for flipping burgers after earning a college degree, but I do think that a job can set you up for career advancement. I, too, graduated from college during a recession and I recall talking to a friend of a friend who took the only job he could find—delivering pizza for Pizza Hut. Matt was a business major and fluent in German. After eight months, he was managing the store. Within two years, Matt worked in Operations for Pizza Hut in Germany and was on a fast-track for senior leadership positions within the company.  Sometimes it isn’t a matter of where you start, it is how you take advantage of the opportunity you have that counts.

Comments

[Lindsey Pollak]

Great article, Chandlee. I blogged about this topic recently as well (http://lindseypollak.com/blog/?p=550) and agree that the decision to go to grad school is much more complicated than just finding a way to ride out the recession.

I would add a suggestion for students gravitating to grad school. Why not consider a service year (or two years) through a program like the Peace Corps, Rotary, Teach for America or City Year? It's a way to build your skills, experience and contacts while helping other people -- and you won't finish with any more debt.

Thanks to you and Sheila for addressing this issue honestly and wisely.

Lindsey

[Amy]

I am glad there are some people who are covering this issue. It is a very tough issue as many people insist that grad school is the best option, when really, experience is sometimes just as valuable. Also, I am finding to many people who are going to graduate school simply because they can't find a job or don't know what they want to do. Don't spend all that money on a program if you don't know what you want to do with it!!!

[angry dude]

"Matt was a business major and fluent in German. After eight months, he was managing the store..."

Good for Matt and other MBA types

But what is your advice for computer science or electrical engineering majors ???

[Chandlee Bryan]

Dear "Angry Dude,"

Thanks for your message. As you may know, computer science and electrical engineering majors have some of the highest starting salaries in the U.S., many organizations pay tuition for Master's degrees--and Ph.D. programs are often covered through assistantships.

If you are majoring in computer science or electrical engineering, you may have plenty of options for both grad school and full-time work. Salaries are relatively flat, but demand for your studies continues to be high:http://www.naceweb.org/press/display.asp?year=&prid=296

I wish you all the best in your endeavors.

Chandlee

[RJ]

My advice is to follow the undergraduate computer science or engineering track, if you can tolerate math and science. Then, get a job, if possible. Given today's economy would advice to spend half your time putting working with others in on some type of a startup. It may require living a very humble means and sharing accommodations with family or friends, or moving back home. That's OK and better than submitting your resume and qualifications over and over again to companies and never hearing a response. Reality is that we are in an an economic and jobs slump through 2010, as best as I can estimate.

Other piece of advice would be to take an excellent job relevant to your career in a different country. Because you are from the US, in many cases you may have an advantage and you certainly are differentiated from the locals there seeking jobs. Best to go through someone you know to find that job though, keep that in mind. Don't do cold calls. Think, a friends, father, who knows someone who runs a large company in Europe, or Asia, or Latin America. They could use your US education knowledge of the US environment (e.g., well defined retail, restaurants, shopping, eCommerce, etc.)

Well, after I did my global track of management consulting, I helped put together this summary of my 15 years of experience in business. It's all my learnings and methodologies available online and should give you a leg up on the other candidates trying to get jobs.

www.strategistnetwork.com

Well, best of luck to you. One other thing. I am going to share a difference of opinion. Don't go and take any job just to have a job. I know someone who has a college degree in international business. He then got a job as a sales guy at Best Buy. Problem is now 5 years later, his resume just shows these kind of part time retail jobs and he cannot get a white collar office job that would use his education. He is in a very difficult situation and cannot really explain what he has been doing during the gap periods in his resume either. Big problem. Better, to do a relevant startup in your area of interest and use that for your resume experience. Join a small startup with a group of people. Pick these people carefully though and go with a winning bunch. Good luck!

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I'm currently a grad student in the field of geology. My advise to those in the natural sciences is to seek a research or teaching assistantship. Grad school, in my opinion, is a great investment if it is free or nearly free. It would be harder to justify if it adds to student debt. I wonder if I made the right decision to go to Grad school, but we live with our choices. I don't think grad school is a bad thing, but it definitly requires some thought before hand.

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