Graduate Degrees Becoming the New Bachelor's

In the past 50 years, the number of people earning bachelor's degrees has increased by over five fold. Although more than 2/3rds of workers 25 years old and older do not hold bachelor's degrees, the competition for higher paying jobs is getting quite stiff. For most, the expense of college is mitigated primarily by the hope that such an education will result in valuable (and profitable) job opportunities. In the working world, this concept is predicated not only on the idea that an education gives students the skills necessary to do certain kinds of work, but that such an education, in and of itself, will set the student apart from their competitors and allow them to demand better salaries and benefits. Mix in the current recession, many would-be workers are setting their sights on higher education, not only as a viable option, but also out of growing necessity.

Here are the reasons why the value of the bachelor's degree may be decreasing, and why higher education continues to become more important in America.

1. The Ubiquity of the Bachelors Degree Is Reaching a Tipping Point

For an employer, perceived value in potential employees is absolutely essential in hiring employees.  With an increasing number of job seekers, and a decreasing number of jobs, many employers (just like colleges employ for admissions), are forced to create cutoffs or benchmarks for candidates they are willing to interview.

Since 1950, the population of individuals with bachelor's degrees has gone from 5% to 27%.  Today, there are around the same number of people holding bachelor's degrees as there were people who held high school diplomas in 1950.  As the percentage of degree holders climbs higher, an inverse trend will be seen in the perceived value of such a degree.  At some point, obtaining a higher degree will be absolutely necessary for survival in the job marketplace, just as obtaining a bachelors degree has grown ever more necessary in professional fields over the past few decades.

2. Bachelors Level Knowledge vs. Marketplace Needs

In the past decade, many top institutions have come to emphasize educating "the whole student."  These initiatives are focused on making concerted efforts to focus on the value of offering a comprehensive education that teaches the individual to become a lifelong learner, rather than a specialized expert.

This broad perspective on education is seen extensively in a large percentage of liberal arts programs.  Many see this type of teaching as more "graduate school prep," than preparation for the working world.  Teaching students how to learn, and giving them a good basis for knowledge is certainly an important goal, but doesn't necessarily accommodate the primary goal of most students, being the procurement of employment after graduation.

3. Increasing specialization of skills needed.

As lower skilled and manual labor jobs decrease in availability, the education held by these blue-collar workers is no longer adequate to obtain an ideal job.  In order to adapt, these individuals have turned to higher education opportunities.  This trend has caused a boon in the lower cost, more flexible education alternatives many online degree programs offer.

As more people choose such options, and these individuals become viable in a marketplace of jobs once reserved for a smaller percentage of people.  Many who once saw a bachelor's degree as the end of their higher education journey will find themselves swimming in a sea of similarly qualified peers. The need for some to achieve higher levels of education can be seen most specifically by examining the earning ability & unemployment rates of individuals holding different degrees.  Holders of master's degrees, professional degrees, or doctoral degrees were higher earners, with lower unemployment rates.

• http://www.sloan-c.org/publications/survey/online_nation
• http://www.earnmydegree.com/online-education/learning-center/education-value.html

4. Commoditization of workers

There has been a dramatic shift in how companies treat their employees. 50 years ago, you could, and would, expect to have and keep a job for decades.  Today, turnover rates are reaching all time highs. Hiring and firing is done at an ever increasing pace.  A shift has taken place in how employees are treated and viewed by employers.

For many, the workplace is much less of a mutually beneficial relationship, with companies investing in their employee's future. In today's kill or be killed economy, what you can bring to the company in terms of earning potential is most likely your biggest asset.  Additionally, this means that each credential you possess becomes a commodity for the company you work for to possess as well, an asset to them and their future.  The more valuable one makes him or herself by separating from the pack in terms of skills and level of education, the more likely it is for their job to remain secure.

• http://www.nobscot.com/survey/index.cfm

5. It's All About the Connections & Sharing

Getting a job in a tough economy can be just as much about the connections you have as it is about your credentials.  Experience and education are extremely valuable, but having fantastic connections can put you on a whole other level.   Graduate school can be a great place to create connections that will propel you to the next great job or next great career after school.   From professors who are the leaders in their fields, to peers whose goals match your own, there are few greater places where minds gather, ideas are shared, and connections are made than on campus.  In most cases the quality of professors is much higher  (due to more stringent restrictions) for those getting a post bachelor's degree.

In addition to this melding of a shared goal and the high propensity for forging important relationships, the integration of students on campus lends itself to personal growth, and a focusing of career goals.  Graduate school can be a great place to find out about certain career paths within your chosen industry and to really narrow down what your goals are and what kind of work can truly bring happiness.

6. Work Experience and Verifiable Skills Valued Over Liberal Education

As a byproduct of the more quickly changing industries and required skill sets, practical work experience is increasingly more important. Generalized skills have become more of an expectation, rather than a valued skill.  Employers are looking for proof that you can and will be able to perform the tasks they require. Being a "fast learner" or "well organized" will no longer cut it for jobs beyond entry level.  Furthermore, the experience of working with leaders in any particular field, and achieving research or being exposed to the cutting edge of such fields can be an extraordinarily valuable resource.   What's important here is that higher education can offer something even more important than the degree itself - and that is the experience of working in an environment at a level that only a University setting can provide.