Pursuing a Postgraduate Degree during the COVID-19 Pandemic

By Valarie R. Austin, August 30th, 2020, 12:00 PM EDT
(Previously Published on LinkedIn)

Often, times of uncertainty bring perspective and clarity. Today, our 2020 college graduates face many challenges and confusion about their future since the COVID-19 pandemic has shuttered many of our academic institutions across America. These graduates have also entered a job market and economy that have gone into a free-fall. They may think a return to academia for a postgraduate degree is a good strategy to wait out the effects of COVID-19 on the economy. This employment and business fragility have been demonstrated by the staggering number of unemployment claims and retailers that have filed for bankruptcy across the country. As reported in an August 6th, 2020 Markteplace.org article, 31 million people have filed for unemployment claims nation-wide (http://bit.ly/Marketplace_org). In a RetailDiveCountless.com article, at least 26 corporate retailers such as JC Penney, Lord & Taylor, Modell’s Sporting Goods and Pier 1 have closed stores, restructured, or declared bankruptcy (http://bit.ly/RetailDiveCountless_com). According to a BusinessInsider.com report, companies in the service, airline, hospitality and automotive industries including Walgreens, HSBC Bank, American Airlines, Boeing, MGM Resorts and Daimler car manufacturer have furloughed or laid off thousands of workers on a massive scale (http://bit.ly/BusinessInsider_layoffs). Concerned with these uncertain economic circumstances, recent undergraduate college graduates may feel pressured to obtain a postgraduate degree such as a master’s degree or doctoral degree. There may be some benefits of continuing their education such as 1) still being in an academic mindset, 2) finishing the postgraduate degree at one time instead of while working, and 3) having access to professors and other college staff who can provide career counseling and letters of recommendation. Additionally, the WorldWideLearn.com website explains that obtaining advanced degrees may lead to higher median salaries and lower unemployment than an undergraduate degree or high school diploma (http://bit.ly/WorldWideLearn_advanced_degree). College graduates, however, should pause and really weigh the pros and cons of plans to stay in school for a postgraduate degree instead of seeking employment where they can gain work experience and earn a salary. 

First, 2020 college graduates may want to consider whether post-graduate degrees are required for future careers in their majors. Only certain careers require master’s degrees. These professions are primarily in the health care, science/research, supervisory/managerial, education and law fields. The Harvard Business Review estimated that “only twenty-seven percent of employers require master’s degrees for job roles in which historically undergraduate degrees sufficed (http://bit.ly/HBR_advanced%20degrees).” Recent graduates have many resources they can consult with prior to making a decision. They can reach out to their master’s program academic advisor, career center, mentor in their career field, and/or Human Resources professional to verify if completion of a master’s degree will provide a fast track to employment, job advancement, or higher earnings. There are also career search websites such as Indeed.com and OnetOnline.org as well as company websites to investigate the work experience and educational requirements needed for career(s) of interest.

Another consideration is adding debt to existing student loan obligations by seeking a postgraduate degree. The postgraduate student may be able to defer student loan debt while in graduate school; however, the bill will eventually become due for payment. Often, employers may not pay recent graduates on par with the cost of their postgraduate degree if the graduates do not have relevant work experience. Depending on the career field, various employers may expect certain knowledge, skills and abilities that are acquired primarily through work experience. Some graduates’ entry level salaries may be inadequate to pay for their accumulated postgraduate degree debt. Their student loan debt may have a “chilling effect” on the recent graduates’ ability to get married, start families, own homes, or other life milestones. Another benefit of waiting is that several companies offer tuition reimbursement for employees who pursue higher education. To investigate the economic impact of pursing a postgraduate degree, candidates ought to contact their financial aid office, career center, employer, and/or Human Resources manager about their options.

Third, college graduates need to verify their preparation to move forward with a master’s or PhD degree program. They should seek to investigate and understand the following:

  o Selection of the appropriate university for their area of study
  o Admission test requirements and the application process for the university/program
  o Length of time to obtain the degree
  o Total cost of the degree
  o Class structure by course (in-person/distance learning/hybrid classes)
  o On-the job experiences/internships as well as post-graduation employment opportunities

Anyone considering the pursuit of a postgraduate degree must do their research. Research is essential to prevent obtaining an expensive, useless degree that will only add to the burden of unemployment and debt. Recent college graduates should engage in a few in-depth conversations with those knowledgeable and supportive resources within their career field. Postgraduate candidates must think carefully before making a decision to commit time and money to pursuing a graduate degree. The question is will the investment in a master’s or doctoral degree help you to reach your goals and aspirations. If the answer is yes, go for it!

Be well and stay safe!

Valarie R. Austin is the author of The Student’s Comprehensive Guide for College & Other Life Lessons. She has a wealth of knowledge on the subjects of career and college preparation. She also conducts career and college readiness workshops for high school students and parents. Check out her author’s pages on https://www.linkedin/in/valarie-r-austin, https://www.goodreads.com/valarie_r_austin and https://www.amazon.com/author/valarie_r_austin. A Youtube.com review of her book can found at https://youtu.be/xy_GSHlJsa0. The article was edited by Raffie Johnson. Copyright 2020, Vauboix Publishing LLC.

The Student's Comprehensive Guide For College & Other Life Lessons
La Guía Comprensiva del Estudiante para la Universidad & Otras Lecciones de Vida