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A world of opportunity: graduate degrees and your varied career prospects
The evidence suggests that there has never been a better time to take a graduate qualification, whether that be locally, in another country, full-time or on one of the increasing number of flexibly delivered programs. Universities from all over Europe are reporting that the number of students applying for their graduate degrees, particularly the one-year taught Masters programs, is up on this time last year, with close to two months left to run on the admissions cycle.
So what is driving this renewed interest in studying at the graduate level? Peter MacDonald, Director of the QS World Grad School Tour, a series of graduate-focused student recruitment events bringing together prospective students and international universities, has seen the number of students and universities attending his events almost double in five years: “The interest in graduate studies seems to be driven by the belief on the part of candidates that gaining a higher qualification will improve their career prospects. Applicants attending our events are older, have had some work experience already and are going back to university to develop specific career-related skills that will enable them to move on and move up.”
Unemployment rates are significantly lower amongst those holding Masters degrees than for those graduating from first degrees.
A study from the Higher Education Careers Service Unit (HECSU), based on data from the Destination of Leavers from Higher Education survey in the UK of those graduating from Masters and PhD programs in 2004 (the latest figures available), provides some compelling motivation for those considering a graduate degree. Drawn from UK-domiciled graduates six months after graduating from UK universities, the survey indicates that unemployment rates are significantly lower amongst those holding Masters degrees than for those graduating from first degrees. Only 4.8% of those with either an MA or MSc qualification report themselves as unemployed, compared with 6.1% in the equivalent undergraduate cohort. Though reflective of the UK employment market, such trends are likely to have relevance throughout Europe and farther afield.
Charlie Ball, Labour Market Analyst at the HECSU, sees the appeal of those with graduate qualifications as varied: “it strongly depends on the organization concerned and the employment opportunities advertised. At present the market is relatively stable and I do not expect recruiters to become less interested in those candidates with Masters degrees in the long term.”
According to the HECSU report, Masters graduates enter an extremely wide range of employment sectors. One in nine graduates (11.3%) works in fields related to education, while almost one in four (23.7%) become public or private sector managers. A further 8.8% are business and finance professionals and 6.9% enter the health professions. Perhaps specific to the UK employment market, 5.1% of those graduating with a Masters degree enter the field of social work and welfare.
Andy Howman, Director of the International Office at the University of Bath reflects on the current student interest in graduate programs from international students: “The number of applications for graduate study continues to increase, although not at quite the same rate of a few years ago. Taking the number of students being offered admission as a yardstick, offers are up more than 15% on the same time in 2006, with some time in the cycle left to run. Growth is centred largely on Masters programs, which remain a particularly attractive choice to many international students because of their one-year duration and specialized nature.”
The most “in demand” programs are those offered in business studies, computing and IT, finance and management.
Further weight is leant to the argument that Masters degrees contribute to improved career prospects. The 2007 edition of the QS Graduate Applicant Research, an annual survey of the habits of more than 4,000 graduate applicants worldwide, and the HECSU report agree that the most “in demand” programs are those offered in business studies, computing and IT, finance and management. It would seem that those applying for this level of qualification have very clear ambitions, driven by the sectors that they believe will add most value to their resume or CV.
