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A world of opportunity: graduate degrees and your varied career prospects
Dominated by those subjects that are exclusively regarded as vocational in orientation, the number of students seeking Masters degrees in less obviously career-related areas is relatively limited overall. Howman continues: “The greatest concentration of graduate applications at Bath is in our School of Management, with already more than 2,000 Masters applications received for 2007 entry, an increase of 10% on the same time last year. For us this popularity is due to a number of factors - the School is highly ranked and boasts strong links with the business world; it has also significantly expanded its portfolio of courses in recent years to meet demand, including the introduction this year of an MSc in Advanced Management Practice, which will offer internship opportunities to students, something we have done for many years as part of our BBA program.”
The increasing value placed on a graduate qualification by both candidates and employers is not only confined to the taught Masters arena. Charlie Ball at the HECSU has seen an increase in interest amongst employers for those with PhD degrees: “We are certainly seeing a softening of attitudes towards candidates with PhDs - largely as a result of a rise in profile, coupled with greatly improved training in soft skills that seem to be catching the eyes of employers.”
Indeed, research from academics at the Universities of Leeds and Sheffield points to many employers’ scepticism about employing someone with such a research-orientated qualification often being the result not of the degree but the candidate’s lack of commercial awareness. Employers that appoint applicants with a PhD often speak highly of their level of analytical skills and specialist knowledge, with the engineering, medical and science sectors the most likely to employ graduates with the qualification.
Salary reward is an increasingly important aspect to the choice of many students.
Of course, the interest in pursuing graduate degrees amongst the majority of potential students is not driven simply by improving career opportunities alone. Salary reward is an increasingly important aspect to the choice of many students considering both the time and financial investment required as part of a higher-level degree. QS Research indicates that the return on investment for those seeking a Masters or PhD degree is clear in most employment sectors, compared with those with only an undergraduate qualification.
Based on responses from North American and European employers, the TopGraduate.com International Recruiter Survey 2007, in association with the QS World Grad School Tour demonstrates that in fields as varied as the aerospace, financial services, media and entertainment and healthcare sectors, those with Masters degrees earn up to 70% more than their counterparts with only first degrees. In the energy sector, for example, the average salary for an employee with a Bachelor’s qualification is $42,032 compared with $65,074 for one with a Masters degree - a differential of 55%. Similarly, in the pharmaceutical and healthcare fields, the differential is close to 70%, with employees holding a first degree earning $41,942 compared to $71,287 for those with a Masters qualification.
The extent to which employers favour one qualification over another is very much dependent on the type of company.
Though the market for employing candidates with advanced graduate degrees is as buoyant as it has ever been, the requirements for employers are as varied as the number of candidates applying for employment opportunities with them. The extent to which employers favour one qualification over another is very much dependent on the type of company concerned and the skills required for each individual vacancy. Dr Christoph Anz, Head of Education Policy in BMW’s Corporate Human Resources Department in Munich is clear with his company’s focus: “We don’t have preferences for different academic qualifications. We look for personality in our employees and so the experiences of the applying candidate are very important. There are positions within BMW that require specific qualifications, such as a PhD degree, but these are in the research and development areas of the company.”
