Graduate programs swell as shaky job market continues

A declining economy and depressed stock market have created an unsteady job market. For graduating seniors, trying to find a door into this market can be intimidating.

“I’m definitely nervous about getting a job,” said Krista Hook, a senior in information systems. “It’s so competitive for so few jobs.”

As a result, more students are considering graduate school as an alternative to searching for a post-graduation job, according to a survey by Kaplan Incorporated, an education and career services provider.

“We’re seeing a lot of interest in our graduate program services and seeing that a lot of people are interested in getting into school,” said Prya Dasgupta, director of graduate programs for Kaplan.

In August, Kaplan surveyed admission officers from 245 business schools around the country. Seventy-five percent of the officers confirmed that there has been an increase in applicants for their graduate programs, Dasgupta said.

“I think the biggest driving factor here is the economy,” Dasgupta said. “During market down times nearly all graduate programs will see a rise in popularity.”

With the increase in applicants, the admission process to graduate programs has become more competitive, Dasgupta said. To accommodate the swell in interest, graduate programs are considering an increase in the number of applicants they accept.

“It’s not just about meeting the demands of the students but also of the employers because a lot of employers are looking for more educated employees,” Dasgupta said. “The unemployment rate declines significantly the higher your education level is.”

Data from the Bureau of Labor Statistics confirms Dasgupta’s statement. The national unemployment rate for college graduates as of October is 3.1 percent, but it is only 2 percent for people with a graduate degree.

“I’m applying to the MBA program here and at other schools because I want to make myself as marketable as possible to employers,” Hook said.

“Having that extra experience and time to learn is valuable.”

Kristin Schmotzer can be reached at [email protected].