Economy makes grad school a popular option

Some students are continuing their education instead of getting jobs.

By Gretchen Mahan

Published Dec. 5, 2008

The country is officially in a recession, and graduating students who are searching for jobs are finding the market is not as welcoming as they would have hoped. "The job process will be slower and the offers may not be as lucrative," MU finance professor Stephen Ferris said. Because of the economic crisis, students are turning to other alternatives including going back to school for graduate or Ph.D. studies. Andrew Zumwalt, who teaches personal finance courses for the College of Human Environmental Sciences at MU, said that by pursuing post-graduate degrees, students would get further ahead in their education and would be more competitive contenders for jobs once they graduate. The MU graduate school has seen an increase in applications, but Terrence Grus, the admissions director for the school, said it is too early to tell whether this is a result of the recession. On Dec. 1 of last year, the admissions office had 610 applicants. This year, it had 670. Grus said the change could be from something as minor as a certain program moving their application deadline. For example, the psychology department changed its deadline by about 15 days, he said. If students decide to enter the job market, Ferris said they must realize the possible need to accept a job even if it is in a less preferred location. "They need to take a deep breath and expand the geographical reach of their search," Ferris said. Ernie Goss, an economics professor at Creighton University, also said geographic mobility is important. Goss said graduates should look into alternatives such as internships and the Peace Corps instead of immediately entering the workforce. Goss also said the recession is hitting some industries harder than others, but that should not dictate students' majors. "You should not really base your career, potentially life-long vocation, on a short run phenomenon like an economic downturn," he said. Zumwalt said students should consider their budget. If a student is still relying on their parents' income, the financial setbacks their parents take will most likely trickle down, he said. Still, Zumwalt said students might be slightly better of than those already in the job market because their financial resources include scholarships and students loans. "They're a little bit more insulated than your average worker," Zumwalt said. Even with these resources, Goss said the government should assist students by various means such as creating programs to better inform students about the locations of job opportunities and by extending the pay period of student loans. Ferris said, despite the recession, students should be optimistic. "Recessions don't last forever," he said.