When choosing a master's degree, there is a strong case for opting a vocationally inclined program if you want to improve your career prospects.
It is more than likely that this is among your key motivations for doing a graduate degree. Indeed, at the 2010 QS World Grad School Tour it was found that, for two thirds of prospective master's students, this was a key driver.
If this applies to you, then here’s the good news: graduate level education will almost certainly improve both your employability and your future earnings.
A study by Georgetown University’s Centre on Education and the Workforce, called 'The College Payoff', found that holders of master’s degrees stood to earn, on average, US$400,000 more over their lifetimes than holders of bachelor’s degrees - which of course rises much higher for certain disciplines.
And in terms of getting a job, another CEW report, Hard Times found that unemployment for those with graduate degrees stood at 3%, compared to 5% for those with undergraduate qualifications.
Master’s degrees: Not created equal
So in short, a master’s degree is a good idea for those who are looking to improve their prospects.
However, all master’s degrees were not created equal. In CEW’s Hard Times report we’re informed that degrees which are more closely tied to particular professions enjoy far lower levels of unemployment. In some fields – such as healthcare – those with bachelor’s degrees and experience actually fare better than those with a graduate-level education but without the experience.
The same applies to earnings premiums. Though within any given career an individual’s earning potential rises with a graduate qualification, those with a degree tied to a specific career stand to earn a lot more than those who have studied a more traditional qualification.
As a result, in terms of graduate careers, there seems to be a strong case to go vocational at master's level.
Stanford University’s Dr Eric A Hanushek, who does work for the US National Bureau of Economic Research as well as Stanford University’s Center for Research on Education Outcomes certainly thinks so.
“In many ways, when a master's degree is a final degree as opposed to part of a doctoral program, it works best as a vocational degree. It provides specific job-related skills.”
Dr Hanushek suggests that perhaps we might view non-vocational master’s degrees that do not lead to doctoral degrees are something of an indulgence.
“Master's degrees that fall within specific traditional disciplines are often ‘consumption’ rather than ‘investment’.”
Voting with their feet
Employers, it seems, feel the same way – even in fields where vocational qualifications are not necessarily a ‘must’.
Alan Cross, director of The Media Network, an editorial recruitment agency based in London, states that: “Employers looking for journalists prefer staff with vocational training – preferably, graduate.
“The days of in-house editorial training schemes are largely gone, so if candidates want to make it to first base in the recruitment process, they will need some form of vocational journalism training.”
Though Cross adds that in some cases, like financial journalism, subject specific knowledge might be a greater requirement than actual journalistic training.
According to Professor Anthony P Carnevale, director of Georgetown University’s CEW, many Masters students have taken this to heart.
“Nine of ten graduate degrees in the US focus on specialities. Only around 10 percent of students choose humanities and liberal arts degrees at this level. The market drives an implicit system and students vote with their feet.”
This represents a significant shift in mindset. In the past, ‘traditional’ degrees accounted for the majority of graduate level qualifications. Of course, this is no surprise at a time when jobs seem to be harder to come by, but this is also part of a longer term shift in what we view as the goal of higher education.
Risk charts
Closely tying the outcome with the education thought, means that we have to be aware of the risks involved – Carnevale compares choosing a master's degree to drawing up “complex risk charts”.
“The potential disadvantage of vocational degrees,” explains Dr Hanushek, “is that they produce skills that are not demanded.”
This is exemplified by the high levels of unemployment suffered by graduates with qualifications in architecture, where employability figures were badly hurt by the global recession.
There’s another side to this too, he continues, in that many universities are offering degrees which seem to offer concrete skills, but do not actually lead to a specific profession.
“There is of course a trade-off between having skills that are immediately employable and having general background that expands the range of employment that is possible,” he adds, by way of mitigation.
As a final word of caution, Dr Hanushek adds that you should look carefully as the quality of the program.
“Employers who look for specialized master's degrees are often very sensitive to the quality of the program. If the past record shows success, the employers can be very interested. But, without evidence of high quality results from the program, employers are often reluctant to pay a premium for the advanced degree."