Is graduate school the best way to avoid the recession?

August 10, 11:12 PMKansas City Young Professionals ExaminerLila Brown

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Fall means back-to-school time, but for the recent college graduate, the fall after graduation is a sigh of relief- no more classes. By this time, young professionals would have already adjusted to a new work environment; however, in this current job market, you’ll be lucky to get an interview. Although the economy is slowly recovering, former students who have never considered continuing their education are now giving graduate school a second thought. Many realize a better tomorrow means obtaining an even higher education today.

During a recession, graduate programs see an overwhelming response of applications because people are not finding work or have settled for a gig to make ends meet. According to a 2008 survey by the Graduate Management Admission Council, 77 percent of full-time MBA programs reported that they received more applications than the previous year.  Application and enrollment rates are expected to increase again this year. With the unemployment rate at 9.4 percent, are students doing the right thing by attending graduate school to avoid the job market or are they delaying an opportunity to get relevant work experience which may matter most to future employers?

Know what is best for you

First, it is important to realize your personal career goals and objectives. “Personal leadership is key,” says Chris Naylor, professional life and business coach of B. Better Success Coaching.  Naylor’s self-awareness tips advises recent grads who have stopped looking for a job and are looking at graduate schools to realize what is best for their needs. “Get to know yourself.  Trust yourself.  Learn to love how you were uniquely created and find a graduate program that complements that.”  

For those still pondering the decision to apply to graduate school, Ian Hardman, president of MLT says ask these critical questions:

• What is the real reason for heading back to school?
• Is your decision to go to graduate school rooted in furthering your passion?  
• How will your long-term plan change with a graduate degree?  Will a graduate degree accelerate your plans or are you unsure of the real impact?  
• Are you financially prepared to undertake the grad school venture?   
• What is the opportunity cost of pulling yourself out of the job market for two years?  

Professor Rob Hellmann of New York University School of Continuing and Professional Studies recommends that anyone looking to attend graduate school research the return on investment on the school. Using resources such as the Forbes Business School Calculator can help in the search for the right graduate school.

Understanding what is best for you and what truly makes you happy will help clear any frustration, confusion and will help in selecting a graduate program. Naylor encourages those who are undecided to consider what makes their heart sing. “Focus on work that you're passionate about to fuel and sustain success.  Find what is service-filled and will bring meaning to your life.”

Don’t use grad school to dodge the job market

Consider that graduate school may not be the best option. Some career counselors think it’s best to first take time off from academia. Work experience may change your view on what it is you'd like to study and expose you to a broader range of possibilities- not to mention it will eliminate academic burnout. “Real world work experience can help refine your career goals and what it is you hope to gain from a graduate degree,” says Christine Bolzan, CEO of Graduate Career Coaching. Bolzan advises young professionals that not only will the work aid in the decision, but the broader network of professionals will further educate and advise grad school hopefuls on which program will be best. The academic world might be comfortable and familiar for recent college graduates, but this is not a reason to avoid the job market. When it comes to graduate school acceptance, most graduate programs hold work experience in high regard so this may increase the probability of being accepted into a stronger, more reputable program if you work for a few years. The stronger the program, the better the networking and job placement will be upon graduation.

Be realistic

Want to leave a job for graduate school? Matt Colarusso, manager of Sapphire Technologies' national recruiting team, says be realistic with career goals and expectations. “Unless the degree is something that is required for advancement in your field, then don’t assume a graduate degree is going to automatically open more doors. Look at some of your more experienced co-workers. Did they need a master’s degree to reach the position they are currently holding?” Before you leave that job, set a clear, realistic goal and identify the professionals in a position that you wish to hold one day. Follow their career path, tailor it to your objectives and use it as a road map for career success.

For those who are already in or on their way to graduate school, make sure you maximize the experience not just from an educational and skill building experience, but also from a relationship building perspective.  “You will have unique opportunities to form relationships with professors, peers and post-grad professionals who are recruiting on your campus— all of which will benefit you throughout your career,” says Hardman whose company, MLT, works with candidates 18 months before they show up at school This is not just to be great applicants to school, but to make sure that students are maximizing their experience to make a successful post-graduate transition.  

So, what do employers think?

Human resources professional Len Kloeber values relevant work experience over a graduate degree.  “Unless there is a specific requirement for an advanced degree to perform the job, relevant work experience trumps a master’s degree in most cases,” says Kloeber. Students that obtain work experience first may have a much better idea of what graduate program to study. It will also provide a basis for a more mature approach and work ethic to graduate study.

In periods of recession or growth, Hardman says employers are generally focused on one of three things when it comes to hiring new or retaining existing talent: Will the employee accelerate or help the organization to  1) increase revenues or assets, 2) manage costs or 3) scale infrastructure?

Overall, Hardman teaches young job candiates it’s not that employers are not sensitive to the development of their needs, but it is about understanding that an organization wants people who are indispensable and as he puts it, rock stars in the company’s growth equation. "Employers have an interest in managing candidates’ recession fears thus encouraging them to apply but at the same time, balancing very real organization concerns about downsizing.  Candidates can do their part by being as prepared as possible to make the best of a coveted interview slot as well as ensure that they have the roadmap and skill set."