Does the World Need More People With a Masters Degree?

Will a master's degree help you catch a better job and better income? These days it is no sure bet, especially as unemployment rates slowly creep up and more people return to school. However, people are beginning to ask a different, more pointed question: Will a master's degrees benefit society itself?

The number of master's degrees has skyrocketed in recent years. Not only in America but also in other highly developed countries such as Japan, where the problem has become so bad the Japanese government has attempted to pay corporations to take higher degree graduates off its hands. The New York Times believes at least two people in 25 age 25 and older now have a masters degree, some from Harvard and others from top online Masters degree programs. This is a whole lot of education, but where is the social benefit? In current world dynamics, higher education is not the panacea it once was.

The Personal Income Argument

Against the wall, graduate students often admit they are in it for the money or enhanced career opportunities. Years ago this argument carried more weight, because a master's degree actually meant something. Economists and professors believe the world is due for an education bubble, which like the tech and real estate bubbles before it will show an over-reliance on education for personal profit. After all, a master's in business has all but replaced the too-common business bachelor's degree. In the oversaturated American market, a master's degree is no guarantee of a job, either. Even market-friendly areas like science and technology are noticing this trend, with jobs going to only a select few who graduated from notable schools. This leaves many graduates with a mountain school debt and no fallback plan.

The Social Argument

The social perspective asks if all these master's degrees actually improve communities, the environment, or social issues. The answer is often a hesitant “no”. The social impact of master's degrees tends to be negligible for several reasons. First, higher-level education is typically the pass time of the rich, those who have the financial means to place their kids in graduate programs. Second, graduate programs in turn cater to the wealthy, especially when it comes to the humanities. The cycle tends to be self-sustaining, keeping money flowing around the upper levels of society without spreading much benefit elsewhere.

However, the real answer may be that the right kind of master's degree can build up society. Environmental programs, green technology, and even philanthropic degrees can help benefit the world at large – indeed, at the PhD level higher education often translates to philanthropic activity.

The Globalization Argument

As business and policy become intertwined on a global level, a balance in higher education is seen. In emerging markets such as China and India master's degrees are needed for economic development, but these countries are beginning to product their own graduates, rendering cross-border degrees moot. In developed markets such as Europe, North America, or Japan, degrees are increasing with nowhere to go, pumping money into higher education instead of into communities as a whole. The result is a slow move toward highly specific graduate programs that focus only on marketable skills, but the question remains. Will more master's degrees equate to more social equality? It appears not. From a global perspective, master's degrees in the United States seem to be causing more problems than they solve for the jobless and overqualified who hold them…for the time being.