Dana A. Olson, 21, a junior finance major at Washington State University, will likely attend graduate school. Not because he knows his career requires a master’s degree. Not because he’s always dreamed of it. Not even because he thinks it’ll be a great opportunity to learn more. No, Olson is likely to attend graduate school because of the poor economy.
“It makes more sense to go to grad school rather than working minimum wage with an undergraduate degree,” Olson said.
Olson is among many students across Washington who in light of the poor job market have turned to graduate school hoping for the economy to improve by the time they earn their second or third degree.
Since 2007 as unemployment rates in Washington State have risen to 9.8 percent overall and 15 percent nationwide among 20 to 24 year olds. Correspondingly since 2007 graduate school applications have risen almost 18 percent at WSU and almost 27 percent at the University of Washington. Also, in 2008 the average age of a graduate student at WSU went down two years.
As the recruitment and admissions coordinator for the college of business at WSU Mitch A. Swanger often talks to students who are thinking about graduate school instead of risking unemployment.
“The job market sucks,” Swanger said. “A good chunk of interviews I have with people are seniors in undergrad who are scared of graduating.”
About half of the graduate school applicants at the WSU College of Business aren’t even business majors, Swanger said. People want to stay out of the job market but don’t care to continue learning within their specific field of study, he said. Business is associated with everything, he said, and applicants hope a couple years at a business school will help them overcome the poor job market.
The problem is most graduate schools prefer to see some time spent in the work force and many employers want real world application over schooling, Swanger said. He never recommends going straight from an undergraduate degree to master’s. Most people don’t realize how much money graduate school costs or how long it takes to pay a loan off, he said.
Still, graduate school is a great investment, Swanger said. It helps with bigger career opportunities and helps develop a ton of skills, he said.
Unfortunately with more people applying for graduate school more people are being rejected.
In 2006, about 30 percent of applicants were admitted to WSU as a grad student. In 2010 only 24 percent were accepted. Similarly, in 2006 7,777 students were rejected from the UW graduate program while 12,330 were rejected in 2010.
Pat Sturko, Associate Dean of the Graduate School at WSU also recommends going to work before graduate school. Working first gives an advantage in getting a master’s or doctorate, Sturko said.
“Going to work after you complete your undergraduate education, it gives you a more wordly perspective,” Sturko said. “You can take those experiences when you go back to graduate school. It helps you apply your knowledge.”
But for some working first before pursuing a graduate education isn’t an option.
For many the only choices are school or living with their parents, Sturko said.
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