Editorial: A Master’s Degree Is the New Key

It is a requirement by law that children, as young as three years old in some countries, receive an education. The duration of this required education ranges from four years in Angola to thirteen years in several countries such as the Netherlands and Dominica. Essentially, after we have finished the educational requirements set by our country, any further education is ‘optional’.

Optional as in it is not required by law, but we may feel pressure from our parents, teachers, and/or society to pursue at least an undergraduate degree. For many high school students, college seems like an exciting experience where we can move away from home and embark on our journey to discover new passions, ideas, and ultimately, who we are and want to be. While this perception may be flawed, we make the decision to find out for ourselves by applying to colleges in our senior year of high school.

A large number of students are coming out of college and graduate school with student loans to repay. In the United States, the average student loan debt for a 2016 graduate was $37,172, which is a 6% increase from 2015 (New America). In Canada, the average student loan debt is around $27,000 (Stats Canada). In the United Kingdom, graduates have a strikingly high debt of £44,000 (DailyMail). If reading these statistics does not seem daunting, let me remind you that these numbers do not include graduate school or doctoral programs, which multiply student debt.

Due to the tough job market, it is becoming harder to compete for jobs with just an undergraduate degree. A master’s degree seems to be the new undergraduate degree. In fact, 32% of employers are upping their education requirements for new hires, according to a survey from CareerBuilder. Additionally, 27% are hiring people with a master’s degree for positions that previously only required a four-year degree, and 37% are hiring college graduates for positions that were primarily held by people with just high school diplomas. As it can be seen from these statistics, higher education is being promoted by employers. From CareerBuilder’s survey, employers reported that higher education “increases the chances of getting hired” and the likelihood of being promoted. But is higher education really necessary? And should people be acquiring so much debt at a young age before they have even had a job?

It seems to be that the more further education people have on paper, the better their opportunities and benefits may be in the working world in the US. Although, just because you acquire a master’s degree, it does not mean you automatically have a well-paid, meaningful job. It simply means that you may have more open doors than those without a master’s degree.