The Impact of a Graduate Degree on Your Earning Potential During a Recession
In recessions, even those with undergraduate degrees are at risk of losing their jobs and having trouble finding adequate employment. Naturally, many are curious about ways to ensure that they never find themselves in this position. Fortunately, there are ways to make sure that your earning potential is high whether or not you find yourself in a recession.
Specifically, earning a graduate degree can help you maintain your worth and value as an employee regardless of economic factors. Gaining more insight into the ways that graduate degrees can bolster your career and value as an employee can make it easier to take the leap and further your education.
Here is the impact of a graduate degree on your professional development earning potential during a recession.
Standing Out in the Crowd
During recessions, one factor that makes it harder to land a job and earn a worthwhile income is the fact that masses of qualified professionals are unemployed and looking for work. This means that you’ll find yourself competing with scores of other candidates for pretty much any job role you choose to pursue. As such, sticking out in the crowd and presenting yourself as more valuable than other candidates is key to earning a great income during a recession.
Having a graduate degree, such as a Master’s in Communication or an MBA, will cause employers and hiring managers to look at you more favorably than your counterparts who merely have an undergraduate degree. This being the case, a graduate degree will give you leverage over other candidates and make it easier to land a worthwhile job role regardless of how a recession is impacting the economy.
Landing High-Level Roles
As everyone in the job market is aware, individuals in high-level roles typically command much higher salaries than those in lower-level roles. Consequently, those looking to ensure that they earn a lucrative salary often pursue these jobs. Unfortunately, it can sometimes be difficult to land these roles as they often require years of experience and training.
Fortunately, having a graduate degree can significantly increase your chances of landing one of these laudable roles. Essentially, employers are aware of the skills that many graduate programs instill in students. As a result, they typically look for candidates with these accolades when filling high-level positions. This means that during a recession, having a graduate degree can help you not only secure an income but can also help you command an impressive salary.
Finding Networking Opportunities
While your skills and education play a large role in landing lucrative jobs, knowing the right people can also be a tremendous asset. In many graduate degree programs, your peers will eventually step into high-level roles in various companies. As such, these programs give you an opportunity to network with others who may be able to help you achieve your career goals in the future.
Having a network of professionals working at various companies is also extremely valuable during a recession. This is because having meaningful references can very likely give you opportunities to step into lucrative job roles that you might not be able to land otherwise. Consequently, the networking opportunities available in graduate programs can help you increase your earning potential during recessions by growing your professional network.
Some Graduate Degrees Are More Valuable Than Others
While all graduate degrees will typically be impressive to hiring managers, some are more relevant during recessions and will stand out more than others. Understanding which are likely to be the most valuable during a recession can play a key role when you’re deciding which one to pursue. Some graduate degrees that have stood the test of time include:
- Master of Business Administration: MBA’s are a highly sought-after degree for several reasons. One reason is that they imbue students with leadership skills and a breadth of business-related knowledge that makes them adaptable to many roles. In addition, MBA career paths are numerous and varied, giving MBA holders leverage and mobility in the job market.
- Master of Data Science: In today’s increasingly digital world, data science plays a key role in processes across many industries. Given the in-demand nature of employees with data-science skills and training, a Master’s in Data Science can ensure that you’re qualified to command a lucrative salary during recessions.
- Master of Engineering: Engineering is an important field all around the world that is constantly in need of skilled professionals. This fact makes those with an advanced education in the field safer than many other professionals in the job market. As such, this is an incredibly valuable graduate degree that can help you earn a worthwhile wage during a recession.
Though these are some popular graduate degrees that can help you earn a lucrative income during a recession, there is a plethora of graduate degree options out there. Which you choose to pursue will ultimately depend on your field of interest, prior experience, and career goals.
A Graduate Degree Will Make You a More Valuable Candidate and Employee
From advanced skills to ripe networking opportunities, a graduate degree can help you earn a worthwhile salary during a recession in many ways. In addition, these degrees will give you more upward career mobility and opportunities to step into a variety of roles. While nothing can fully guarantee you a high-paying position during a recession, obtaining a graduate degree can greatly increase your chances of doing so.
