The average time to secure a new job in 2024 nearly doubled to six months given a hiring slowdown in sectors like technology and financial services. As is common during times of relative underemployment, many professionals start to consider what they can do to future proof their career and advance their skillset ahead of the next cycle of economic growth.
By May of 2024, forty-four states saw enrollment growth in their University’s graduate degree programs, with 14% of Americans choosing to extend their studies beyond a bachelor’s degree.
Still, many are left wondering how to evaluate the return on an investment in postgraduate education when rapid technological advancements driven by Artificial Intelligence and Machine Learning seem to be sowing doubt in which areas human talent will be most needed.
While it’s difficult to predict which jobs exactly will be replaced by AI, major talent gaps across areas like cybersecurity, healthcare, and clean energy prove that technology has a long way to go before governments are forced to grapple with concepts like universal basic income.
For those considering getting a Master’s degree, however, the current pace of technological advancement and higher education’s inability to adapt quickly enough to new market realities makes it difficult to understand how to evaluate the right opportunity for a graduate degree.
After speaking with close to 100 university leaders over the past 6 months and conducting research on trends in higher education, here are our thoughts on what to look for when making the decision on which program is right for you.
Enhanced Career Services
Historically university career services departments have been underfunded as tuition revenue is primarily invested into growing tenured faculty and real estate improvements, but as students increasingly question the ability for a degree to drive direct employment outcomes some universities are starting to invest a lot more heavily into career advisory and support.
Schools like Ohio Wesleyan University are investing significant resources into the career development of their students, in many cases doubling the number of advisors available to support students in their job search.
While most schools will promote career support as part of their offering, it’s important to research how their budgets are being allocated towards employment outcomes in the form of new and innovative programs or additional personnel that can actually provide the individualized direction required by students from varied backgrounds.
Connections to Professional Networks
The value of a standalone degree is only as good as the brand that issues it, but even a Harvard education doesn’t guarantee to provide knowledge on how to navigate the complicated recruiting process of a desirable employer brand.
As hiring practices continue to evolve with the growth of social networks like LinkedIn and the questionable value of a well crafted cover letter that has a vague sense of familiarity from being polished with ChatGPT, the most forward thinking universities are finding ways to build deeper networks with employers, involving subject matter experts that can share the most up to date information about what it takes to get the attention of a hiring manager.
Some schools are going as far as making network development and career education a required part of their curricular work, and while this trend will take time to become a standard offering within higher education the most proactive academic leaders already see the need to prioritize this investment of resources and funds.
Classes Taught by Practitioner Faculty
The growth in funding for research institutes has created a common practice for prioritizing tenured professorships that focus on academic research vs. practitioner faculty that currently work in the field. Many universities offer courses with outdated curriculum taught by professors that don’t have an incentive to evolve their class materials or teaching practices.
Even though many schools still retain academics that continuously rank poorly in student surveys, in the next decade that is likely to change.
Hearing from dozens of University Presidents, Provosts, and Deans it’s clear that for some schools hiring more industry practitioners is a growing priority. These individuals are not only more likely to drive actual professional development for their students but valuable industry connections that have a higher chance of positive employment outcomes.
When selecting an area of study it’s important to carefully research the required courses for a particular degree to ensure that each tuition dollar spent will create meaningful learning opportunities and help acquire up to date skills that employers are likely to value.
Degrees from higher education institutions will still continue to offer the best return on investment for students looking to improve their odds in the job market with a new credential. However, as higher education evolves, the direct impact on a student’s future earning potential can only come from institutions that are directly investing in bridging the gap between the education they provide and the practical demands of the changing workforce.
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