Business, law and graduate school may provide a safe harbor for many students to wait out turbulent economic waters.
Kaplan Test Prep and Admissions, an educational and career services provider, found a 45 percent increase of interest in its business, law and graduate school preparation programs - an interest that may lead to other economic concerns such as the availability of student loans.
Jennifer Kedrowski, director for graduate programs at Kaplan, said more undergraduate students have expressed a desire to move on to post-graduate education during the past year's economic decline.
"Historically, whenever there is a slower point in the economy, graduate programs interest increases," she said. "It's a way to ride out the job market if you're not sure what your job prospects are and you figure that an advanced degree will help you in the long run."
Shannon Samson, coordinator for graduate student recruitment at Texas Tech, said it is too early to tell whether or not graduate programs at Tech will follow these trends, because not all of next year's applications have been processed.
Some programs admit new students during their spring and fall semesters, and others accept applications once per year, she said. In addition to the spring and fall, some schools accept applications before the first day of class.
"Generally it's true that during a time when jobs are short and it's more difficult to get jobs," Samson said, "people frequently will go back to school and get graduate degrees."
Although obtaining an advanced degree seems like a beneficial economic investment, she said, students may have difficulty obtaining loans while the economy struggles with credit concerns.
Fortunately, she said, higher education has not been hit as hard as the mortgage market yet.
"It's a difficult situation," she said, "because it's unclear about what's going to happen or how long it's going to last."
No matter how long the economy remains unstable, she said, an advanced degree is a good "insurance policy" against unemployment.
Education attainment and unemployment directly correlate, Kedrowski said. As people move up the educational ladder, their rate of unemployment decreases and their earning potential increases.
According to the U.S. Census Bureau, a college graduate with a bachelor's degree on average will earn more than $60,000 per year. A graduate with a doctoral degree can expect to earn almost $100,000 annually.
"Even professionals who have been in the job market a while may look at the graduate schools as a way to switch gears," Kedrowski said.
Kaplan found that 75 percent of the 245 surveyed business school admissions officers said, since Sept. 1, the admissions process is more competitive than it was the previous three years.
Experienced professionals may diversify the already increasing selection pool, she said, which would increase competition.
"You have to make sure you do everything you can to stand out from the crowd," Kedrowski said. "Applying to graduate school can take up to one or two years of planning and preparation."
Whether the economic downturn increases applications for advanced degree programs, Samson said, early preparation is key.
"We always advise students to give themselves as much time as possible to put together the most competitive application," she said, "especially for programs that require letters of recommendation."
Considering everything an advanced degree can bring, Kedrowski said, it is worth the investment.
"No matter what the economy does," she said, "the advanced degree will make the difference long term."
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