Masters or Doctorate Increases Employability – Yes
I am taking the yes side here more in the interests of balancing the debate than an absolute belief that a masters degree, or doctorate, gives someone an edge in the jobs market, because it depends to a great extent on the job, and the person.
My experience in the UK, however, is that where once a first degree was sufficient for a graduate to find employment, the bar has now been raised, and having a masters or doctorate is becoming a necessity, rather than an added extra.
There are other things that can make a graduate look attractive in employment terms, such as work experience, including voluntary work, and obviously in some lines of work, where a significant amount of expertise is required, such as science, then a masters is probably essential, as proof of ability, but on the whole I think that its better to have a masters or doctorate as a way to get ahead in the jobs market, than not.
There are sad stories circulating, whether true or urban myth, of graduates with a Phd in maths, or similar subject, who could not even get a job in a supermarket, and there is a risk, in some circumstances, that it can make an applicant appear over qualified. However, when seeking a graduate job it is, on the whole, an advantage.
In a downturn the jobs market will always be more competitive than when the economy is doing well, and work experience should not be underestimated, in its attractiveness to an employer. There is a risk that the extra time, and cost, of a masters degree or doctorate is undermined by lack of work experience, but on the whole it gives the impression of someone who is prepared to go that extra mile, in gaining expertise, in the field of knowledge in which they are interested.
There is also a strong case to be made for someone who wants to go into business management, getting a further qualification after they have been working for a number of years, to enhance their cv.
There is a difference between someone going back into education, having left and worked for a while, to take a masters or doctorate, and someone, who does so straight after their first degree. The recent graduate may want to appear better qualified in the area in which they graduated, if that is the area in which they want to work.
Whereas the person returning to education may be looking for training that takes themselves into a new area, perhaps they are hoping to improve their managerial skills, or change direction.
Obviously this is always an individual choice, but on the whole I think the answer is yes.
