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Considering the number of recent college grads taking positions they鈥檙e overqualified for and the mass of unemployed college graduates out there, some experts are staring to believe that master鈥檚 degrees have become the new bachelor鈥檚 degree.

More and more job openings are now advertised as 鈥渂achelor鈥檚 required, master鈥檚 preferred鈥� and people have noticed the trend: master鈥檚 degrees are now the fastest-growing degree.

Richard K. Vedder, professor of economics at Ohio University and director of the Center for College Affordability and Productivity, told that today鈥檚 colleges are turning out more graduates than the market can bear, making master鈥檚 degrees essential for job seekers to stand out from the crowd.

More People Getting their Master鈥檚 Degree than Ever Before

also reports that roughly 657,000 master鈥檚 degrees were awarded in 2009鈥攎ore than double the number awarded during the 1980s. That rate has increased substantially over the past couple of years as well, claims Debra W. Stewart, president of the Council of Graduate Schools.

鈥淪everal years ago it became very clear to us that master鈥檚 education was moving very rapidly to become the entry degree in many professions,鈥� Dr. Stewart explained. Today鈥檚 master鈥檚 degrees are typically much more specialized than bachelor鈥檚 degrees.

Higher Degree, Higher Salary: Master鈥檚 Degree Recipients Earn More

reports that those with bachelor鈥檚 degrees can earn about $2.27 million over their lifetime while those with master鈥檚, doctoral, and professional degrees can earn $2.67 million, $3.24 million, and $3.65 million, respectively. The figures were taken from a new report issued by the Georgetown University Center for Education and the Workforce on August 5, 2011.

Master鈥檚 degrees may also help people earn more simply because they are a helpful ticket to employment. Laura Georgianna, who works in employee development at Welch Allyn, admitted to The Times that given two otherwise equal r茅sum茅s, the one belonging to a master鈥檚 degree recipient wins. Why? Because 鈥淚t says that this person is committed and dedicated to the work and has committed to the deep dive,鈥� she explained.

The Future of Master鈥檚 Degrees and Graduate Education

According to the 2010 report undergraduate education is important to the creation of a stable economy because bachelor鈥檚 degrees provide students with knowledge and work skills while prepping students for a wide range of employment options, but it is graduate education that provides students with advanced knowledge and skills; skills that will secure the country鈥檚 鈥渇uture intellectual leadership in the knowledge economy.鈥�

The even warns that the U.S. should adopt a national strategy to increase degree completion or risk losing its position as the world leader in research and innovation. The report was released on April 2010 in Washington, DC by the a joint effort of the Council of Graduate Schools and Educational Testing Service.

Earnings are Dependent on Race, Gender, and Degree

Georgetown鈥檚 new College Payoff report also points out that race and gender are unfortunately still a factor when it comes to earning potential. 鈥淥n average, to earn as much as men with a bachelor鈥檚 degree, women must obtain a doctoral degree,鈥� reports

Anthony Carnevale, the director of Georgetown鈥檚 Center on Education and the Workforce, feels that these are the most disappointing findings of the new study. The Georgetown researchers estimate that women with professional degrees will earn approximately $3 million over their lives鈥� more than $1 million less than a man with an equivalent degree.

The study also found that African Americans and Latinos with master鈥檚 degrees also have lower lifetime earnings than whites with bachelor鈥檚 degrees, reports

10 Best Master鈥檚 Degrees for Jobs

According to a report, the best master鈥檚 degrees for jobs are as follows:

1. Physician Assistant Studies, with mid-career median pay of $98,000

2. Computer Science, with mid-career median pay of $111,000

3. Civil Engineering, with mid-career median pay of $98,700

4. Mathematics, with mid-career median pay of $96,900

5. Physics, with mid-career median pay of $110,000

6. Information Technology, with mid-career median pay of $97,000

7. Human Resources Management, with mid-career median pay of $81,900

8. Economics, with mid-career median pay of $108,000

9. Geology, with mid-career median pay of $90,100

10. Business (MBA), with mid-career median pay of $109,000

Georgetown鈥檚 Center on Education and the Workforce director Carnevale agrees with the MBA being a top master鈥檚 degree. “In the case of business administration, get an MBA. Don’t listen to what anyone else says,” he told Bloomberg Business. The number of people with MBAs may be high, but 鈥渋t鈥檚 better to be in that pool than in the pool of bachelor’s degree holders.鈥�

Posted on 8 Aug

Melissa Rhone earned her Bachelor of Music in Education from the University of Tampa. She resides in the Tampa Bay area and enjoys writing about college, pop culture, and epilepsy awareness.