Real New Yorkers: When a Bachelor’s Just isn’t Enough
August 14, 2009 by Felicia Montalvo
When recent college grads first envisioned themselves graduating from college, they probably imagined tossing textbooks to the side and starting their new lives as decently paid working professionals. Few imagined they would be dealing with of a lack of available jobs and a nation in recession. As a result of the current financial crisis, however, many recent graduates are opting out of the job market for the time being, and deciding to go back to school.
In order to understand the rationale behind recent graduates’ decisions to return to school, I sat down with Sarah Morgan, a recent graduate of Barnard College who has been accepted to London School of Economics and Political Science (LSE), and will be pursuing a master’s degree in Comparative Politics in the fall.
Despite the fact that for many fields of study, a master’s degree is not really a prerequisite for obtaining a great job, for Morgan, receiving a master’s degree is integral to her field of study. In other words, while our current economic situation has been disastrous for many, for others, it has provided a unique opportunity for growth.
Why did you decide to go graduate school?
When it became clear that the economy was at the point of crisis the same year that I graduated from college (2009), I decided that the best thing to do for my future would be to give myself multiple options for post-graduation life. So, I applied to different jobs in fields related to my own (Political Science) and then thought that a form of insurance that I could use if the job opportunities didn’t pan out was to apply to graduate school. Originally, since my parents went almost immediately from undergraduate to graduate school, I thought that I would too, so this decision to apply to graduate school was not a sudden change for me as I had planned to go to grad school all along. And I’m glad I made the choice to put my eggs in different baskets, so to speak, for jobs and school. I’m even relieved to a certain extent that I don’t have to enter the job market the way it is currently–with hardly any job security and lower salaries. Although I’m taking out more student loans, my Master’s degree will be a great asset to my job search a year from now, when my program finishes.
What are your career plans?
At this point, my career plans are somewhat open. I hope to find a job that utilizes my language skills (French, Arabic, and some Farsi), and that challenges me. I will consider political and military careers, since my degrees would be useful for both, as would my linguistic abilities. Many graduates from LSE with my concentration go on to be policy analysts and advisers, so that is definitely an area I will pursue. I also have a family history in the Army and Navy, so I may consider those paths as well as an Intelligence Officer.
Are most of your friends working or going to graduate school?
It’s sort of mixed. I have some friends who are only just finding jobs as the summer ends, and many others who are going to graduate school. It’s as if everyone did what I did–let the chips fall where they may. Certainly the recession caused many people to go to graduate school more immediately than they planned initially, though.
What are some of benefits, challenges of attending grad school during a recession? What difference does it make(if any) that you are attending school in the UK?
As my dad puts it, “this is the best time to be in school.” Returning to school in an unstable economy is probably a smart choice because it will allow me to “wait out” the bad economic times and get a higher degree in the process to open up my career options down the road in a better economy. At the same time, there are downsides to taking out more student loans without first getting a job to pay off some of the ones I took out in undergrad. Also, taking out more loans when there is no economic guarantee that things will be much better in a year is a scary, and perhaps risky, thing. But, I figure it’s an investment worth making.
Also, attending school in the UK rather than in the US, during a recession, is actually beneficial to me because the exchange rate has increased in my (the dollar’s) favor in the last few months. The exchange rate is at a very low point right now due to poor worldwide economic conditions, and that works in my favor because I’m paying my tuition in British pounds.
What are some ways you are planning to save on miscellaneous living expenses?
Well, one I mentioned before– trying to take advantage of the recently beneficial exchange rates that we’ve been seeing. Also, I am living in subsidized, student housing for the year to cut costs. So I’m living in a dorm room in London, which is much cheaper than getting my own place. And, I will have a communal kitchen where I’ll be able to cook for myself and hopefully cut costs that way. (First I better learn to cook!)
Do you think you made the right decision?
Overall, I think that I’ll be very happy with my decision. I basically am buying myself another year of study abroad where I can explore London, attend one of the world’s top universities for my field, and obtain another degree which will only benefit me in the job market in the long-run. And, since I had planned to get my Master’s at some point anyway, this just seems like the best time to do it.
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