Are master's degrees the new bachelor's degrees?

A recent New York Times article detailed the trials and travails of a young man with a newly minted B.A. He was forced to move back in with his parents and is waiting tables because he could find no suitable work with his degree. The takeaway? That a bachelor's degree is simply not enough in this tough job market, and that to land a decent, professional job these days, a master's is required.

Any dramatic anecdote--from jobless B.A. or shoeless cobbler--makes for a good story, but doesn't necessarily prove any sweeping theory. Experts were surveyed and data analyzed and the answer to the "Is the M.A. the new B.A?" question is yes…and no.

Is degree inflation real?

Dr. Anne Sourbeer Morris, owner of A. Morris Consulting in North Carolina, provides business, career and educational counseling for folks from undergrads to CEOs, and she agrees with the Times' assessment. Dr. Sourbeer Morris explains, "I definitely see degree 'inflation' happening in the job market. I tell many of my clients-as I advised my two daughters--to go for a master's."

On the other hand, Dr. Joseph L. Marks, director of education data services at the Southern Regional Education Board in Atlanta, thinks the sky-is-falling message of the Times article is too drastic. As he says, "I live in the world of data, not in the world of anecdotes. Sure, you can find someone with a B.A. working at McDonald's," he says, "but does that mean that that's a job requirement? No."

Dr. Marks cited a study by the U.S. Bureau of Labor Statistics that projects increase in employment, sorted by degree, from 2008 through 2018. The numbers break down like this:

• A 1 percent greater increase in M.A.-required jobs as compared to positions for bachelor's holders over the next seven years.
• The total M.A. job increase will be 18 percent (464,000 more jobs, a total of 1 million openings due to growth and net replacement needs).
• Jobs for holders of bachelor's degrees are projected to increase by 17 percent (3.1 million more jobs, a total of 7.1 million openings).

Says Dr. Marks, "Clearly, there is still very strong demand for bachelor's degrees." And, when looking at sheer numbers, there will be many more positions filled by those with B.A.s.

Not enough Americans completing college

Some studies show a dramatic jobs shortfall by 2018 due to lack of post-secondary education. In a recent study from the Center on Education and the Workforce at Georgetown University titled "Help wanted: projections of jobs and education requirements through 2018," there were some daunting numbers. "Not enough Americans are completing college," the executive summary of the report recapped. "By 2018, we will need 22 million new workers with college degrees--but will fall short of that number by at least 3 million post-secondary degrees." This is distressing news for the U.S. economy, and it is also a potent argument in favor of master's degrees for tomorrow's college freshmen--or for those already in the workforce who are struggling to find suitable employment.

Even though he doesn't subscribe to the M.A.-is-the-new-.B.A. notion, Dr. Parks points out that there are some figures that increase the attractiveness of postsecondary ed:

"In 2009, the average annual earnings for adults 25 and over will be $46,400. Breaking this down by degree, here are the annual pay-rate averages. Those with a professional degree, say, doctors and lawyers: $128,600; those with doctoral degrees: $103,400; master's degrees holders: $74,200; those with a B.A.: $58,800. That's just looking at one year, and getting advanced degrees does greatly increase one's lifetime earnings."

Making a master's a reality

For those who do aim for a master's, you'll need, of course, to budget for an extended education even though your career-long earnings will mean your advanced degree will probably pay for itself in just a few years. According to FinAid.com, the median debt for a master's degree is $25,000, and the degree will generally take two years to earn. Dr. Sourbeer Morris advises doing undergraduate work at a more affordable community college and then investing in a "name" school for post-grad work--this will save money and will also give students a powerful network to draw from when it's time to look for work.

Dr. Sourbeer Morris stresses that, all other considerations aside, earning an advanced degree is ultimately about living your dream. She says, "A master's will get better get you on track for specific career path--say, teaching--than a B.A. will. Simply put: A master's degree better allows you to follow your passion."

Tips: How to stand out in the skills-inflated job market

• According to Dr. Sourbeer Morris, students who choose not to proceed beyond a bachelor's degree can definitely succeed professionally. Key ways to increase your marketability are "performing internships in your chosen field--people are much more likely to hire you if they know you and you have demonstrated your skill and dedication."

• When folks are decision making they should "network, network, network," says Dr. Sourbeer Morris. "Connecting with human resource professionals if they are employed to discuss job advancement options and opportunities in their field of expertise. Also consider the transferability of your current skill sets into a related or even different field of interest. Skill transferability and the importance of flexibility in terms of job seeking, especially in these challenging economic times."

• Join professional organizations and attend conferences or networking sessions.

• Finally, take advantage of the career services offered by your undergraduate college or university and network with other alums.