You’ve probably heard it before: the higher the education you have, the more your salary delivers. When the economy takes a slump, students turn to the education industry as a means to evacuate their unemployment (or less-than-desirable income from their current job); a great thing for colleges that are struggling with the economy themselves and need the student body. It’s a win-win situation, right? And what with everyone walking around with a Bachelor’s Degree these days, the Master’s Degree is the next on the academic food chain. Master’s Degree enrollment rates are higher than ever.
But not all degrees pay out their investment. A Master of Arts in Literature, for example, isn’t going to glean much benefit unless the graduate is the next best-selling novelist; better off that a B.A. in English pursue a Master’s Degree in education. M.A.’s in the social sciences generally don’t do well either, at least not as well as the C.S.W. or, better yet, the M.B.A. When students pursue a Master’s Degree program, it should be perceived as more than the educational evacuation port from the bad economy.
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The education industry, also known as the Educational Services sector by the U.S. Bureau of Labor Statistics, has suffered from the rising unemployment of the economy, just as other industries. Lay offs and unemployment from the education industry, however, are primarily at the public school level. Private schools are still hiring strong; in May 2009 alone, 57,000 employees were hired in the education industry. Private schools make up over 90,000 establishments of hiring institutions.