"Master’s Degrees are the Biggest Scam in Higher Education"

"It’s graduation season. Over the past couple weeks, some 2 million college students have earned their bachelor’s degrees and headed off to the next stage of their lives. For many, that next stage will be … back on campus, in a grad program, most likely gunning for a master’s degree. And for a sizable chunk of them, that decision will turn out to be a catastrophic error."

https://thenews.upexampaper.com/masters-degrees-are-the-biggest-scam-in-higher-education-college-more-breaking-news/

 

What a lousy article. It has statistics that belie the point, then ignores them in favor of a few cherry-picked anecdotes.

It also completely ignores the fact that some people love what they do and are glad to be able to do it, even if they don't get a robust return on their investment. It's not just about money.

Master's degree holders, according to the article, make more money annually. They also make more money over the course of their careers. There is variability in this, of course, which is why you can find anecdotes that belie the point. But the numbers are there.

There is no mention in the article (unless I missed it) about people going back during their careers to do a master's. This is a completely different dynamic than undergrads staying in school another year to get a master's. I would think--but I do not have data to support this--that those people would be more likely to put their master's degrees to good use, having earned them in the midst of their careers, not before the outset.

Bleh.

 

If the goal is to focus one's life-long learning - the value is intrinsic and invaluable. However, if the only goal is to a gamble on climbing the next career rung, I can see how some of these programs might be viewed as scams.

 

Even if you believe master's degrees are oversold, you should be able to find a bigger "scam in higher education" than that particular overselling.

 

The Master's degrees are more for working adults. I have never met anyone in my life pursuing Master's degree without working.

 

AGREE!

 

biggest scam in higher ed is the cost of textbooks i tell u !

 

I agree! Textbooks can cost between $200.00 to $500.00 per course.

 

Because I do a lot of career-related coaching, I often suggest to my clients they consider other credential options like certificates and certifications. (I am the author of the chapter on this subject in ATD's Handbook for Training and Talent Development, 3rd ed. (2022).)

 

Y'all must do something "right" to pay that much. I always went with the cheapest option, which, depending on the book, could be an e-book, rental (print or ebook), or used print book. I didn't pay up to $100 for any book either at Lamar or Liberty. I use online textbook comparison tools. If you want to buy new books from your school's bookstore, then expect to pay a couple of hundred dollars.

 

Not anymore, most Doctorate programs use peer-review articles. I remember when I took a Financial Management for Engineering course at SMU. The book was $198.00 plus a supplement book for about $98.00. A friend of mine took a course at Columbia University undergraduate in political science. He had 5 main books plus 3 additional ones just for one class.

 

I don't think master's degree indeed makes you a 'master' in something....

i.e. you didn't major in computer science during the undergrad years.
So you haven't studied Calculus II, Calculus III, Mutivariable calculus, Linear Algebra, C++, Data Structures, Discrete Math during the undergrad years.
And you move forward to get one of the 'Master of Computer Science' degree that is much easier.
Even if you finish the degree, that doesn't mean you have studied something more challenging than the undergrad BS in computer science.

Most of master's degrees look easier than four year undergrad degree at top ranking schools.
So, I can tell you that doing a master makes your employers think you at least studied that.. but I don't believe it will give you a better chance than a guy who has BS in computer science from top ranking schools.

Maybe it depends on majors... but I see this problem in Information Systems, IT, Mathematics, English, History, etc.
Master's degree programs look like continuing education source. They don't intend to give you strong foundation in something... instead they give you an opportunity to at least study.

 

i.e. here's a BS in Computer Science program's study plan:
https://catalog.drexel.edu/undergraduate/collegeofcomputingandinformatics/computerscience/#requirementsbstext

and here's Master of Computer Science program's study plan:
https://online.york.ac.uk/study-online/msc-computer-science-online/
https://asuonline.asu.edu/online-degree-programs/graduate/computer-science-mcs/

They don't have any math modules so if you're coming from another major, you will miss all of the math skills required for machine learning.
Maybe this can be a different story if you're accepted to top 20 MS in CS programs in US... i.e. Standford, MIT, etc.

 

Personally, I see Master's degrees as an opportunity to pivot your career. For example, the MBA from a Top B-School takes folks from $50K per year jobs in finance and catapults them into $125K+ positions in consulting. Another example is the MCIT from UPenn. I see students who have zero computer science background pivot into software engineer positions in FAANG.

I do not think the Masters degree is really used to deepen ones knowledge as much as people think. I really do think it is an opportunity to pivot ones career path.

 

10 years ago maybe. find previous editions from 2nd hand bookstores etc. you could get cheap books.

now i've been seeing more modules that make you buy XXX textbook because the textbook has some online login code to do assessments from their website. cant really run away from that.

reminds me of 1 mod i took years ago, the prof told us to buy XXX textbook because we needed it. and there's no 'previous' edition because its new.... and the author of the book was the prof

 

Sometimes, you can buy the code separate from the book. But it's often only slightly cheaper than buying/renting the eBook. And the eBook is only very slightly cheaper than the print edition! Sure, saving $20 is $20, but you're still spending a ton of money on books that you can't even resell.

 

Finding someone at a top B school who was previously on a $50k career track, may be a unicorn. That being said, totally get your point.

 

I earned my masters in 2018 and Ph.D. in 2021. So, neither was long ago. I also did not buy any books that were not the current/required edition. Even if you buy a brand new text book, you will not get anything close to its value when you try to resell it.

 

if it works for you. thats great. you made a ton of savings =)