Archive for ‘graduate school’

April 1, 2015

Pharmacy graduates are finding a softer job market

by Grace

One of America’s most reliable professions is producing too many graduates and not enough jobs

A few years ago, students enrolling in college as pharmacy majors had high hopes about lucrative careers.  Now the outlook is not so rosy.

… Even as the economy struggled in the mid-aughts, pharmacy graduates easily found big salaries, 9-to-5 jobs, and the respect that came along with handling medications. Nicholas Popovich, a professor at the University of Illinois at Chicago College of Pharmacy, tells me that, “Some signing bonuses even involved a car, that type of thing.”

While New Republic labeled pharmacy careers to be “on the verge of a crisis”, the details don’t necessarily indicate the problem has risen to crisis level.

  • There has been a 70% increase in first-professional PharmD degree graduates from 2001 to 2011 due to the opening of new pharmacy schools and the expansion of existing programs.
  • The aggregate demand index (ADI), a tool that tracks the difficulty of filling pharmacy positions nationally, had remained relatively steady at a level of ADI = 4 (moderate demand) from 2002 to 2008 but has had a downward trend closer to 3 (demand in balance with supply) in more recent years, with several states in the Northeast region having their ADI dip below 3.
  • The anticipated role expansion and demand for pharmacists to provide direct patient care services has not come to fruition, causing a lower than expected creation of new pharmacist jobs.
  • The bottom line is that the supply of new pharmacists seems to be outpacing the creation of new jobs because the role of pharmacists has not changed as expected when pharmacy workforce needs were projected in 2001.

The number of pharmacy schools has almost doubled over 20 years alongside exuberant predictions about a boom in jobs.

… PharmD students are cash cows, taking on hundreds of thousands of dollars in debt and often committing to a longer course of study…

Meanwhile, graduates dealing with average debt loads of over $130,000 find themselves in a growing competition for jobs.

The scarcity of jobs is regional, with the Northeast and New York in particular experiencing a surplus of pharmacists.

AGGREGATE DEMAND INDEX 10-YEAR TREND

20150329.COCPharmJobsTrend2

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 Katie Zavadski, “The Pharmacy School Bubble Is About to Burst”, New Republic, September 29, 2014.

Randy P. McDonough, “Improving patient care, securing our role in health care: The time is now!”, American Pharmacists Association, November 01, 2014.

March 13, 2015

Students are ‘fleeing’ law schools and journalism, but rushing into engineering

by Grace

Enrollment slumps in law schools and college journalism programs, but booms in engineering.

US students are fleeing law schools and pouring into engineering

… US law school enrollment is 93% of what it was in 2005, and the decline has accelerated since 2012:

20150312.COCLawSchoolEnrollmentDecline1

Engineering is the one graduate discipline that’s really exploded—enrollment has grown by 38% since 2005. It has substantially outpaced medical school, the second fastest growing graduate discipline, which has grow by 11% over the same period.

The shift reflects that, in the US, engineering degrees yield the highest salary bumps and the lowest unemployment rates:

20150312.COCEngineeringSchoolEnrollmentRise1


Journalism schools are seeing a decline.

Columbia Will Shrink Journalism School as Media Woes Mount
Class Size Rose in Recession, Now Receding Again

Columbia University’s Graduate School of Journalism will reduce its class size and cut about six positions from its staff as the news industry retrenches.

The school will gradually reduce enrollment over several years and has already stopped filling some vacant faculty positions, Steve Coll, dean of the school since 2013, said in an e-mail to students, faculty and staff today.

Interest in computer science is booming.

Columbia is seeing increased demand for training in digital media, Ms. Fishman said, adding that applications for the school’s dual degree in journalism and computer science were up 47% this year.

What’s a student to do?

Boom and bust cycles make for challenging career choices, but it’s not usually wise to pick a college major based on today’s hot jobs”.

Related:  “Dropping oil prices create concern for petroleum engineering students”

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Max Nisen, “US students are fleeing law schools and pouring into engineering”, Quartz, March 10, 2015.

“Columbia Will Shrink Journalism School as Media Woes Mount”, AdAge, March 11, 2015.

February 17, 2015

Online master’s degrees in education have gone mainstream

by Grace

… As online programs have grown in popularity, online master’s in education degrees have become more acceptable, experts say….

In some cases, Horn says, ​schools don’t even indicate the mode of instruction on degrees and transcripts, which means school officials only see the program or school name anyway.​

Even in cases where an online degree is obvious, it rarely matters in public school districts, experts say. In the K-12 world, at least, online master’s degrees in education are so common that employers don’t think of them much at all​, Horn says. Those in hiring positions who have been to school recently have taken a blended or fully online course, so they know the classes can be just as rigorous as their on-campus counterparts.

Of course, students must cover the basics in selecting their online provider, making sure the school is accredited and that the program will lead to the desired state license.

Best Online Graduate Education Programs — U.S. News & World Report

  1. University of Houston — Houston, TX
  2. Florida State University — Tallahassee, FL
  3. Northern Illinois University — DeKalb, IL
  4. Pennsylvania State University—World Campus — University Park, PA

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Devon Haynie, “What Employers Think of Your Online Master’s in Education”, US News & World Report, Feb. 13, 2015.

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February 11, 2015

‘master’s degree is the fastest-growing college credential’

by Grace

Master’s degrees are “as common now as bachelor’s degrees were in the 1960s”.

More than 16 million people in the US — about 8 percent of the population — now have a master’s, a 43 percent increase since 2002.

20150209.COCGrowthOfMasters

 

Forty years ago education was far and away the most popular major for a master’s degree, but today business has taken that spot.

20150209.COC1971PopularMasters  20150209.COC2012PopularMasters

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Are graduate programs exacerbating the student debt problem?

… The typical total debt for a borrower with an undergraduate and graduate degree is now more than $57,000, up from $40,200 in 2004. (This includes medical and law degrees.)

40% of all student debt comes from graduate degree programs,“even though graduate borrowers make up only 17 percent of all borrowers”.

Expanded loan forgiveness programs are “tailor-made for graduate students”.

Students who took out big loans for graduate school and those with higher incomes stand the most to gain financially under President Obama’s expansion of the federal government’s loan forgiveness program.

Lawyers, doctors and other highly trained professionals who utilized federal loans throughout their post-high school education could walk away with most or all of their graduate school debt forgiven by the federal government under the program, say experts.

Graduate students usually get their money’s worth.

… Almost regardless of undergraduate major, a graduate degree boosts earning power even further, according to the Georgetown Center on Education and the Workforce.

But does this proliferation of master’s degrees produce wasteful credential inflation?

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Libby Nelson, “Master’s degrees are as common now as bachelor’s degrees were in the ’60s”, Vox, February 7, 2015.

Susan Ferrecho, “The surprising winners of Obama’s student-loan program”, Washington Examiner, June 12, 2014.

December 31, 2014

Rising numbers of PhDs but declining career prospects

by Grace

Universities are awarding doctoral degrees at an accelerating pace, despite the fact that the career prospects of those who receive their Ph.D.s appear to be worsening.

That dichotomy is among the starker findings of the annual data on doctorate recipients from the National Science Foundation, drawn from a survey sponsored by the foundation and other federal agencies and conducted by the University of Chicago’s National Opinion Research Center. The data may for some reinforce the idea that institutions are turning out more Ph.D. recipients than can be absorbed, at least in some fields.

American universities awarded 52,760 doctorates in 2013, up 3.5 percent from nearly 50,977 in 2012 and nearly 8 percent from 48,903 in 2011….

Higher uncertainty about post-graduate employment

The numbers suggest that more people are seeking terminal degrees and that universities are welcoming them with open arms — but the data on what the Ph.D. holders do with their new degrees raise questions about whether the credentials will pay off for the individuals themselves, at least in the short term.

Just 62.7 of doctorate recipients in 2013 had what the survey defines as a “definite commitment” of employment or further study, down sharply from the usual rate over the last 20 years, as seen in the chart below.

20141228.COCDoctoratesFewerJobs1

This comment points out that smart people sometimes don’t seem understand the economics of supply and demand.

Anyone considering starting a PhD should first take undergraduate economics 101 – particularly the bit on supply and demand. This article could be used as a case study.

It is bewildering that smart people choose to do PhDs in fields that have limited employment opportunities – and then complain about how hard it is to get a tenure track job.

Related:  “Hypereducated poor people have not learned the lesson of self-sufficiency”

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Doug Lederman, “Doctorates Up, Career Prospects Not”, Inside Higher Ed, December 8, 2014.

December 9, 2014

Hypereducated poor people have not learned the lesson of self-sufficiency

by Grace

Even an advanced college degree does not guarantee a living wage, as explained in a recent Elle article about the “hypereducated poor”.

… The number of people with graduate degrees receiving food assistance or other forms of federal aid nearly tripled between 2007 and 2010, according to the U.S. Census. More specifically, 28 percent of food-stamp households were headed by a person with at least some college education in 2013, compared with 8 percent in 1980, according to an analysis by University of Kentucky economists….

It’s not just academics who are highly educated and downwardly mobile. Employment for recent law school graduates fell from 92 percent in 2007 to 84.5 percent in 2012, according to the National Association for Law Placement, and the average law student’s debt was about $100,000. Other professions that haven’t regained many of the jobs lost during the recession include architecture, market research, data processing, book publishing, human resources, and finance—all of which either require or tend to attract workers with a master’s degree.

The article profiled Brianne Bolin, who “thought her master’s degree in English would guarantee her at least a steady income”.

… An adjunct professor, she earns $4,350 a class, never more than $24,000 a year, she says. At the moment, she has $55 in the bank and $3,000 in credit card debt. She is a month behind on the $975 rent she pays for a two-bedroom house next to railroad tracks in a western Chicago suburb, where every 20 minutes a train screeches by. Her bookshelves are full of poetry and philosophy from grad school, she can recite poems from memory, and she collects French 1960s LPs, but she must rely on food stamps to feed herself and her son. And because her job doesn’t offer health insurance, they’re both enrolled in Medicaid, the state and federal health-care program for the poor. (Coverage for a child Finn’s age in Illinois caps at an income equaling 142 percent of the federal poverty level, or about $22,336.)

It wasn’t supposed to be this way. Bolin, the English major, knows that’s a cliché, but she can’t help thinking it all the time….

“My dreams did this to me. It’s not a shameful thing, although I wonder if there is something wrong with me.”

Bolin’s story is poignant, but if she were more willing to take personal responsiblity for her predicament I might be able to summon up more sympathy.

“My dreams did this to me.”  That’s one way to put it.  Apparently her dreams compel her resistance to taking on a “mundane” job that pays the bills.  And her dreams compelled her to become a single parent at age 28 as “the result of a random hookup with a 20-year-old in a band she liked”.  Brolin’s education puts her far ahead of many other welfare recipients, but unfortunately she seems unable to push herself out of poverty.  Sadly, it appears there is no one in her life who can help her answer the question she has when she sees self-supporting families who can afford comfortable lives.

With twilight approaching, she points out an attractive dark-haired couple sitting with their toddler son on a bench, a fancy stroller parked next to them. “When I see couples who have jobs,” she says, “couples who look perfect, I want to ask them: ‘How did you do it?'”

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Alissa Quart, “Hypereducated And On Welfare”, Elle, December 2, 2014.

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December 8, 2014

Only the elite can afford to teach anthropology in college

by Grace

Anthropology PhD graduates should not be surprised and maybe should not complain if their job options are limited after graduation.

There are too many people with PhDs in anthropology and not enough people studying it, so the universities can hire faculty at lower wages. To make matters worse, the universities sold a bright future of stable employment and a cool job in exchange for tens of thousands of dollars in debt. This generation of grad students simply wound up on the dumping end of a Ponzi scheme.

Blogger at Blackmailers Don’t Shoot asks why “brilliant” academics can’t understand the laws of supply and demand when he reads this from a struggling anthropology PhD:

In May 2012, I received my PhD, but I still do not know what to do with it. I struggle with the closed off nature of academic work, which I think should be accessible to everyone, but most of all I struggle with the limited opportunities in academia for Americans like me, people for whom education was once a path out of poverty, and not a way into it.

The law of supply and demand would seem to be at the root of the adjunct problem.

67 per cent of American university faculty are part-time employees on short-term contracts [AP]

Here’s the harsh reality.

Welcome to the job market. You need them more than they need you….

The market spoke. You’re not as valuable as you would have been 50 years ago, and unless thousands of anthropology professors suddenly drop dead tomorrow, that will not likely change. It’s not personal. It’s not a conspiracy. There are simply too many people who want a job with lots of time off from which they cannot be fired.

Of course, this is also true of many other social science and humanities disciplines.  I suspect most students are waking up to this reality.

November 18, 2014

American M.B.A. applicants suffering from weak math skills

by Grace

Weaker math skills are creating problems for America’s M.B.A. applicants.

New waves of Indians and Chinese are taking America’s business-school entrance exam, and that’s causing a big problem for America’s prospective M.B.A.s.

Why? The foreign students are much better at the test.

Asia-Pacific students have shown a mastery of the quantitative portion of the four-part Graduate Management Admission Test. That has skewed mean test scores upward, and vexed U.S. students, whose results are looking increasingly poor in comparison. In response, admissions officers at U.S. schools are seeking new ways of measurement, to make U.S. students look better.

20141117.COCWeakAmericanGMATScores1

The GMAT, administered by the Graduate Management Admission Council, is typically required to apply to M.B.A. programs, along with undergraduate transcripts, essay responses and letters of recommendation. Students at top programs like Harvard Business School and Stanford Graduate School of Business have mean GMAT rankings around the 96th percentile.

Of the test’s four sections—writing, integrated reasoning, quantitative and verbal—admissions officers view results from the quantitative section as a key predictor of business school success.

One solution is to create lower standards for American students.

To address those concerns, GMAC in September introduced a benchmarking tool that allows admissions officers to compare applicants against their own cohort, filtering scores and percentile rankings by world region, country, gender and college grade-point average.

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Lindsay Gellman, “On B-School Test, Americans Fail to Measure Up”, Wall Street Journal, Nov. 5, 2014.

November 12, 2014

Almost every parent in the world wants college for their child

by Grace

A survey asking parents in 15 countries revealed that 89% of them want their children to go to college.

Although parents around the world have different views on what a good education should provide at different stages, they are united in their high educational aspirations for their children, with nearly nine in 10 (89%) parents wanting their children to go to university. More than three in five (62%) want their child to go on to study at postgraduate level.

20141108.COCCollegeForAllAroundTheWorld2

As the chart shows, 55% of American parents want their children to go on to postgraduate school.

“College for all” seems to be a common wish all over the world.

Source:  The Value of Education Springboard for success, an” independent research study was commissioned by HSBC and carried out by Ipsos”.

October 14, 2014

It looks like ‘the demand for lawyers will keep shrinking’

by Grace

The surplus of lawyers looking for jobs has been apparent for several years now, “and the number of jobs is apt to shrink further as technology sinks its teeth into legal work”.

In his recent City Journal article Machines v. Lawyers, Northwestern Law School professor John O. McGinnis explained why the demand for lawyers will keep shrinking. “Law is, in effect, an information technology – a code that regulates social life. And as the machinery of information technology grows exponentially in power, the legal profession faces a great disruption not unlike that already experienced by journalism, which has seen employment drop by about a third….”

Throughout the 60s, 70s, and 80s, law was a growth industry and a great many people (especially students who had taken “soft” majors in college) figured that earning a JD was an attractive option. Naturally, law schools expanded to accommodate the throngs of degree seekers, who were aided by federal student loan programs. Going to law school both delayed the need to start repaying undergraduate loans and appeared to be the pathway into a bright and lucrative career.

That’s not true anymore.

McGinnis gives details on how technology is disrupting the legal profession.

Discovering information, finding precedents, drafting documents and briefs, and predicting the outcomes of lawsuits—these tasks encompass the bulk of legal practice. The rise of machine intelligence will therefore disrupt and transform the legal profession.

Fewer lawyers will be needed, but superstar lawyers will prosper.

A relatively small number of very talented lawyers will benefit from the coming changes. These superstars will prosper by using the new technology to extend their reach and influence. For instance, the best lawyers will need fewer associates; they can use computers to enhance the value that they offer their clients. Already, the ratio of associates to partners in big law firms appears to be declining. In complex cases, lawyers will continue to add value to machine intelligence through uniquely human judgment. Even now, when computers regularly beat the best chess grandmaster, a good chess player and a good computer combined can often beat the best computers. Thus, for important cases and transactions, good lawyers will still add substantial value, even if computers do more of the work.

As McGinnis noted, journalism is another profession severely impacted by technology, possibly pointing to a future where computers will be handling many of today’s white-collar jobs.

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George Leef, “The Canary in the Law School Coal Mine?”, Minding The Campus, October 9, 2014.

John, O. McGinnis, “Machines v. Lawyers”, City Journal, Spring 2014.

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