Why It’s Good To Pursue Graduate Studies During an Economic Recession
An economic recession is a good time for you to evaluate your current career and long-term career goals. When a country’s in an economic recession, the overall gross domestic product of the nation declines for two successive quarters. Unemployment rates rise and prices of commodities keep on increasing. During an economic recession, there’s a big chance that companies will downsize and lay off employees so that expenses will be decreased.
During an economic recession, many college graduates usually have a hard time trying to get jobs because the job market is unstable. Earning a steady income during this period is also more difficult, which makes it even harder for graduates to pay off student loans. Instead of just waiting for the economic recession to be over, you can take advantage of this period by enrolling yourself in a graduate program that will certainly help advance your career.
In fact, a study conducted by the University of Washington reveals that many people opt to pursue graduate studies during periods of economic recession. When economic recession occurred between 2001 and 2003, grad school applications increased in number. It was also during this time that the number of persons taking the Graduate Record Exam (GRE) increased by nine percent.
Pursuing graduate studies can help you when it comes to shifting careers.
Recessions are a great time for you to start thinking about and evaluating your career path. Ask yourself about your long-term goals. If you think you no longer belong in the industry you’re currently working in, you might want to consider a career shift. You can go into a different industry and pursue a path you like more or one that is less affected by the changing economy. Graduate studies will provide you with the right knowledge and give you the training you need for the industry you want to pursue. Once you complete your studies, you will then have a degree that can help you get a higher income.
If you want employers to invest more on you, invest in yourself first.
It usually takes only two to three years for an economy to rise again. When the economy recovers, companies will then start hiring employees again. If you already have your graduate degree or are close to getting it by that time, then you’ll surely have an advantage over other applicants for the position you want. When you pursue graduate studies, you not only learn more, you also make yourself more valuable to employers.
If you’ve already made up your mind about going to graduate school, then you have to start preparing various documents such as your transcripts and other requirements. Get letters of recommendation from your college professors and make the necessary preparations for the GRE and other tests. You should also be able to write an impressive graduate admission essay. Doing so with the help of a sample graduate school essay will increase your chances of getting accepted into the graduate program you wish to pursue.