How Pursuing Graduate Studies During an Economic Recession Can Help You

In a period when a country experiences challenges in its economy’s stability, reassessing and redefining professional goals is quintessential, if not necessary. An economic recession is an appropriate time to reconsider career plans and objectives. Doing so can help you cope with the nation’s economic condition and alleviate this condition’s negative effects.

When a country is experiencing remarkable decline in its gross domestic product (GDP) and significant rise in commodity prices and unemployment rate, taking measures to strengthen one’s weapons in a competitive career world is a good move.

Empowering yourself in a competitive career world

Companies usually opt to lay off part of their workforce as a form of cost-cutting during an economic recession. Because of this, qualifications for a job, career growth opportunities, and ensuring career security in these times may require a stronger edge, such as a degree from graduate school.

This instability of the job market during an economic recession often calls for career shifts. Expanding one’s experience, skills, and knowledge allows one to be able to participate in a wider range of fields in the career world. Not only does additional educational background give you a ticket to better job and income opportunities; it also allows you to qualify for more jobs, increasing your job options.

The growing trend of pursuing graduate studies during periods of national economic recession has been confirmed by a study conducted by the University of Washington. In this study, it was found that applications for graduate school rose significantly during the economic recession between 2001 and 2003. The number of people who took the Graduate Record Exam (GRE) in preparation for graduate school application also grew by nine percent.

Economic recessions do not stay very long. The country usually gets to recover and regain its economic stability in about two or three years’ time. It is in such time that companies begin to re-empower their workforce and invest in their manpower again. When this time comes, job opportunities open up for job seekers once more, and an MA or PhD degree holder gets to have several kilometers of head start against other applicants, being more equipped and trained.

Gearing up for graduate school

If you’re planning to get into graduate school, take note of the following:

  • Prepare your transcripts.
  • Secure letters of recommendation from your former professors or employers.
  • Prepare or review for GRE and other standardized tests, which may test your verbal, mathematical, writing, and analytical skills.
  • Prepare an excellent graduate school essay. You may check out sample graduate school essays on the Internet to see how graduate school essays are written.