"In 20 years, you’ll need a Ph.D. to be a janitor."
Excellent exploration of the rise of "credentialing" for college graduates to compete in the job market, from author Laura Pappano for The New York Times.
The degree of the moment is the professional science master's, or P.S.M., combining job-specific training with business skills. Where only a handful of programs existed a few years ago, there are now 239, with scores in development. Florida’s university system, for example, plans 28 by 2013, clustered in areas integral to the state’s economy, including simulation (yes, like Disney, but applied to fields like medicine and defense). And there could be many more, says Patricia J. Bishop, vice provost and dean of graduate studies at the University of Central Florida. “Who knows when we’ll be done?”
Among the new breed of master’s, there are indeed ample fields, including construction management and fire science and administration, where job experience used to count more than book learning. Internships built into many of these degrees look suspiciously like old-fashioned on-the-job training.
The number of master's degrees conferred since the 1980's has nearly doubled. Today, almost 10% of people over the age of 25 now have a master's degree -- about the same percentage of that age group with a bachelor's or higher in 1960. Says an economics professor interviewed for the article, "In 20 years, you'll need a Ph.D. to be a janitor."
via The New York Times (some content may require subscription)