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Graduating College Seniors and Unemployed Jamming Graduate Schools

The New York Times reports that graduating college seniors and unemployed people are applying to graduate schools in record numbers. This trend may extend the unemployment/underemployment problem beyond the point where the U.S. economy turns around. According to the article:

Students at the University of Pennsylvania here give a simple explanation for the sudden enthusiasm for graduate education: the difficulty of finding jobs. Dave Feygenson, a senior, would have liked to work on Wall Street first and attend graduate school later if he could find a job. But after searching for a job in vain, he has applied to Ph.D. programs in finance at the nation's top schools.... "Why fight the economy?" he said. "Why not get it done now, since I cannot find a job anyway."

Why not go to grad school now? Ever hear of the law of diminishing returns? If you are thinking about going to grad school now, make sure the education you are getting makes you a better job candidate. Don't kid yourself into thinking that further study of your greatest academic interest is inheirently a better investment than pounding the pavement. Business and law schools aren't always good investments either.

You'd be surprised how much you can learn on your own when you really need to find a job.

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