Grad School Enrollment vs. Unemployment Rate

http://www.phdcomics.com/comics.php?n=1078

by timr • 18 years ago

55 31 18 years ago

vaksel• 18 years ago

not that surprising really, when you can't find a job, going to grad school pretty much gives you a 2 year extension to wait for the market to bounce back.

neilc• 18 years ago

It certainly confirms one's intuition, but the degree of correlation is pretty surprising to me, assuming this is real data.

timr2• 18 years ago

He cites the sources in the comic, and he's an engineer by training, so I'm inclined to believe that he knows how to do the calculation. :-)

jwilliams• 18 years ago

Looks like legitimate data.

Even if real, doesn't necessarily mean they aren't confounded by another factor.

lallysingh• 18 years ago

Yeah, but that doesn't help us who've done this strategy a few times already... :-P

delano• 18 years ago

This is the first time I've realized that I don't feel comfortable clicking on faces to navigate a website.

josefresco• 18 years ago

Mystery meat navigation at it's best. Whoever designed this mess thought they were pretty clever (fail).

gamble2• 18 years ago

It's been shown that, on average, people who enter the workforce during a recession earn less throughout their lives than people who graduate when the economy is doing well.

rrf• 18 years ago

Can you substantiate that comment? Are you referring to salary/bonus growth being slower in leaner years? Is there a significant difference over a 40 year work life?

ardit332• 18 years ago

this is very known, and there has been lots of articles about it. You probably could google this yourself: http://www.portfolio.com/views/blogs/odd-numbers/2008/06/04/...

tom_rath2• 18 years ago

Meh. Those of us who entered the workforce during the last real recession in the early 90s (not the hiccup some techies wet themselves over in 2001) did just fine, thanks.

Look, if you're planning to graduate over the next while, things are going to suck. Not "will I be able to get a job at cuulCmpny.com" suck, but "will I be able to both pay rent and eat" suck. Nasty, soul-crushing stuff that'll make you wonder if you were really as smart as you thought you were all this time.

Just keep your head and you'll come out of it fine. Your character will be stronger, you'll have superb perspective and your long-term earnings will be spiffy.

Don't waste energy worrying about whether or not you'll have a few more bucks on your paystub in 20 years. There are a whole ton of other factors which can affect that a lot more than the birth-sign of your economic zodiac.

gamble2• 18 years ago

My comment was more concerned with the decision to graduate or stick around in grad school. The data suggests that you may be better off in the long term if you spend the recession earning another degree instead of cowering in a cubicle.

aneesh• 18 years ago

Point duly taken, but he said "on average". Like you said, there are many more important factors (like your effort, luck, smarts, etc) that affect long term earning.

But all else equal, it's probably better to enter the workforce in good times rather than bad.

RobertL• 18 years ago

Bottom line here is. Figure out some way to start your own company and work for yourself. Boom or recession it's the only way to go.

lutorm• 18 years ago

Maybe, but if the question is whether to go to grad school or get a job, remember that as far as lifetime earnings go, you'll have to make up those 5-6 years of crappy salary when you get out, too. That's slightly different than just comparing those that graduate during a bull and bear market.

SarahToton• 18 years ago

I entered my PhD in 2003 (remember, it was after a kinda big crash). I beat out 160 candidates to get one of seven slots. Since then, like many junior scholars, I've been watching faculty retirement stats for new jobs. Now, I'm finishing my dissertation, and here we are. I hope to either help create a cool start-up or pray for a faculty position in 2010.

Oddly, PhDComics is one thing that's kept us going.

jfoutz• 18 years ago

I think pg recommended grad school during recession. It's the perfect time to take on debt. If you choose wisely, when things turn around, you'll have skills that are in demand. Genetics and materials science seem like great candidates for higher education if you can get somebody else to pay for it.

eru3• 18 years ago

Physics should not be too bad, either.

ced• 18 years ago

Meh. I don't have hard data, but I would think that the one and only source of money in physics, the USG, might choose to spend it in more "useful" fields. That means, less opportunities for grad school.

That is, unless you're willing to go abroad. I'd recommend it.

SteveComenzo• 18 years ago

No matter what, times are going to get very interesting... I just graduated (a little later in life but hey, I did it). I also have a startup and have been debating on moving across the country to the Bay area in order to give it a real shot or keep bootstrapping as long as possible and go back to school and wait it out. Decisions...

sofal• 18 years ago

I'm now desperately trying to decide between a master's and a PhD. I'm unsure as to whether I should take the economy into account.

Grad School Enrollment vs. Unemployment Rate

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