The concept of the ‘panic masters’ is not a new one. In 2009, there was a substantial portion of students who used the route of further education as a way of prolonging their avoidance of the detrimental job market after the 2008 crash. In 2021, as stated by the Guardian, the employment situation was severely lacking after the disruption of the pandemic, with students feeling they had been “unable to develop necessary soft skills such as communication and teamwork”, and a similar influx back to university happened.
At the corporate level, the economic state of the industry has meant that big firms are becoming more demanding of their applicants, typically requiring at least three different internships or work placements to even get through the door.
However, from the ground up, there has also been a culture shift. The 9-5 lifestyle is widely considered by Gen Z as entirely unappealing, with the digital age bringing in new and adapting jobs in constantly shifting industries, whether this be influencers, content creators or just an increase in remote, flexible working schedules. The traditional 9-5 is no longer the only option of making money, nor is it typically the most lucrative, considering most entry level jobs are offering barely minimum wage.
The cost of housing and living is rising, and yet the corporate world clings to their outdated structures of the way things ‘should be’ simply because it’s what has been done before. The motivation is no longer there for most students, because employees aren’t being valued, paid or respected enough, and as such students are turning away from it.
Aside from those who are simply discarding the whole process entirely, some who still wish to breach their chosen industry, are finding that one degree is not enough. Rather than apply for fifty different jobs and hearing back from barely ten percent, they are choosing to gain a more specialised, higher-level qualification that will allow them (hopefully) to enter into a company, in a position with a salary that they can live on.
And while wide evidence does suggest that students with a masters or PhD end up in higher paying positions, the ‘panic’ element of this phenomenon is not to be forgotten. Some students are so anxious about the process and likelihood of finding a job that they rush into a decision that has long term financial consequences. A masters degree is still another degree, even if it is shorter than the undergrad, and where there is the threshold for paying back the latter’s loans, this is lower for the masters loans, which is currently £21,000 a year, according to gov.uk.
The other issue is that students often choose a masters in fields that they believe will earn them more money, but they might not truly be interested in it, making both the degree and the subsequent job search that much more draining and difficult. In an Economist article, a TedExTalk by Amanda Schneider, the founder of ThinkLa, a company known for their industry research, is quoted, wherein she is said to have revealed that “most Gen Z workers would rather change jobs every year than stay in one role forever.”
The idea that students feel they must broaden their education by choosing a more specialist higher education is therefore contradictory. With it, comes too much pressure for that to be their permanent career, especially in an outdated system that wishes to control their employees time and harbour so called ‘loyalty’. The Economist goes on to state that “the post-pandemic era has accelerated the unravelling of one-size-fits-all office rules” however where this might include the idea that experience over degrees is more important, the cost of living cannot support students spending upwards of three years gaining low level, underpaid (or not paid) internships just for the experience.
According to Janahvi Shah, 25, who applied to nearly 1000 positions over a 7-month period, previous generations “would cold-apply, and get interviews from big tech companies” but as stated in the Guardian article that quotes her, Gen Z have grown up watching companies fail to deliver the stability and wealth they promised. Therein lies a clear dissonance.
The question must be asked: is a master’s degree worth it if Gen Z don’t even want the types of jobs that demand them?
Francis, the Education Officer for the University, commented in reply:
“If the end of uni has you considering Masters applications, you’re not alone. Postgraduate study can be a big financial commitment, though it can lead to more opportunities. It’s worth taking a step back and researching if it will actually open more doors in your area of interest. There’s no shortage of paths after your degree such as grad schemes, internships or taking some time out and it is worth exploring your options before making a decision on if further study is best for you. There’s no single ‘correct’ next step, and taking time to explore your options isn’t falling behind. If you’re weighing up what comes next, our Advice Team is here to help”.
