"I have completed a Bachelors (Hons.) in Economics with a first class and now have an offer of studying MSc Development Economics and Emerging Markets at University of York, UK. How good is this option for career prospects considering the subject, university and the ongoing recession?"
- Almost all Masters degree holders are in employment - In many cases, in the jobs they were planning when deciding to study for an advanced degree. It appears to be a good 'all round' degree e.g- you can do development economics with it AND work in the city if you want to (because of emerging markets). If want to work in the world bank, IMF or other large aid organisation then usually a Masters degree is required (just read the jobs ages of The Economist news paper)
- York has been climbing the League tables (unreliable as those tables are) - It is currently seventh in the Times top universities and also won "university of the year" for 2003, so it's a good uni to study at.
- But remember a masters degree WILL NOT guarantee you a job, particularly during this recession. However, it will widen your options and perhaps let you sit out the worst of the recession. Then again things might get worse! It is best to talk to a careers advisor about this facet.
There are of course reasons not to study a masters.
- A Masters degree is not a requirement - For many jobs, a Masters degree is not a requirement, and is often taken due to the desire/need to get very prestigious/high paying jobs within an organization or company.
- Doing a Masters degree has an opportunity cost - During the course of a Masters degree you will give up the potential earnings from a job, and lose a year or two of potential job experience. Don't forget to weigh this up against the benefits.
- A Masters Degree is very expensive - The fee for a Masters is often a very prohibitive factor that dissuades many potential applicants. It can cost tens of thousands of pounds so making the right choice is important.
Hope this all helps!
