The GRE exam saw a 13% increase this year, says Deb Weinstein, author of Forbes‘ recent “Jobless Gen Ys Turn to Grad School,” reflecting that young adults are still considering the expensive option of graduate school, despite the economic recession.
One cause for the increase is attributed to the fact that GREs are now accepted by business schools in addition to the traditional GMAT. But as we know from other recent statistics, GMAT volume is also up, as well as b-school applications.
These spikes follow a 20% increase in LSAT tests over the last year, another seemingly strange statistic considering the number of recent reports on how law firms are simply not hiring new associates. Other fields experiencing tight job markets also saw increased graduate school applications; journalism and history are cited in the article as examples.
Why the sudden jumps?
Weinstein explains that the dramatic increase in graduate school interest is simple: Since there are currently no jobs, why not go to grad school until the job drought is over? Tuition may be high, but the opportunity cost is low.
Logical? I don’t know. It depends when the job market comes back—and where. It seems that many applicants assume it will come back when and where they want it to. Hope springs eternal…
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