Advanced degree considerations

 Dear Mr. Bradshaw —

I am a sophomore at the University of Chicago and in the process of deciding on a career in law or business. What are the job prospects for each of these professions given the current state of the economy?

A master of business administration program takes two years and law school takes three years to complete. I hear horror stories about students graduating with thousands of dollars of debt and weak job prospects. If I don’t go to graduate school, what are my chances of finding a good job? -- Student

Dear Student —

You do have options. If you are a top student, with excellent SAT scores (yes, many companies require them) and possess strong analytical skills, chances are you will probably have multiple job offers when you finish your undergraduate degree. This option will allow you to have a few years to adjust to the work world.

If you are a plodder, and plan to take five years to complete your undergraduate degree, you may face a very poor job market. Typically, most students at the University of Chicago do not fall into this category, or you would not have been admitted in the first place.

Many students flounder as undergraduates at less competitive colleges and end up not being good candidates for either the job market or graduate school.

Newly minted MBAs are flooding a shrinking job market in record numbers. The Wall Street Journal reports that median pay today for new MBAs is down 4.6 percent from 2007-08.

Pay fell at 62 percent at 186 of the schools examined. While the greatest decline was at less prestigious schools, even the top schools are experiencing a decline in recruitment.

Law school graduates face a similar fate. The Bureau of Labor Statistics estimates there will be 21,880 new jobs for lawyers annually over the next 10 years, but 44,000 graduates each year will compete for them.

Read More of What Top College Adviser Gerald Bradshaw has to say:

College Consultant - Bradshaw College Consulting - Advanced degree considerations

College rankings can matter

Does it really matter where you go to college? It might.

When making a higher education decision, you have many questions to answer. What can I afford? What do I want to study? What school will best prepare me for my career choice?

U.S. News and World Report’s annual ranking of universities should be required reading for all college applicants and their parents. Although many college officials say the tier in which a school is placed does not matter in recruiting, the report does make a difference.

Dropping even one notch below where it was on the list the previous year can affect corporate fundraising efforts, and alumni donations might plummet. Potential applicants read the rankings as a mark of quality, often making their decisions based upon the magazine’s findings.

College rankings can matter

High school guidance counselors, students and parents use the rankings as a measure of prestige and academic quality. Corporations always begin their recruiting efforts at top-ranked schools, and the best job offers generally go to the graduates of those institutions.

Alumni of highly ranked colleges often have better chances to get into medical school, law school and top graduate programs. Fellowship and grant money also flows uphill to the higher-ranking institutions.

I always tell my clients that attending a small, bachelor-degree granting institution is fine. However, if you want an advanced degree on your curriculum vitae, attending a highly ranked university will give you a leg up in the graduate school application process.

You’ll find that graduation from a top university will reap benefits when the time comes to ask your professors for references. Without excellent references, the fellowship money you need to stay in graduate school will be harder to attract.

The more prestigious the school, the easier it will be to obtain financial support, take advantage of foreign study programs and teaching opportunities.

Should you not attend a top-tier college, it does not mean the end of the world.

There are close to 3,000 colleges to choose from nationwide and admission to these colleges is complicated.

Bradshaw college consulting takes the pressure off ensuring that your college search experience is one to look forward to rather than dread. Work with a college consultant that can assist guide you through the proper way to write your essay, conduct your interview, test, and apply for financial aid.

Get help choosing the right college or getting into the college you desire to attend. Call: Toll Free: 866-687-8129

Business, economics degrees differ greatly

Friday, November 25, 2011


BY GERALD M. BRADSHAW

gerald_bradshaw@post.harvard.edu

Bradshaw College Consulting

(219) 663-3041


Dear Mr. Bradshaw: I am a college sophomore and I need to declare a major. I am thinking about majoring in business and finance or economics. I know that a few colleges like Harvard and Yale do not offer undergraduate degrees in business. Why?

Can you explain the difference between a major in business and one in economics? Is one better than the other in order to get a top-paying job or admission to grad school? I am considering law school at some point in the future. --Student


Business, economics degrees differ greatly


— As the deadline nears for declaring a major for sophomores, you are right to be concerned about job and grad school prospects and the impact a major has in the job market. The good news is that both business and economics degrees will help you find employment even in a down economy according to recent studies by The Wall Street Journal.

There is a great deal of difference between the study of business and economics as a concentration. This goes to the heart of why Harvard does not offer an undergraduate degree in business.

The law school at Harvard even warns applicants that chances of admission are inversely proportional to the number of business classes taken as an undergraduate. The university considers business courses to be vocational in nature and not fitting their broad definition of a liberal arts education.

Perhaps it is better to explain the difference between economics and business by saying that economics is a social science aimed primarily at understanding the social world.

Economists address a variety of social science questions. Will school vouchers improve the quality of education? Do politicians manipulate the business cycle? What sort of legal system best promotes economic development? Why do cities have impoverished areas? Why do people procrastinate in saving for retirement — or in doing their homework?

Economists say that business classes teach professional skills that are useful for starting and operating companies. They believe that economics and business are related, but that business is professional training aimed at making profits, while economics is a science that pursues an understanding our social world.

Because many top colleges do not offer a business major to undergraduates, some students treat economics as a substitute. This has been proven to be a bad choice. According to studies, there is no evidence to suggest that concentrating in economics helps students to get better jobs after graduation. For these reasons, most economics departments strongly discourage students from majoring in economics as a substitute for something else.

If you select a major with law school in mind I would recommend economics over business because the courses cover a broader subject area touching on many fields of study. I should add that I have several clients who majored in business and went to law school. They tell me they profited a great deal by their study of business as undergraduates.

College Admissions Consulting Articles - Business, economics degrees differ greatly