During earlier times in the United States, having a high school degree was viewed as a big achievement. People with a high school degree were regarded with deference and envy in their social circles. Having a high school degree was sufficient to land some high profile jobs; such was the value of education during those days. As result, people often didnÕt give much importance to higher education and were often content to put an end to their education after earning a high school degree. This trend continued for much of the eighteenth century. The high school diploma was something that differentiated the financially affluent class from others who found it difficult to manage their daily financial needs.
Gradually, as the population grew and as the immigrants came and joined the mainstream, the Americans in the countryside also moved to the thriving urban centers. This prompted the lawmakers and social authorities to stress education. They proposed that every citizen should attain a common minimum level of education - a secondary education. As a result, there was an exponential growth in the level of education of the population in the nineteenth century. The number of children with high school diplomas increased from a mere 5 percent in 1900 to a whopping 85 percent in 1985.
But as more and more people attained a high school diploma, as expected, its value also waned. During 1975, the average earning potential of a person with a high school diploma was 10 percent less than those who had college degrees. This figure rose to 30 percent by 2005. Now, as more and more high school graduates are available for the workforce, the value of the diploma has taken a beating.
The state of the economy in the United States has also gone through a metamorphosis since the 1970s, and the job market has gone through a lot of changes. Many advanced and specialized trainings requirements have become necessary. The high profile jobs require advanced studies or training. For this reason, even the bachelorÕs degree can neither assure a good job nor the prospect of a growing income. In the present decade, the increase in the salaries of the college-educated workers in the United States is generally below the rate of inflation. In 2007, the salary of workers in real terms was 2 percent below 2001.
As in the case of high school diplomas, the value of graduate degrees also waned as more and more applicants held these degrees. With the rapid growth of technology and globalization, the value of education and its impact on the job market has changed. The jobs that once were coveted have become stagnant and low-paying and are new often outsourced. Specialized skills and qualification have become the order of the day. In this context, the masterÕs degrees have become essential for a successful career.
