It seems as though holding a Bachelor’s Degree is not enough anymore as there is an increase in students opting to do their Honour’s and Master’s Degree.
Students are now opting to spend more years in university to obtain more qualifications and hopefully increase their chances of employment when entering the job market.
The University of Stellenbosch saw an increase in the number of Doctoral graduates and Master’s Degrees this year. It therefore appears as if having a Bachelor’s degree is not enough to secure a job, according to city’s top universities.
“Students now go for Honours and masters they know the bachelor is the bare minimum requirement to secure a job. This is a worldwide trend,” Stellenbosch University vice-chancellor professor Eugene Cloete told IOL.
According to the institution, a Master’s will become the norm as more students entering university want to complete a Master’s qualification or higher. Furthermore, obtaining a PhD doubles the students chances of getting a good job and allows students to skip a few promotions and jump to a higher job level, exceeding their peers.
“The unemployment rate is 32 percent for those without a degree, less than 6 percent for those with a Bachelor’s Degree and less than 3 percent for those who have their PhD,” adds Cloete.
“In the past 10 years there has been a huge increase in Master’s and PhD applications, but now every year we receive about two or three on average in the school of finance and it’s increasing,” adds UWC head of research in the School of Business and Finance, professor Pradeep Brijlal.
With local universities also unable to cope with the volume of applicants wanting to get into their institutions each year, it looks like tertiary education and the qualifications therein are going to be even more highly covetable in coming years.