Why higher education is like a Ponzi scheme
Ph.D. are students competing for fewer and fewer jobs, and one professor believes the academic marketplace is turning into a Ponzi scheme.
This story was originally reported by PRI's The Takeaway. For more, listen to the audio above.
The recession is hitting Ph.D. students hard. After years of hard work with paltry pay, many students are finding out that the academic jobs of their dreams don't exist. There simply aren't enough tenure-track jobs out there to support all the Ph.D. students, according to Monica J. Harris, a professor of psychology at the University of Kentucky. So Harris has decided to stop admitting Ph.D. students.
"I'm no longer willing to pin my students' prospects for their futures on an ephemeral job market that shines in the distance like a mirage," Harris wrote for Inside Higher Ed. She believes that educational institutions need to radically rethink how higher education is structured, including admitting fewer Ph.D. students. And Harris is doing her part. She told The Takeaway:
I really think that the job market today is much like a Ponzi scheme on the verge of collapse. There's an oversupply of students, and every year the departments are churning out more and more graduate students for fewer and fewer academic jobs. And at some point growth like that just isn't sustainable.
Harris emphasizes that it's nothing sinister, and nothing orchestrated by one person. She wrote, "Churning out Ph.D.s is one of the major metrics of departmental 'success.' Departments need graduate students to teach their classes, and faculty members need them to run their labs." They keep accepting Ph.D. students to look impressive, and they rely on them as a convenient and cheap source of labor.
The students, then, get exploited. "I don't think they quite understand just how bad the job market is," Harris told The Takeaway. "And I'm not sure it's fair to take them in for all that work and low pay if there's not going to be a job they want at the end of it."
"The Takeaway" is a national morning news program, delivering the news and analysis you need to catch up, start your day, and prepare for what's ahead. The show is a co-production of WNYC and PRI, in editorial collaboration with the BBC, The New York Times Radio, and WGBH. More at thetakeaway.org
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Our students today need to understand that a graduate degree, in many fields, does not guarantee a great occupation. A degree basically says this "I have knowledge, maybe even hands on skills, and I am ready for a job to test my knowledge and skills. A degree almost never beats someone who has been in a field (e.g., engineering, information technology, etc.) for years, with lots of promotions and experiences. At the end of the tunnel (after a college or graduate degree), the reality of needing to pay bills (many expensive bills as well as basic and daily bills), support oneself, and get a job is the eye-opening experience students lacked before they pursued higher education. With Harris, perhaps students can become more aware of what they are ACTUALLY getting themselves into.
I've been there and it is certainly an eye-opening experience. Higher Education, although replete with some good experiences and exposure, is not ALWAYS THE ANSWER! There are other ways to make a living and perhaps a better way than through higher education.
Essentially, think it over and be sure to get both sides of the story before going to college or even graduate school. College and graduate school is an investment and should be pursued with much forethought.
In addition, another side of this story that should be considered is the demographics of those students she is not admitting. I can see where this "practice" can create a lot of confusion and perhaps even anger among some families and prospective students. I would like to know if she is simply not admitting ALL students or certain students.
If she is documenting the students she is turning away.
If she is telling interested students why they are not being admitted.
If she is telling prospective students not to apply because they will not get accepted.
If the University or College is still charging admissions fees with their applications, etc. etc. etc. I think these points are important and I'm sure many parents and families will want to know this as well.
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