Why you should consider getting a post-graduate degree in Singapore

It is the time of year again when many of us would begin to think about the future – should we continue with the status quo on what we are doing at the workplace or is further study a better option to scale the corporate ladder or make the job switch?

How important is that new higher degree qualification in helping us overcome the woes of a challenging economy and land us the career of our dreams?

With talk of a recession and a contracting graduate job market, many of us are wondering if it is at all important or useful to gain further qualifications or postgraduate degrees.

What we do know is that globalisation and the advancement of technology had greatly stepped up the tempo of our lives, requiring us to learn something new each day just to stay relevant in the workplace.

Indeed, with increasing market volatility and rapid technological changes, industry obsolescence is rising. This means that jobs in the entire sunset industry sectors may be lost over time.

Without new skills and knowledge, it would be difficult for job seekers to take on new careers in other sunrise industries or even embark on careers they aspire to.

Any individual, including PMEs (Professionals, Managers and Executives), hoping to be deemed a valued employee, regardless of age, must demonstrate the right skills, knowledge and ability to meet the exacting demands of the fast-evolving marketplace.

Apparently, more and more PMEs here are realising that it is increasingly important to take up further degrees to stay employed or run their own businesses.

Those who pursue further study often cited improving employment and salary prospects as the main reasons for their course of action.  Also, further study, they maintain, will add depth to their knowledge and expertise in their chosen field.

Many schools of higher education or tertiary institutions have indeed reported increases in intakes of adult students in executive education or postgraduate degrees such as Master’s or doctorates.

A case in point was the recent MDIS–Southern Cross University graduation ceremony where about a third of the 195 bachelor’s and master’s degree graduates are working adults above the age of 25.

What’s more, for the 2012 MDIS-University of Wales’s graduation ceremony, 222 or 84% of the 264 graduands were awarded master’s degrees.

Altogether, the number of masters graduates in 2012 is 15.6% higher than in 2011, reflecting the growing number of people seeking higher education to meet the challenges and uncertainties of the fast-changing global economy.

Growing support and encouragement from the Singapore government has also spurred the number of PMEs taking up training programmes in recent years.

Over 65,000 PMEs have benefited from the training programmes offered through the Skills Training for Excellence Programme (STEP) launched by the Workforce Development Agency (WDA) just last year – exceeding its target reach of 60,000 in 2011.

The rising trend of PMEs seeking education upgrading supports the Ministry of Manpower’s forecasts that the percentage of PMEs in Singapore’s workforce will almost double from 24% in 2001 to 40% by the year 2030.

In addition to the governments extensive support in continuing education and training (CET), the positive public sentiment over lifelong education is significant in view of Singapore’s economic restructuring and long-term sustainability.

As our economy restructures to higher gear, what many PMEs are finding is that their qualifications have not changed, but the job market has become more complex and competitive with employers fussier about the exact qualifications they want.

And it is not just the young, but also the more established employees are choosing to retrain.

Many taking up postgraduate degrees today include those who had been made redundant. Most were looking to see what could help them get back to work. Some wanted to change direction or gain a higher level qualification to achieve higher salaries or even a better work-life balance.

As the recessionary pressures set in, job prospects are thinner on the ground and the volatility of the job market is also encouraging some students to consider a Master’s or Doctorate degree as a strong alternative to entering the workplace now.

More and more people are also opting for career-focused qualifications such as MBA or Master in Tourism and Hospitality courses. As well as acquiring specialist skills in the area of management and business, they get the chance to specialise and learn new skills that will give them an advantage when they return to the job market.

One of the key issues that prospective postgraduates students have to contend with is finance. Realising that pursuing further education is not cheap; many have opted for part-time courses and fee instalment arrangements.

In Singapore today, funding options have broadened over the years. Research councils and universities offer bursary awards and scholarships, and a plethora of government education/training support schemes are available. Even Private Education Institutions and employers too are offering financial help to those in need.

So, with so much going for us to take up that further degree, we should not procrastinate any more. Arming ourselves with new skills and knowledge is probably our best hedge against the vagaries of a fiercely competitive global economy.