In today’s economy, many recent college graduates are finding it difficult to get jobs upon graduation.  So you have your bachelor’s degree and no job.  What then?  Many college students today are choosing to complete a master degree program instead of heading in to an uncertain job market, in hopes that the economy makes a rebound by the time they complete their master’s degree.

According to a National Association of Colleges and Employers survey, only 19.7 percent of 2009 graduates who applied for a job attained one, compared to the 51 percent in 2007 and the 26 percent in 2008. Consequently, approximately 27 percent of 2009 graduates reported plans to forgo the job market in favor of graduate school.

According to Business Week, the average salary for those with bachelor’s degrees dropped 5.5 percent in the second quarter of 2008, while those with masters’ degree enjoyed a 2.1 percent increase.

The five-year master’s degree is becoming a popular alternative for graduates, but many may find their higher degree more of a hindrance than help.  According to ABC News, 1.7 million Americans worked part time because full-time work was unavailable. ABC estimated 650,000 jobs were erased in the last month alone. Former employees of Fortune 500 companies are finding themselves competing with recent grads for entry-level positions, flooding the market with the “overqualified.”

Many who are in the workforce choose to earn an online masters degree while they continue to be employed.  Maintaining your current job while pursuing a higher education may help you to move up the ranks with your current employer.