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LIVERPOOL: Let’s face it, we all have that friend, or a friend of a friend, or a frenemy that collects qualifications like Pokemon.

Their LinkedIn profile is a plethora of brand-name institutes and fancy-sounding short courses. It seems that the more prestige logos one can gain, the better (the Pokemon analogy and gym badges also work really well here).

In my first few years at the University of Liverpool, I was gently convinced (or as Singaporeans like to say, “arrowed”) to be my department’s Director of Postgraduate Teaching, which is a fancy way of saying I was in charge of the master’s degrees.

In that role, I was responsible for administrating three master’s programmes, which included outreach efforts like Open Days where I would meet prospective applicants.

Some were interested in a career in academia, some were looking to swap over from another discipline, and others were seeking to “upgrade” their CV.

All these are valid and worthwhile endeavours, but a recent article in the Economist noted how many master’s degrees were apparently not worth the cost of tuition fees. Graduate earnings and outcomes barely budged for many disciplines (compared to individuals without a master's), and in some cases even worsened.

The article itself admitted there was more to doing a master’s than just career improvement, but the overall argument came across as a bit Machiavellian. However, it did strike a chord among many readers, especially because there is a tendency to want to believe that more qualifications would mean better life chances, and people want some kind of concrete return-on-investment for ever increasing tuition fees.

TRADING ECONOMIC CAPITAL FOR CULTURAL CAPITAL, IN HOPES OF MORE ECONOMIC CAPITAL

Sociologically speaking, we can understand that gathering qualifications is akin to gaining cultural capital, an intangible asset that gives one a competitive advantage against others in certain socio-economic hierarchies. Cultural capital can also be loosely translated as reputation or prestige.

By paying tuition fees (that is, spending money – economic capital), individuals hope to gain recognition (cultural capital) and connections (social capital) to improve their chances of a better career or salary (more economic capital).

In this way, we can understand the social mechanics of aspiring and working towards a master’s degree. Thus, universities around the world are very invested in convincing prospective applicants of the value of their offerings, especially when international postgraduate students are crucial these days to some universities breaking even.

But we also know that more qualifications do not always lead to more success – and we don’t need statistics to tell us that.

Qualifications can signal an ability to demonstrate academic and/or technical rigour, but they are not a magic wand in and of themselves. Or, to adapt advice decades ago from a senior colleague, a postgraduate qualification is like a driving licence – it certifies that you are competent, but not necessarily better than the next person.

IT CANNOT ONLY BE ABOUT THE MONEY

Furthermore, it is impossible to claim that every master’s degree will always lead to a better employment outcome. If that was the case, everyone would then be expected to do one straight after graduation, which would then lead to a qualifications arms race, which would nullify any beneficial effect of said qualification. (It is arguable that this is already happening.)

Instead, one needs to realise that master’s degrees exist for a variety of reasons, not just financial. Some are requirements for certain industries or professions, some are very useful if you are planning for a career switch, but others exist for reasons that have nothing to do with one’s career (and no, I’m not going to be tricked into saying which ones are which).

A master’s (or equivalent postgraduate qualification) can open eyes as much as it can open doors. In my master’s, I was introduced to new research methods, new ways of understanding data, and new perspectives I would not have gotten through work experience. That was 20 years ago – and the qualification really does not matter anymore. But the lessons and the ability to think and approach things differently have remained.

Postgraduate degrees, whether master’s or doctorates, should therefore not be seen as a single thing. It could be a passport to a better job or a different career, but it could also be seen as an act of self-improvement, or a personal goal in life.

KNOW WHAT YOU’RE GETTING YOURSELF INTO

If you think gathering another expensive qualification will suddenly make you more shiny and beautiful to employers, all other things being equal, then think again.

Employers are unlikely to see a single line in a CV and go “Waaaahhh” (just like in Korean reality shows). If you were an employer, would you not want to see the whole package – a portfolio of achievements rather than a laundry list of qualifications?

The bottom line appears to be that one must go in with eyes wide open. If you are seeking a postgraduate qualification to better yourself, to deepen your thinking around a subject you love, and you enjoy the academic engagement - then more power to you, let passion be your guide.

But if a master’s degree is solely a product for you to swap careers, get a pay raise, or distinguish yourself in the market, then you need to assess every course as if it were a product. That means being as buyer-savvy as if you were committing to any other large-ticket item.

Regardless, if you are in classic Singaporean cost-benefit analysis mode – just remember that most master’s degrees cost less than a Certificate of Entitlement, and they certainly last longer than 10 years.

Terence Heng is Reader in Sociology at the University of Liverpool.