Spending & Earning
Fearing Recession, Young People Are Heading to Grad School
With Gen Z bearing the brunt of a largely frozen labor market, early signs suggest applications to grad school will be up this year.
The jobless rate for those ages 20 to 24 was at 7.5% last month, up 2 percentage points from a low in April 2023.
Photographer: Sophie Park/BloombergThis article is for subscribers only.
It’s a classic recession move: When the job market looks bleak, head to grad school. That’s what happened after the global financial crisis, and early signs suggest it could be happening again.
Admissions consultants who guide students through applications, essays and test prep say interest is climbing fast. Official numbers won’t be in for months, but firms like Kaplan, Ivy Coach, IvyWise, Top Tier Admissions and Cambridge Coaching all expect a big year.