Core Viewpoint - The value of master's degrees is declining, with many questioning the worth of pursuing a master's, especially "water master's" programs that are easy to enter and graduate from [2][3]. Group 1: The Devaluation of Degrees - Master's education is experiencing "commodification" and "inflation," with institutions expanding enrollment and lowering admission standards, leading to a perception of many programs as "water master's" [5][6]. - In the job market, a master's degree is no longer a standout feature but merely a standard requirement, with employers increasingly valuing practical experience and skills over academic credentials [6][10]. - By 2025, the number of college graduates in China is expected to reach a record 12.22 million, with lower employment rates for master's graduates compared to associate degree holders [6][10]. Group 2: The Reality of "Water Master's" - Many master's programs emphasize theory over practical skills, leading to a disconnect between what is taught and what is needed in the workplace [9][10]. - Employers are wary of "high degree, low ability" graduates, with many preferring candidates with more substantial practical experience [9][10]. - Some companies explicitly state they do not hire one-year overseas master's graduates, viewing them as less qualified compared to those with longer study durations [10][11]. Group 3: Opportunity Costs of Pursuing a Master's - The direct costs of pursuing a master's degree abroad can range from 700,000 to 1,500,000 RMB, including tuition and living expenses, often requiring significant family support or loans [14][15]. - Time costs are significant, as students delay entering the workforce, potentially falling behind peers who gain work experience during that time [14][15]. - Psychological factors, such as "sunk cost" and identity issues, can lead students to persist in pursuing degrees that may not yield the expected returns [15][16]. Group 4: Questions to Consider Before Pursuing a Master's - Prospective students should evaluate whether the master's program offers unique value, if the industry requires a master's degree, if the curriculum aligns with industry needs, and if they are prepared for the associated costs and risks [21][22]. Group 5: The Importance of Skills Over Degrees - The focus should shift from merely obtaining a degree to enhancing skills and capabilities, as not all degrees lead to significant career advancements [23][24]. - Even prestigious programs may suffer from outdated content and lack of practical training, leading to dissatisfaction among graduates [24][25]. - The true value of a degree lies in its alignment with personal goals and the ability to leverage the experience for career growth [25][26].

Group 1 - The article discusses the phenomenon of educational inflation in China, highlighting how job requirements have escalated to demand higher educational qualifications even for low-skilled positions [1][2][4] - It notes that the number of college graduates has dramatically increased from 450,000 in 1982 to 12.22 million in 2023, a 27-fold increase, while job opportunities have not kept pace [4][10] - The article emphasizes that this educational inflation is not limited to white-collar jobs but has also permeated blue-collar positions, with many employers now requiring higher degrees for roles traditionally filled by lower-educated workers [6][10] Group 2 - The article identifies three main reasons for educational inflation: the rapid expansion of higher education outpacing job growth, economic transitions leading to a demand for higher qualifications, and companies using educational requirements as a shortcut in the hiring process [10][12][13] - It provides historical context, comparing China's situation to that of the United States and Japan, where similar trends occurred during economic shifts [12][13] - The article highlights the psychological impact of educational inflation, where the belief that higher education guarantees better job prospects is increasingly challenged, leading to disillusionment among graduates [14][16] Group 3 - The article suggests that educational inflation does not equate to the uselessness of degrees but rather indicates a shift in how educational qualifications are valued, emphasizing the need for skills alongside degrees [19][20] - It offers practical advice for students and job seekers, recommending the selection of niche majors, the conversion of educational advantages into skill advantages, and the exploration of flexible employment opportunities [19][21][24] - The conclusion stresses that while the value of degrees may have diminished, the potential for individuals to leverage their skills and education remains significant, allowing for diverse career paths [25][26]

Group 1 - The core viewpoint is that cash is not the fastest depreciating asset in China; instead, it is expected to be real estate, fuel vehicles, university degrees, and electronic products [1][2][4][6][8][10] - The average national housing price has decreased by over 30% from its peak, with ongoing declines expected, particularly in major cities like Shanghai and Shenzhen [4] - The automotive industry is experiencing a significant depreciation in fuel vehicles, with reports of a nearly 10 million yuan drop in value within a year for certain models [6] Group 2 - The value of university degrees is declining, with many graduates struggling to find jobs, leading to a situation where practical experience is prioritized over academic qualifications [8] - Electronic products are depreciating rapidly due to the frequent introduction of new models and reduced consumer spending, resulting in a decline in market demand [10]

Group 1 - The number of candidates for the national college entrance examination (Gaokao) has decreased for the first time in eight years, with a total of 13.35 million applicants, down by 70,000 from last year [1] - Despite an increase in the birth population, the number of students opting out of the Gaokao has risen significantly, estimated to be around 500,000 [1] - The number of candidates for the postgraduate entrance examination (Kaoyan) is projected to drop by 500,000 in 2025, marking an 11.4% decline [1] Group 2 - The traditional paths of education and career, such as Gaokao, Kaoyan, and studying abroad, are showing signs of a turning point, indicating a potential collapse of the "chicken baby" phenomenon [3] - The marginal returns of pursuing elite education are decreasing, with many graduates facing employment difficulties despite high educational qualifications [6][10] - The employment rate for vocational college graduates is higher than that of master's and doctoral graduates, highlighting a shift in the job market dynamics [6][9] Group 3 - The cost of studying abroad is rising, while the salaries for returnees are declining, leading families to reconsider the value of overseas education [11][13] - The trend of "chicken baby" education is expected to decline as the number of college admissions increases and the competition for higher education eases [16][18] - Historical references to Japan's educational trends illustrate the potential for a similar shift in China, where the intense competition for university admission has led to diminishing returns [19][20]

Group 1 - The consensus on the devaluation of education is strengthening, with a growing belief that current education systems heavily rely on innate talent rather than just hard work [1] - The proportion of individuals with undergraduate and graduate degrees is increasing, leading to a relative decline in demand for highly educated individuals, resulting in an oversupply [1][2] - Material conditions in China have improved significantly, making it difficult for individuals to starve, as industrial capacity is already in surplus and agricultural industrialization is ongoing [1] Group 2 - In early education, it is suggested to expose children to various interests and fields to explore the world broadly, while also developing reading habits [1][2] - During middle school, it is important to assess a child's exam-taking abilities and character, as these experiences can provide valuable life lessons [2] - In high school, the focus should be on understanding social realities and trying various social activities, regardless of the type of high school attended [2][3] Group 3 - The future of ordinary civil service jobs may not be stable, indicating a potential shift in job security perceptions [4] - The nursing profession is noted for its demanding shift work, which can be challenging [5] - The funeral industry is identified as a growing sector, suggesting potential opportunities within this field [6] Group 4 - The education system is described as a zero-sum game, where success in exams is about outperforming peers, contributing to the intense competition seen in high-stakes testing [8] - The current educational content could be deepened, potentially alleviating some of the competitive pressure by introducing advanced topics earlier [8] - High-density talent environments lead to lower communication costs and more efficient operations compared to low-density talent settings [8] Group 5 - The concept of "easy yet progressive high schools" is primarily applicable to top-tier urban institutions, while vocational schools may present a less favorable environment [9] - High school migration for better educational opportunities is discussed, with a focus on moving to provinces with stronger educational resources [9][10] - The knowledge taught in schools is often outdated, but the ability to learn and think critically remains essential for personal and professional growth [10]

Group 1 - The consensus on the devaluation of academic qualifications is strengthening, with a growing belief that current education heavily relies on innate talent rather than just effort [1] - The proportion of individuals with undergraduate and graduate degrees is increasing, leading to a relative decline in demand for highly educated individuals, resulting in an oversupply [1][2] - The material conditions in China have improved significantly, making it difficult for individuals to starve, as industrial capacity is excessive and agricultural modernization is ongoing [1] Group 2 - In early education, it is important for children to explore various interests and develop mathematical thinking, without the pressure of excelling in every subject [1][2] - During middle school, it is crucial to assess a child's exam-taking abilities and character development, as these experiences are valuable for future challenges [2] - In high school, the focus should be on understanding social realities and engaging in various social activities, regardless of the type of high school attended [2][3] Group 3 - The future of ordinary civil service jobs may not be stable, and the nursing profession is noted for its demanding shift work [4][5] - The funeral industry is identified as a growing sector, while the field of cultural relic restoration remains less understood [6][7] Group 4 - The current education system is viewed as a zero-sum game, where success in exams is dependent on outperforming peers, contributing to the phenomenon of educational competition [8] - The perception that past generations had easier access to higher education is challenged, as historical data shows lower enrollment rates and higher competition [8][9] - High-density talent environments in companies lead to more efficient communication and problem-solving compared to low-density environments [8] Group 5 - The importance of attending the right educational institution is emphasized, as mismatched environments can hinder a child's development [9] - The concept of "high school migration" is discussed, where students may move to different provinces for better educational opportunities, particularly in western provinces [9][10] - The knowledge taught in schools is often outdated, but the ability to learn and think critically remains essential for personal and professional growth [10][11]

Core Viewpoint - The article discusses the phenomenon of "degree devaluation" in the context of the increasing number of university graduates in China, drawing parallels with Japan's historical experience during the 1990s economic downturn [2][3]. Group 1: Current Job Market Situation - The number of university graduates in 2023 is projected to reach a record 12.22 million, leading to the largest job-seeking wave in history [1]. - The offer acquisition rate for 2024 master's and doctoral graduates is only 44.4%, a decrease of 12.3% year-on-year, which is lower than the 45.4% rate for undergraduate graduates [1]. - The job market is increasingly competitive, with the employment rate for undergraduate graduates being lower than that of vocational school graduates [1]. Group 2: Historical Context and Lessons from Japan - Japan experienced a similar "degree devaluation" phenomenon in the 1990s, where a significant economic downturn led to a drastic drop in employment rates for university graduates [10][12]. - The 1990s marked a turning point for Japan, where the employment rate for graduates fell from 80% to below 70%, leading to a generation labeled as "lost" due to their struggles in the job market [10][30]. - The Japanese government attempted various measures to alleviate the employment crisis, including increasing the number of graduate students, but these efforts did not address the underlying issues of economic stagnation and job market demand [21][35]. Group 3: Economic Implications - The article highlights that the root cause of degree devaluation is not merely the oversupply of graduates but the lack of corresponding job opportunities due to economic stagnation and a failure to innovate [35][37]. - Japan's experience illustrates that without significant economic growth and innovation, an increase in educational attainment can lead to a surplus of graduates without adequate job prospects [35][37]. - The article concludes that creating new job opportunities through industrial upgrades and innovation is essential to prevent degree devaluation and ensure that higher education translates into economic productivity [35][37].

Group 1 - The article highlights the record number of 12.22 million university graduates entering the job market in 2024, leading to the largest job-seeking wave in history [3] - The offer acquisition rate for 2024 master's and doctoral graduates is 44.4%, a decrease of 12.3% year-on-year, which is lower than the 45.4% rate for undergraduate graduates [3][4] - The trend of increasing university graduates is expected to continue until 2038, peaking at 14.45 million, indicating a persistent job market challenge for new graduates [5] Group 2 - The phenomenon of "degree devaluation" is not unique to China, as Japan has experienced similar issues over the past 30 years, providing valuable lessons [6] - In the 1980s, Japan's economy was booming, leading to high demand for university graduates, with many receiving multiple job offers before graduation [8][9] - The economic bubble burst in the 1990s resulted in a significant decline in employment opportunities, with the employment rate for university graduates dropping from 80% in 1992 to below 70% by 1995 [12][18] Group 3 - The Japanese government implemented various measures to address the employment crisis, including the "Graduate Doubling Plan" and funding for doctoral candidates, but these efforts did not effectively resolve the underlying issues [24][25] - The introduction of labor dispatch laws in 1999 led to a rise in non-regular employment, with a significant increase in the proportion of non-standard employment types, which negatively impacted job security and wages for graduates [28][32] - By 2024, Japan's employment rate for new graduates reached a historic high of 98.1%, attributed to demographic changes such as an aging population and declining birth rates [36][37] Group 4 - The article emphasizes that the root cause of the employment market's challenges lies in the shrinking demand for labor, exacerbated by a lack of innovation and industrial upgrades in Japan [39][40] - Japan's failure to adapt to new industrial trends has led to a situation where the supply of highly educated individuals exceeds the demand for their skills, resulting in a devaluation of degrees [41][42]

Core Viewpoint - The article discusses the phenomenon of "degree devaluation" in Japan, drawing parallels with the current situation in China, particularly regarding the challenges faced by university graduates in the job market [3][4][29]. Group 1: Degree Devaluation in Japan - The belief that obtaining a university degree guarantees a stable future was prevalent in Japan during the 1980s, with companies offering attractive benefits to recruit graduates [6][7]. - The economic bubble burst in the 1990s led to a drastic decline in job opportunities, resulting in a significant drop in the employment rate for graduates, marking the beginning of the degree devaluation era [9][10]. - By 1992, the university graduate employment rate began to fall, with figures dropping from 80% to 70.5% over the years, reflecting a shift in the job market dynamics [9][10]. Group 2: Impact of Economic Changes - The economic downturn resulted in a surge of graduates entering the job market, coinciding with a wave of corporate layoffs, creating a mismatch between job seekers and available positions [9][10]. - The rise of "freeter" culture, where young people took on part-time or temporary jobs instead of stable employment, became a common response to the bleak job market [12][14]. - The government attempted to address the crisis through various initiatives, including increasing the number of graduate programs, but these measures failed to improve employment rates significantly [18][19]. Group 3: Long-term Consequences - The term "lost generation" emerged to describe those who graduated during the economic downturn, as many faced prolonged unemployment or underemployment [14][26]. - The shift towards non-regular employment, such as temporary and contract work, became prevalent, with non-regular employment rates rising significantly over the years [25][22]. - The article highlights that despite recent improvements in employment rates for graduates, the underlying issues of degree devaluation and economic stagnation remain critical challenges for Japan [27][30].

Core Viewpoint - The article discusses the phenomenon of "degree devaluation" in the context of the increasing number of university graduates in China and draws parallels with Japan's historical experience during the 1990s economic crisis, highlighting the challenges faced by graduates in securing employment and the implications for the labor market [4][11]. Group 1: Current Situation of Graduates - The number of university graduates in China is expected to reach a record 12.22 million this year, leading to the largest job-seeking wave in history [4]. - The offer acquisition rate for 2024 master's and doctoral graduates is only 44.4%, a decrease of 12.3% year-on-year, which is lower than the 45.4% for undergraduate graduates [4]. - The trend of increasing university graduates is projected to continue until 2038, when the number is expected to peak at 14.45 million [4]. Group 2: Historical Context from Japan - In the 1980s, Japan experienced a booming economy where university graduates were highly sought after, with many receiving multiple job offers before graduation [6][7]. - The economic bubble burst in the early 1990s led to a drastic decline in employment opportunities, with the employment rate for graduates dropping from 80% in 1992 to below 70% by 1995 [8][9]. - The term "lost generation" was coined to describe those who graduated during this period, facing severe employment challenges and often resorting to temporary or low-paying jobs [11][21]. Group 3: Government Response and Policy Failures - The Japanese government implemented several initiatives to address the employment crisis, including the "Graduate Doubling Plan" and funding for postdoctoral researchers, but these measures failed to improve the job market significantly [15][16]. - The increase in the number of graduate students did not correspond with a rise in employment rates, leading to a surplus of highly educated individuals without job opportunities [15][16]. - The introduction of labor dispatch laws in 1999 led to a rise in non-regular employment, which further complicated the job market for graduates [17][21]. Group 4: Lessons Learned and Future Implications - Japan's experience illustrates that simply increasing the number of graduates does not guarantee employment; economic innovation and industry upgrades are crucial for creating job opportunities [24][25]. - The article emphasizes the need for a shift from protecting existing industries to fostering new growth and innovation to prevent a repeat of the degree devaluation phenomenon [25].