Who goes to graduate/professional school? The importance of economic fluctuations, undergraduate field, and ability

Abstract

This study examines the impact of fluctuations in entry-level labor market conditions on the graduate school enrollment decisions of newly minted undergraduate degree holders. Using repeated cross-section data for recently graduated science and engineering undergraduates from the National Survey of Recent College Graduates, and state-level unemployment rates to measure entry-level labor market conditions, we find that advanced degree enrollment patterns vary across the business cycle by undergraduate major, GPA, gender, and advanced degree type.