In a recent New York Magazine article, author William Deresiewicz stated, “For educational institutions, master’s programs are cash cows since their students get far less financial aid than undergraduates. For students, the master’s program responds to a specific need: American workers are competing more and more with those around the world, and the more college graduates there are, the more you need to find a way to distinguish yourself from the mass.”
This is particularly true when it comes to vocational studies, such as fashion, where master’s programs have proliferated from a handful across the U.S., to a handful of offerings from hundreds of universities. For example, Parsons School of Design in New York City now offers twenty master’s programs, including MFAs, MAs, MSs and MPSs. The MPS, or Masters of Professional Studies, is a relatively new moniker that is given to vocation-specific education, such as Fashion Management. It isn’t an MBA, in that it lacks the focus on finances and statistics, and it’s focus is on one industry only--fashion.
The cost of these programs, especially by high-profile universities from Columbia to RISD, are very high, often over $50,000 per year. And that adds up in a 2 or 3 year program. And while data suggests that students who graduate with a masters do make more than their counterparts, these high costs make a graduate program very risky, saddling students with debt that may take years to pay off.
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