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Do schools have an obligation to make sure there’s a job market?

I was intrigued by a recent Inside Higher Ed article discussing a Boston College law student with an unusual proposal.

An anonymous Boston College law student has published an open letter asking his dean to let him leave the law school without a diploma this semester (two and a half years into the program) in return for getting his tuition money back. The student writes that he was convinced to go to law school by “empty promises of a fulfilling and remunerative career,” and that now he faces the likely prospect of huge debts and no decent job.

My initial reaction was to think that it’s really the student’s responsibility to check out the job market and understand whether the cost of the education is justified given the education received (which surely has at least some value by itself) and the vocational prospects.

But, as I reflected just  bit further, I started to see it rather differently. I’m not sure how many people graduate every year with their PhDs in Bible or theology, but I do know that they far outstrip the number of teaching positions that are available to them. (That may change in the future with the impending retirements of a large percentage of Bible/theology faculty and the long hoped for economic recovery; but those changes may also be outweighed by technological advances and the changing economic models for many schools.) That means that there are quite a few doctoral programs out there who know full well that the job market cannot sustain the number of graduates that they’re producing. Yet, those same doctoral programs don’t seem to be reducing the number of applicants they accept as a result. Instead, these doctoral programs continue and new ones crop up with some regularity.

What do you think? Do schools have any obligation to adjust their admissions practices based on the likelihood that their graduates will find a job? Or, do they at least have an obligation to make the reality of the job market clear to prospects and/or make job-placement data publicly available? Or, is the responsibility entirely on the student?