How Online Education Can Help During the Recession

There's no escaping it - the economy is pretty dismal.

In June 2009, the national unemployment rate hit 9.5 percent - the highest it has been in 26 years, according to the U.S. Department of Labor.

In real numbers, that percentage accounts for 14.7 million Americans who were unemployed in June, and that figure doesn't even include all people who have been laid off. The unemployment rate for June actually would have been 16.5 percent if all laid-off workers who had either given up looking for a new job or settled for part-time work had been included in the figure.

In all, the U.S. economy has lost a total of 6.5 million jobs since the recession officially began in December 2007, and the Federal Reserve predicts the numbers will continue to climb through 2009, reaching 9.8 percent to 10.1 percent.

And although many economists have predicted that the worst might be over, companies are likely to take a precautionary stand when it comes to hiring new employees until the economy is securely on solid ground.

So, with all of this bad economic news, what is a hard worker to do in order to make his or her job more secure? One possible solution is online education.

For busy professionals, distance learning serves as a convenient means of securing an advanced degree, and having an advanced degree under your belt can equate to greater stability on the job front.

Here are just a few ways that earning an advanced degree via an online program of study can assist in making your career recession-proof.

Unemployment is Lower among Those with Advanced Degrees

In 2008, unemployment rates were lower among individuals who had earned advanced degrees compared to those who had completed high school only, according to a report from the U.S. Bureau of Labor Statistics. The report looked at 2008 average earnings among individuals who were 25 years or older.

The 2008 unemployment rate among those who had graduated from high school only was 5.7 percent. However, that figure dropped to 3.7 percent among those with an Associate degree, 2.8 percent among those with a Bachelor's degree, 2.4 percent among those with a Master's degree and 2.0 percent among those with a Doctoral degree.

Even individuals who had taken some college classes but did not earn a degree had a slight lower unemployment rate of 5.1 percent.

Having an Advanced Degree Gives You a Competitive Edge

The job market has always been competitive, but in today's economy, the level of competition is staggering. As such, anything you can do to increase your competitiveness will help you during a recession.

If currently employed, having an advanced degree can improve your standing with your employer. The act of earning an advanced degree provides you with both knowledge and confidence - both of which are valued skills that can set you apart from your peers.

Imagine if your boss has to make a job cut - who will he or she choose to let go? It's a tough decision for any manager, but if one employee has an advanced degree and one does not, the boss might be more likely to stick with the more educated of the two.

If you are currently looking for employment, having an advanced degree definitely gives you a leg up on your competition. Today, many employers will not even consider hiring someone for a job unless that candidate has at least an Associate degree. For higher positions, many employers will look only at candidates with MBAs.

Additionally, employers are getting hit from all sides with resumes from desperate job hunters - you have to consider how your resume will stand apart from the others. An advanced degree can give you that edge.