Does a Higher Education/Masters Degree really help one in getting a job with higher earnings or better prospects?

Does a Higher Education/Masters Degree really help one in getting a job with higher earnings or better prospects? 

Nowadays we are bombarded through different media channels about specialised higher education/masters degree’s often, conjuring the image, that those who get one, easily go ahead or stand out, get selected over the other candidates holding a normal degree in the same field, in terms of a job or earnings prospects. I am getting lot of todays graduate students asking about this or assuming this to be true. 

 I sincerely doubt this.

 I know I am going to be criticised for taking this stand or discussing a controversial topic

 During my 10 years experience in the HR & career coaching field I would have handled hundreds of different roles at various levels. I have rarely had a client who preferred one candidate over the other just because the first candidate had a Masters Degree! Also I have rarely had to offer someone a higher salary level just because they had  Masters qualifications. Yes there are always exceptions of the semi government and research based industries. In the past, in the Finance, Engineering or Pharmaceutical industry a Masters Degree was a rare qualification and someone with it stood out or got ahead easily. Nowadays however, a lot of people are getting Masters Degrees, the proportion of people have masters qualifications in their area of study since 1980’s to now has I am being told quadrupled. Some people assume or consider it their education right that since they have got a higher qualification they are entailed to higher pay or preference over other candidates in terms of job selection. This is not what happens.

 In reality my insight, says what is practical or more valued by clients within the industry is versatile experience. A candidate with right, recent and relevant local experience & skills-set will always beat any other candidate who has higher qualifications. I call this the 3RS formula and its time tested. Agreed in some cases where the brief is to find a Chartered Engineer or Registered Architect or a CPA, then the qualification is required but here the qualification is an essential part of the brief. Or if you are trying to be a Scientist. It’s not going to be an advantage, it has to be there for one to do the role, it’s essential criteria for the role.  But if it’s not essential for the role then does it improve prospects for  the person with higher qualifications.

 What if it was other way round in a normal scenario role? I have had candidates who did not have a Bachelors qualification but had the 3Rs experience,  being selected at times on the basis of the skills and experience they had. In today’s economy the employers are seeking out clusters of skills set and every sector has its cluster of skills-set, rather than a higher level qualification. As long as candidates can claim to have this cluster skills-set locally even without a proper degree, then they are considered suitable for that role. Technology is changing fast. Economic nature of jobs is changing fast.

 Thing is role profiles have changed so much that now we have a plethora of small specialist courses and skills which are well regarded and valued over the traditional double degree qualifications. All things remaining equal between a group of candidates if someone has a higher qualification this may not mean they get a higher salary level or role. From a clients perspective, they has a budget, which is already decided, if the candidate shortlisted has a Masters or not, its going to remain the same, it’s a bonus but won’t change just if the candidate has a Bachelors Degree.

 What are your thoughts and opinions on this? Would like to hear..

 What are your thoughts and opinions on this? Would like to get your insight.