(Source: MIT)

You've heard it before: A generation or two ago, earning a bachelor's degree was enough to ensure a successful career (or at least a shot at one). These days, with just about everyone getting a B.A., it takes an advanced degree to stand out in the crowd. Universities, in turn, are profiting from the rush toward master's degrees.

From the New York Times:

More students than ever have started master's programs this fall, and universities are seeing those programs as potentially lucrative sources of revenue. The number of students earning these degrees around the country has nearly doubled since 1980. Since 1970, the growth is 150 percent, more than twice as fast as bachelor and doctorate programs.

"Master's programs are the most obvious targets of opportunity," said George L. Mehaffy, a vice president of the American Association of State Colleges and Universities. "The degrees are in high demand, and this is an optimal time to enter or expand the market."

For students, the degrees are often expensive; at private universities, many students take out $50,000 in loans for every year of school. And scholarships and fellowships are rare, unlike doctoral programs, which are usually fully financed by universities.

Still, many say the price is worth it. In his two-year master's program in science technology and environmental policy from the University of Minnesota Craig Nelson had $35,000 in loans. Now, he works in regulatory affairs at the 3M Company.

"Without the degree, I wouldn't have the job," he said. "So even though I'll be paying the loan for 10 years, it was a good move for me."

Getting into the business of offering these degrees can be a good move for universities, too, with some that have traditionally focused only on undergraduate students now entering the master's market. The California State University system, for example, has introduced many new applied master's degrees and is expanding its master's of business administration programs.

"We are really conscious of the fact that master's degrees are becoming the coin of the realm," said Gary W. Reichard, the executive vice chancellor and chief academic officer for the California system. "And because M.B.A.'s can offer tremendous salary boosts down the road, we can charge higher tuitions to students."

Maybe an MBA will, but many terminal master's degrees, such as those in the arts and sciences, won't pay off so handsomely. Plan wisely.