The educational authorities have raised the minimum education level requirements in the educational institutions and organizations which have created a significant problem in the business world. It has been reported by the U.S. Bureau of Labor Statistics that the graduates completing their education lack the skills and qualifications required for filling a job as they have not been given proper training in their institutions (Lan & Winters, 2011). The cost of education has risen at an accelerating rate as compared to the increase in the financial aids that are provided by the federal agencies.
According to SHEEO (2011), as people have insufficient funds available for covering the costs of college education, the number of graduates completing it has declined in the last few years. All of these factors have raised questions regarding the academic inflation that how lack of federal aids, increase in college/tuition fees, decline in wage increments and rising inflation rate are impacting the quality of college education.
Academic Inflation is described as the process by which the higher education degrees’ value gets inflated; it is the point at which the minimum level of education is required when the level of employment rises. In fact, there is no real need for highly skilled or trained employees for various jobs in the firms (Odland, 2012). As a result of the academic inflation process, the bachelor’s degree value has reached a level where the graduates face difficulty in finding a suitable position in the professional world and they have to acquire degrees of much higher level such as Master’s degrees and PhDs. The primary reason for such a robust growth in the academic field for higher level degrees is an accelerating rate of competition among the peers (Singell & Stone, 2007).
Along with increase in the demand of higher level degrees, the cost of acquiring them has ...Show more