In the last 15 years, more people received post-secondary education. The result is that more educated people go to the job market. The market becomes more competitive in terms of education background.
20 years ago, you could assure yourself that you would get a decent job if you had a bachelor degree. 10 years ago, you could assure yourself that you were ahead of others if you had a master degree; and for those with a bachelor degree only, they had to work hard to find a good job. Now, you can assure yourself that you will have a good chance to get a job if you have a doctorate degree; and for those with a master degree only, they are not so sure and for the poor ones who only have a bachelor degree, tough life ahead.
If you still have years before retirement and want to be competitive, keep studying.
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