When the Global Financial Crises (GFC) swept the globe in 2008-09, it was no coincidence the number of university entrance exams taken had soared.
This indicated a heightened demand for tertiary education. Corresponding to a sharp increase in international enrolment, as seen in the period post 2009.
% growth in international enrolments over previous year
As jobs vanished and unemployment rose, more people opted to go to school.
A study by the National Bureau of Economic Research showed an average worker typically experiences 70% of overall wage growth during the first 10 years of his or her career.
And graduating in a recession leads to a lower initial wage of about 9% below market a gap which does not fully recover until about 10 years after graduation.
Explaining why those already in school chose to extend or pursue advanced degrees.