Too many master’s courses are expensive and flaky

For young people with big ambitions, bagging a measly bachelor’s degree no longer seems enough. Students in America have been rushing into postgraduate courses, even as demand for higher education among the general public has declined. These days nearly 40% of university-educated Americans boast at least two degrees. In Britain a surge in demand from foreign students has created a huge boom in postgraduate education. Universities there now dole out four postgraduate qualifications for every five undergraduate ones.