HIGHER EDUCATION BUBBLE UPDATE: The Master’s Degree As The New Bachelor’s Degree.

William Klein’a story may sound familiar to his fellow graduates. After earning his bachelor’s in history from the College at Brockport, he found himself living in his parents’ Buffalo home, working the same $7.25-an-hour waiter job he had in high school. It wasn’t that there weren’t other jobs out there. It’s that they all seemed to want more education. Even tutoring at a for-profit learning center or leading tours at a historic site required a master’s. “It’s pretty apparent that with the degree I have right now, there are not too many jobs I would want to commit to,” Mr. Klein says.

So this fall, he will sharpen his marketability at Rutgers’ new master’s program in Jewish studies (think teaching, museums and fund-raising in the Jewish community). Jewish studies may not be the first thing that comes to mind as being the road to career advancement, and Mr. Klein is not sure exactly where the degree will lead him (he’d like to work for the Central Intelligence Agency in the Middle East). But he is sure of this: he needs a master’s. Browse professional job listings and it’s “bachelor’s required, master’s preferred.”

Well, a bachelor’s degree has become the new high-school diploma, so that makes sense. But how much actual value is being added?

Plus this: “While many new master’s are in so-called STEM areas — science, technology, engineering and math — humanities departments, once allergic to applied degrees, are recognizing that not everyone is ivory tower-bound and are drafting credentials for résumé boosting.”

Because that’s what we need most: more credentials for résumé boosting.

UPDATE: Reader Kenneth Willis writes: “When I entered law school at the University of Denver in 1974 the Dean gave a talk to the entering class in which he said the J.D. was the new B.A. I don’t think he knew then that so many bartenders would have both those degrees.”