50 percent of graduate students fail to find work in their field. Most that do are "contingent labor" -- non-tenured, forever. The highest-paid and only growing sectors of universities are the upper administration and the athletic departments. Graduate school is a suicide mission, and the next time my BS adviser asks me what MS I am considering I will forward this article.
Faulty Towers: The Crisis in Higher Education | The Nation
If you’re tenured, of course, life is still quite good (at least until the new provost decides to shut down your entire department). In fact, the revolution in the structure of academic work has come about in large measure to protect the senior professoriate. The faculty have steadily grayed in recent decades; by 1998 more than half were 50 or older. Mandatory retirement was abolished in 1986, exacerbating the problem. Departments became “tenured in,” with a large bolus of highly compensated senior professors and room, increasingly squeezed in many cases, for just a few junior members—another reason jobs have been so hard to find. Contingent labor is desirable above all because it saves money for senior salaries (as well as relieving the tenure track of the disagreeable business of teaching low-level courses). By 2004, while pay for assistant and associate professors still stood more or less where it had in 1970, that for full professors was about 10 percent higher.
What we have in academia, in other words, is a microcosm of the American economy as a whole: a self-enriching aristocracy, a swelling and increasingly immiserated proletariat, and a shrinking middle class. The same devil’s bargain stabilizes the system: the middle, or at least the upper middle, the tenured professoriate, is allowed to retain its prerogatives—its comfortable compensation packages, its workplace autonomy and its job security—in return for acquiescing to the exploitation of the bottom by the top, and indirectly, the betrayal of the future of the entire enterprise.