There is a bubble in credentials. Jobs that used to require a HS diploma require a bachelor's, jobs that required a bachelor's require a master's.
The June 2018 CFA exams saw a 20% year over year rise in candidates. The amount of credentials people need to get jobs is astounding. In 1900, only 10% of the U.S. population had a HS diploma. This article summarizes the issues with academic inflation in more detail:
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