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Why is there less demand for master’s degrees in Armenia?

For the vast majority of higher education graduates in Armenia, 90.2%, a bachelor’s degree remains the main threshold for higher education, and only 9.8% continue with a master’s degree.

Why is the demand for a master’s degree less in Armenia? We can single out the following factors:

In the labor market, a bachelor’s degree is considered sufficient for a number of professions,

A master’s degree requires additional time and financial resources,

In some areas, practical experience is valued more highly.