Instapundit's Glenn Reynolds, who has written a book on the higher education bubble, points to an article on the questionable pay-off of many graduate degree programs. This is not the environment which many of us encountered years ago and the expense has become unbelievable and the job market has shrunk.
I believe that the future will bring (1) a rise in certification programs in certain subjects so people don't have to get a full diploma in order to be marketable in the workplace and (2) a decrease in the amount of time it takes to get some graduate degrees. The universities are about to get clobbered by the market. [Look at the decline in law school enrollments.]
Employers who have had unnecessarily rigid degree requirements have contributed to this problem and should push for certification programs.