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Yeah, I learned my lesson after completing my master's.
It's all a scam based on pre-existing connections with the right socio-economic circles. I won't be here to see it, but hopefully the next iteration of human society will be less regressive.
Is master's degree common in the West?
Bachelor's degree is much more common where I'm from. After that people are usually keen to get a job and start earning.
It's almost impossible to find a job as a graduate even with a master's degree. The industry has gone to shit.
My wife, with a PhD applying for jobs 15 years ago:
"You're stupidly over-qualified for this entry-level job, we fear that you will leave us as soon as you get a better offer."
or
"You have the qualifications for his role, but you lack previous experience."
It's becoming far more common, yes. I'm not really sure what all of these people are doing with master's degrees nowadays. But at least in the US, a master's degree seems to be the new bachelor's degree. Higher education is all a racket.
Granted, I do say this as someone with a master's degree. My master's degree actually was incredibly useful to me though and not something pointless like underwater basket weaving. Mine helped me make a healthy wage (at the expense of student loan debt, but it all works out).
What’s wrong with underwater basket weaving?
Nothing as a hobby. Good luck making a good amount money off of it though.
It's definitely somewhat common. Teachers in my state generally get one as part of the certification process. Management, especially middle or upper level can have an MBA. Some student athletes get them depending on how their scholarship eligibility works out. There was also a surge of masters degrees in the 08 recession, due to people avoiding the bad job market.