Even though the economy is showing signs of life, the resurgence of hiring may lag behind. If we’ve learned anything from this recession, it’s that job security is no guarantee in this new emerging job market.

For the class of 2010, the future is still uncertain. The time to consider graduate school has come and gone, but for the class of 2011, the door is still wide open.

For some of us, we never considered the possibility of school beyond the four years of undergraduate work, but for others, it was always planned.

For those with the idea of graduating and instantly getting a job, a backup plan would be frugal. By no means does this imply that everyone should run and take the LSAT.

If anything, juniors should take notice of their future and prepare accordingly. Each student’s case is different. Some graduates may benefit from going to business school for 18 months, while others might reap the same benefits from picking up another undergraduate major more specific to their field of interest.

Whatever the situation is, each junior must ask, which benefits me more? Graduating, looking for a job with the possibility of being unemployed for upwards of six months to a year or returning to school?

Consider the chance of extended unemployment after graduation. Yes, this means returning home to your parents for several months.

For those of us not fortunate enough to have a trust fund waiting after graduation, accumulated debt is a very serious issue. The pressure to find a job and pay down debt is immense and increasingly difficult.

Economists harp on the opportunity costs of attaining an education versus entering the work force and making money instantly. Such is the case here, except the possibility of extended unemployment also enters the picture.

According to the Bureau of Labor Statistics, a person with a bachelor’s degree will earn about $978, on average, per week. A person with a masters or professional degree earns about $1,228 and $1,522 respectively, per week.

Not only does the pay substantially increase, but unemployment rates also decrease as education level rises. Taking into account both the current job market and the potential for higher earnings, the opportunity costs of not going to graduate school are significantly higher.

Why even risk long-term unemployment?

Furthermore, graduates with basic, non-specialized bachelor’s degrees run the risk of underemployment, or being employed in a job outside of their majors for less money.

Those underemployed run the risk of losing job mobility and could be stuck in the same menial job for much longer than the recession lasts.

Decades ago, it was the norm for bachelor’s degrees to be the industry standard for entry into the “white collar” workforce. Recently, the workforce has become super saturated with bachelor’s degrees, so employers provide little job security, and turnover rates are high.

Employers drive down costs by denying promotions and raises in lieu of constantly hiring someone new out of undergraduate school to replace them.

The rise in unemployment and difficulty for grads to attain their first job are all of these factors coming to a boil.

Juniors, take notice of what’s happened to the class of 2009 and could happen to the class of 2010. If nothing else, explore the possibility of education beyond your planned graduation in case the market remains sour.

Think of it as an insurance possibility in case the dream job isn’t waiting at the end of the road.