In this study, I tried to figure out the function of the graduate education in Korea by analyzing the career activities and the evaluation of master degree holders on their master degree programs. The result that 72% of master degree holders are on the employment career path while 23% are on the further education path implies that the master degree in Korea is expected as the better preparation period for employment rather than the transitional period for the academic career. Among masters in the track of employment, 30% are employed as part time workers or contingent workers or unemployed. 34% of the working master degree holders have jobs which require qualification level below master degree. While masters do not evaluate the economic value of master degree positively, they evaluate highly the noneconomic value, such as social recognition or self-development. The results prove that the function of master degree in Korea may be not only economic one but also social, intrinsic one. Graduate schools need to adjust the demands of students and industry in implementing curricula and to
strengthen career guidance and information for the graduate students.