I'm a college senior majoring in computer engineering and computer science. I am debating whether to stay at my university to earn a master's degree or go to business school. If I stay, I can earn the degree in just a year, while still on my scholarship, and delay entering the lousy job market. However, my school has a poor career-development center and most good business schools have strong ones. Also, I have a strong education but no work experience.
You are wrestling with four issues. The first is of practicality — continuing with your schooling on your scholarship. On first glance, it seems foolish not to consider this option. The wheels are already in motion and there's little hardship if you stay and get a master's. However, if you take this route, it should be because you want to spend the extra time learning more in your chosen area. If you do it just because it is expedient and will delay the inevitable need to join the work force, rethink it.
The second issue is choosing between a master's and an M.B.A. It sounds like you have more interest in the latter, so it's probably the wiser course. That said, you must be clear about your reasons. If you think the job market will be magically ready for you when you finish the program, you'll be sorely disappointed. Additionally, your lack of a prior job will be a problem. Employers usually want proof of real-world experience. It's a sure bet that you won't start out at the top of the salary range once you complete your program. This might lead you to wonder if the time, money and effort you spent were worthwhile.
The third issue is your assumption that somehow a school's career-development center will be the key to finding a job. A good career center can be helpful, but you'd be wiser not to count on someone else doing your legwork. The best way to find a job that will match your skills and interests is to take the initiative and use several different avenues to locate opportunities. Others can help you along the way, but in the final analysis, you must be responsible for making your own future a success.
Finally, your fear of entering the job market at this difficult and uncertain time is not easily reconcilable. We understand your feelings, but caution you from pursuing any course based on fear. Most fears when faced head-on are manageable and can be overcome. Occasionally they turn out to be more in the mind than based on reality.
It's possible that in a few years the job market will have bounced back and scooped up everyone who wants to work, but don't count on that. Don't make your plans based on a false hope that a job search will be easier later. Sometimes the passing of time does help, but there's no guarantee.
Try putting yourself on the front line now and see how employers respond to you. Go on a couple of interviews to see what's out there and if and how you might fit in with your current qualifications. You have nothing to lose with a fall-back plan for more education, and you might find that your choice could be made from a position of strength rather than fear.