Wouldn’t it be great news if the surge in demand for postgraduate programs reflected a higher level of studies at Greece’s tertiary institutions? Unfortunately, though, it is more telling of a decline in the worth of graduate diplomas. Students know well that their four- or five-year graduate study programs are not enough to guarantee them a place in Greece’s labor market. As a result, they hope that an extra year of study will increase their chances of getting a job. Postgraduate programs have something to offer when they are conductive to research or further specialization. But they cannot make up for the shortcomings of graduate courses. Greek institutions should aim at upgrading their diplomas and not at broadening the range of their postgraduate courses.