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Results of the written part of the 2025 postgraduate entrance examination in China are expected to be announced in late February. Known as the kaoyan, the annual national graduate entrance examination was once viewed as a doorway to life-changing opportunities. Millions of students have relied on it to put them on a path to a prestigious diploma and, ideally, secure better jobs after they complete their studies. But after a long stretch of annual increases in enrolment, the number of people taking the exam fell for a second consecutive year in 2025. Education experts believe advanced degrees are losing their lustre among students who are often still left struggling to find jobs in a sluggish economic environment. Some are now resorting to gig work that does not even require a college degree.