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Titles: important or overrated?

Austria is said to have a certain soft spot for titles and academic degrees. In earlier times, official titles such as Hofrat were still common, whereas today academic titles such as Bachelor or Master are more important. But what do they actually mean and are they still similarly respected in today's society? 

Basically, academic titles serve as recognition for certain qualifications. For many, they also confer a certain prestige and stand for specific specialist knowledge. On the job market, they often still offer advantages and open many doors. 

What do you think about the relevance of titles and academic degrees? Do you have an academic title yourself and are you proud of it? What advantages and disadvantages do you see in obtaining one? Do you think they are still as important in today's working world as they used to be? Join the discussion with our community in the comments!