Not all college degrees are created equal. According to a report by the Center on Education and the Workforce (CEW) at Georgetown University, your choice of college major substantially affects your employment prospects and earnings.
“What you make depends a lot on what you take,” says Anthony P. Carnevale, Ph.D., director of Georgetown’s CEW. “Most young people in college take whatever interests them, without thinking what it can really do for them.”
So which college majors are the least valuable in terms of career
prospects and expected salary? Using data provided by the CEW from the
2009 and 2010 American Community Survey, Forbes discovered the
10 worst college majors based on high initial unemployment rates and low
initial median earnings of full-time, full-year workers. The findings?
While the arts may be good for the soul, artistic majors are terrible
for the bank account.
Topping the list at No. 1, anthropology
and archeology represent the worst choice of college major in economic
terms. Recent college graduates of the major, those ages 22 to 26, can
expect an unemployment rate of 10.5%, well above the national average.
When they do land a job, the median salary is just $28,000, compared to a
mechanical engineer’s initial earnings of $58,000.
With low demand and low earnings, the arts and humanities are
well-represented on this list. Film, video and photographic arts (No. 2)
features a 12.9% unemployment rate for recent grads; fine arts (No. 3)
has a rate of 12.6%; and philosophy and religious studies is a high
10.8%. All earn a median of just $30,000.
Full List: The 10 Worst College Majors
“What society rewards in economic terms has moved away from the
softer majors,” says Carnevale. “It’s become about how much math you
do.”
Non-technical majors–the arts (11.1%), humanities and liberal arts
(9.4%), social sciences (8.9%) and law and public policy
(8.1%)–generally have higher unemployment rates. Conversely, health
care, business, and the STEM fields (science, technology, engineering
and math) have been more stable and higher paying for recent college
graduates. A nursing grad, for instance, faces a below-average
unemployment rate of 4% and a median starting salary of $48,000.
Arts and social sciences are also harder hit in recessions. “When the
economy is robust, the demand for the arts goes up,” says Carnevale,
“but in a recession, they are the first victims.” The collapse of the
housing market means architecture majors now face an unemployment rate
of 13.9%, the highest of all the majors tracked. However, once employed,
experienced workers earn an above-average median salary of $64,000.
The value of specific degree types has transformed
dramatically since the early 1980s, says Carnevale. While a bachelor’s
degree was once a general qualification that could land recipients in a
number of different jobs, the last three decades have shown increasing
specialization and differentiation of earnings across majors. He
believes the change has largely been driven by technology, which
increased the demand for knowledge-based workers and technical training.
Is a four-year college degree still worth it? Carnevale offers an
emphatic “yes,” saying the earnings advantage of a bachelor’s degree
over a 45-year career is $1.2 million on average. The advantage of an
engineering bachelor’s is a whopping $3 million. However, he warns that
if you want to pursue the arts and social sciences, you should either
combine the study with a more practical major or go for a graduate
degree.
“There’s an escalation in requirements,” says Carnevale. “For
degrees like teaching, psychology and the arts, if you don’t get a
graduate degree, you don’t make much money.”
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