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How Much Money is Your Bachelor Degree Worth?

When deciding whether to apply for college, you’ve probably wondered if a Bachelor’s degree would really help you earn more money, and if so, which college majors make the most money.

A new report by the Georgetown University Center on Education and the Workforce can give you helpful information on how much money you can expect to make after you graduate. The report, titled “What’s It Worth? The Economic Value of College Majors,” compares the median earnings and earnings variation for all full-time, full-year workers with Bachelor’s degrees. The study is based on census data. Workers with graduate degrees are not analyzed in the majority of the study.

The study shows that it’s definitely worth your money to get a Bachelor’s degree, although there’s a big difference in earnings between various majors. A full-time, full-year worker with a Bachelor’s degree can expect to earn 84% more over their lifetime than a colleague with only a high school diploma.

In terms of highest median earnings, the winning college majors are: petroleum engineering ($120,000), pharmacy/pharmaceutical sciences ($105,000), and mathematics and computer sciences ($98,000). The college majors with the lowest median earnings are: counseling/psychology ($29,000), early childhood education ($36,000), and theology/religious vocations ($38,000).

Interestingly, NYTimes.com blogger Jacques Steinberg’s article on this report specifically mentions the value of humanities degrees, particularly English. He cites the Georgetown University Center’s press release statement, which says that humanities majors fall into “the middle of the pack in terms of earnings and employment.” According to the report, the median earning for full-time, full-year workers in the Humanities and Liberal Arts degree group is $47,000. English majors are on the higher end of the group with average earnings of $48,000.

Besides Humanities and Liberal Arts, the 14 other degree groups the Georgetown University study looks at are:

Agriculture and Natural Resources
Arts
Biology and Life Science
Business
Communications and Journalism
Computers and Mathematics
Education
Engineering
Health
Industrial Arts and Consumer Services
Law and Public Policy
Physical Sciences
Psychology and Social Work
Social Science

According to the study, the highest median earnings by major group are: Engineering ($75,000), Computers and Mathematics ($70,000), and Business ($60,000). The lowest are: Psychology and Social Work ($42,000), Education ($42,000), and Arts ($44,000). Business also has the distinction of being the most popular major group, representing 25% of students. The least popular major groups are Industrial Arts and Consumer Services and Agriculture and Natural Resources, with 1.6% of students each. However, both of these less popular degrees are average in terms of median earnings ($50,000).

Of course, knowing around how much you’re likely to make once you land that full-time, full-year job is great, but how likely is your diploma to actually get you a job like that? As you’ve probably guessed, that varies a lot by degree group, too. College graduates from the Engineering group are the most likely to be employed full-time (97%), while those with Arts degrees are the least likely to be employed full-time (76%).

However, the above statistics only cover workers with at least a part-time job. In terms of whether you’re employed at all, those in the Health field are the most likely to have a job (98%), while those in the Arts group are the least likely (92%).

A small part of the study focuses on graduate degrees. The study shows that the odds you’ll go for a graduate degree have a lot to do with the undergraduate degree you earn. How much extra money you can make with a more advanced degree also varies significantly. People in the Biology and Life Science group are the most likely to get a graduate degree (54% do so). Biology and Life Sciences majors also get the biggest returns from their graduate degrees (101%). The least likely to get a graduate degree are those in the Communications and Journalism and Industrial Arts and Consumer Services groups (just 20% do so). Art majors get the smallest earnings boost out of their graduate degrees (23%).

One important thing to remember when looking over these college earnings statistics is that money isn’t everything. You shouldn’t automatically rule out getting a Bachelor’s degree in any of the less profitable major groups. Initially, Psychology and Social Work seem to be near the bottom rung, but the report says that around “45 percent of people with these majors obtain a graduate degree, which gives them an average earnings boost of 43 percent.” So, if you want to bring in a bigger income while working in this field, plan on going to graduate school.

Education and Art majors get a significantly smaller boost from graduate degrees, but a degree in one of these fields might still be the best choice for you, depending on your interests. Technical specializations come and go, but the world has always had artists and teachers. If you’re passionate about art or teaching, you can certainly make a long-term career out of it.

So, while knowing which college majors make the most money can help you decide which field to enter or which degree to aim for, remember that you’re the one who will have to be comfortable with your decision. If you’re interested in a Bachelor’s degree that doesn’t bring in as much money, but that degree will help you get the job you’ve always dreamed of, go for it. After all, what the study’s least profitable degrees—counseling, early childhood education, and theology—have in common is their focus on improving other people’s lives. For students with these majors, the joy that comes from helping others may be the ultimate return.

1 comment

  1. The Great Recession – Employment Situation says:

    [...] a Bachelor’s degree or higher had an unemployment rate of 4.4%. Keep in mind that a person’s college major has a significant impact on their earnings and the likelihood they will be employed after [...]

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