College majors with the worst return on investment
College majors with the worst return on investment
But salaries vary significantly within majors too. Some
liberal arts majors make more than some engineering majors despite engineers
making more overall.
After choosing a college, the most important decision for a student is
their major. While some students enroll in college knowing exactly what they
want to do, many won’t declare a major until after their freshman or sophomore
year. Usually, academic interests and intended career paths factor into
students’ choice of major. However, students should also consider earning
potential, especially with the cost of college
continuing to rise.
With regards to earning potential, more education is generally better.
According to Five
Rules for the College and Career Game, a recent report released by the
Georgetown University Center on Education and the Workforce, students who earn
a graduate degree have median earnings twice as high as those who only have a
high school diploma. The median earnings for professionals with a bachelor’s
degree is $62,000.
While level of education is important, the individual program of study or
major matters even more. According to the same Georgetown report, students who
receive an associate’s degree in a Science, Technology, Engineering, or Math
(STEM) field have higher median annual earnings ($60,000) than students who
receive a bachelor’s in a humanities/liberal arts field ($53,000), arts
($50,000), or psychology/social work ($47,000).
Given the wide disparity among majors, some employers recommend thinking
carefully about the job market before deciding what to study. Michelle Armer,
Chief People Officer at CareerBuilder, said, “Everyone chooses their college
major and career path with their own set of criteria in mind, but the rising
cost of education and student debt is undoubtedly a concern for people who are
college-bound.”
In a recent
survey, CareerBuilder found that over 50 percent of 2014 graduates—now five
years into the workforce—have student debt they are working to pay off. When
asked whether the rising price of education will contribute to a decline in
certain majors, Armer explained, “If people are considering a few different
majors, they may be more likely to choose the path with a higher future earning
potential, and we could potentially see a decline in majors that don’t set
students up for clear earnings paths.”
But salaries vary significantly within majors too. For example, some
liberal arts majors make more than some engineering majors despite engineers
making more overall. Notably, the Georgetown report found the top 25 percent of
liberal arts and humanities majors out-earn the bottom 25 percent of
architecture and engineering majors. While some of that variation is due to
differences among people and job locations, variation among schools and
programs contribute as well.
Unfortunately, at present, there are no publicly available data showing how
majors from specific schools perform in the workforce. But this could soon
change as the result of a new executive order issued by President Trump calling
for transparency
in program-level data.
“In a shift toward program-level outcomes, every college will be unbundled
down to the program level—its identity, traditions and structure will become
less important. Instead, the outcomes of students in each particular major or
field will be elevated in importance,” explained Dr. Anthony P. Carnevale,
research professor and Director of the Georgetown University Center on Education
and the Workforce.
“The most significant effect would probably be the streamlining of public
university systems,” he continued. Carnevale envisions a world in which public
university systems might decide to offer a specific degree (say English) at
only one campus, instead of at every branch campus. This would allow the
university to direct its resources and top talent in English towards a single
campus, and ideally would create one outstanding degree program instead of
several mediocre ones. On the other hand, this could create an environment in
which degree programs with low earning potential experience budget cuts and
become worse, not better.
Armed with this new information, should students shy away from majors that
traditionally don’t pay well, even if it’s their calling? Fortunately, even if
a student wants to pursue a major that does not offer the highest earning
potential, there are ways to make up the difference.
“For entry-level jobs, three in five employers have said soft skills will
be just as important as hard skills in the hiring process, and [these
employers] are looking for candidates who have basic knowledge of the position,
are team-oriented, and have attention to detail—skills that recent college
graduates of any major can possess,” said Armer.
It’s also worth remembering that one’s college major and first job do not
necessarily dictate their entire career path. Students looking to increase
their earning potential after college might benefit from pursuing a graduate
degree, certification, or technical skill.
Until the new higher education legislation goes into effect, it is good for
students to keep in mind which majors on average pay the best and worst. To
determine this, private tutoring firm HeyTutor analyzed data from the U.S.
Census Bureau and looked at median salaries, unemployment rates, and
underemployment rates for 73 different college majors. To control for
educational attainment, the salary data only takes into account earnings from
workers with undergraduate degrees, not workers who went on to receive graduate
or professional degrees.
HeyTutor found that the median salary for all entry-level professionals
with a bachelor’s degree is $40,000, and the mid-career median salary is
$68,000. The overall unemployment rate for bachelor’s degree holders is 3.9 percent,
and the underemployment rate is 42.9 percent. Consistent with the Georgetown
report, HeyTutor also found that the college majors with the lowest return on
investment tend to be in the arts, humanities, and social sciences.
Below is a list of college majors with the lowest entry-level salaries
Salaries for the 19 lowest-paying majors:
19. Animal and Plant
Sciences
·
Median wage early
career: $35,000
·
Median wage
mid-career: $60,000
·
Unemployment rate:
3.0%
·
Underemployment rate:
57.4%
·
Share with graduate degree:
34.8%
Students who study animal and plant sciences learn the scientific
principles behind the breeding, cultivation, and production of agricultural
plants and animal products. The curriculum for this major includes crop
cultivation, food production, and animal husbandry, among other agricultural
topics.
Students who undertake this field of study pursue careers as agronomists,
greenhouse managers, biotechnologists, animal scientists, and soil scientists.
However, as agriculture has become increasingly automated, demand for many of
these positions has suffered.
18. Mass Media
·
Median wage early
career: $35,000
·
Median wage
mid-career: $60,000
·
Unemployment rate:
7.8%
·
Underemployment rate:
55.2%
·
Share with graduate
degree: 18.3%
Mass media is a broad major that incorporates media history, media
criticism, and the social and cultural effects of mass media. The best students
who enroll in a mass media major have a variety of career options to choose
from, including public relations, media planning, advertising, and journalism.
However, many mass media majors struggle to find jobs in their field and have
the highest unemployment rate on this list, at 7.8 percent.
17. Elementary Education
·
Median wage early
career: $35,000
·
Median wage mid-career:
$43,000
·
Unemployment rate:
1.9%
·
Underemployment rate:
15.9%
·
Share with graduate
degree: 47.0%
Elementary education is an academic program that prepares future teachers
for educating elementary school students (kindergarten through eighth grade).
Unlike secondary school teachers, who specialize in a specific discipline like
math or English, elementary education teachers study a holistic curriculum that
includes all subjects relevant to grades K-8. Despite low salaries, elementary
education majors have the second lowest underemployment rate of all majors in
the analysis at 15.9 percent.
16. Foreign Language
·
Median wage early
career: $35,000
·
Median wage
mid-career: $60,000
·
Unemployment rate:
4.2%
·
Underemployment rate:
46.2%
·
Share with graduate
degree: 50.0%
Students who major in a foreign language may become foreign language
teachers, translators, or linguists. In addition to below average wages, the
unemployment rate of 4.2 percent for foreign language majors is higher than the
average unemployment rate for all bachelor-degree holders.
15. English Language
·
Median wage early
career: $35,000
·
Median wage
mid-career: $60,000
·
Unemployment rate:
5.3%
·
Underemployment rate:
50.6%
·
Share with graduate
degree: 45.5%
English language majors learn the history and structure of the English
language. They usually also study the literature of English-speaking cultures,
especially British and American. Due to the writing-intensive curriculum,
English majors often enter the workforce as journalists, PR managers, or
marketing professionals. Many also become English teachers. More than half of
English language majors are classified as underemployed.
14. Biology
·
Median wage early
career: $35,000
·
Median wage
mid-career: $65,000
·
Unemployment rate:
4.6%
·
Underemployment rate:
44.6%
·
Share with graduate
degree: 63.2%
Biology majors immerse themselves in the study of living organisms. Courses
in a biology major might include biochemistry, evolutionary biology, genetics,
marine biology, microbiology, plant anatomy, and zoology. Biology majors can
undertake careers as biologists, geneticists, lab technicians, meteorologists,
and more. While biology majors without a graduate degree have below average
earnings, over 63 percent will go on to pursue an advanced degree, which
usually helps financially.
13. Miscellaneous
Biological Sciences
Median wage early career: $35,000
Median wage mid-career: $60,000
Unemployment rate: 3.9%
Underemployment rate: 46.5%
Share with graduate degree: 60.4%
Median wage mid-career: $60,000
Unemployment rate: 3.9%
Underemployment rate: 46.5%
Share with graduate degree: 60.4%
Miscellaneous biological sciences are instructional programs related to
biology, but do not have a clear specialization listed in the National Center
for Education Statistics Classification of Instructional Programs (CIP). Some
of these majors might include immunology and physiological sciences.
12. Nutrition Sciences
·
Median wage early
career: $35,000
·
Median wage
mid-career: $54,000
·
Unemployment rate:
5.8%
·
Underemployment rate:
47.9%
·
Share with graduate
degree: 46.4%
A nutrition sciences major teaches students how food plays a role in human
growth and metabolism, using fundamentals from the agricultural, biological,
and biomedical sciences. Many nutrition sciences majors become nutritionists,
corporate wellness specialists, and food product developers. The unemployment
rate for this major is 5.8 percent.
11. Sociology
·
Median wage early
career: $34,600
·
Median wage
mid-career: $56,000
·
Unemployment rate:
3.9%
·
Underemployment rate:
56.0%
·
Share with graduate
degree: 35.2%
Sociology is the study of institutions and interpersonal relationships
within society. The curriculum for this major often includes social theory,
research methods, hierarchies, dynamics of social change, family structures,
and social issues. Sociology majors have a wide range of options for careers,
but more than half find themselves underemployed. For the most successful
sociology majors, popular paths include advertising, law enforcement,
counseling, public policy, community development, and human resources.
10. Leisure and Hospitality
·
Median wage early
career: $34,200
·
Median wage
mid-career: $58,000
·
Unemployment rate:
3.7%
·
Underemployment rate:
63.0%
·
Share with graduate
degree: 30.2%
Leisure and hospitality is an excellent choice for students who are interested
in working in resort management, hotels, or tourism agencies. This major
prepares individuals to work in hospitality operations through coursework in
tourism, hospitality, management, marketing, franchising, and regulation.
However, leisure and hospitality has the third highest underemployment rate of
any major, and its typical student will earn less than $35,000 per year after
college.
9. Psychology
·
Median wage early
career: $34,000
·
Median wage
mid-career: $56,000
·
Unemployment rate:
4.1%
·
Underemployment rate:
49.7%
·
Share with graduate
degree: 50.3%
Classified as a “behavioral science,” psychology is the study of individual
and collective behavior. Psychology majors study the physical and environmental
factors that influence human behavior, research methods, and the treatment of
mood disorders. Psychology majors can pursue careers ranging from business and
marketing to counseling and social services. Unfortunately, a typical
early-career wage for psychology majors is just $34,000 per year.
8. Fine Arts
·
Median wage early
career: $33,500
·
Median wage
mid-career: $55,000
·
Unemployment rate:
5.6%
·
Underemployment rate:
58.4%
·
Share with graduate
degree: 22.5%
Fine arts majors hone their craft in visual media, which may include
drawing, sculpture, printmaking, textiles, intermedia, or photography. Students
learn about color theory, composition, perspective, studio management, and art
portfolio marketing. Potential job titles for fine arts majors include graphic
designer, art director, creative strategist, and commercial artist. However,
the underemployment rate for fine arts majors is far above average at 58.4
percent.
7. Liberal Arts
·
Median wage early
career: $33,400
·
Median wage
mid-career: $60,000
·
Unemployment rate:
6.7%
·
Underemployment rate:
58.4%
·
Share with graduate
degree: 27.8%
A liberal arts major is characterized by its breadth of subjects, including
the humanities, arts, sciences, and social sciences. With such a diverse
curriculum, liberal arts majors can engage in a variety of careers and industries.
Sales, marketing, business, journalism, and public relations are just a few
examples of career paths. Liberal arts majors have the second highest
unemployment rate on this list.
6. Anthropology
·
Median wage early
career: $33,000
·
Median wage mid-career:
$57,000
·
Unemployment rate:
6.6%
·
Underemployment rate:
59.1%
·
Share with graduate
degree: 46.9%
Anthropology is the study of human beings, their primal ancestors, and
cultures. The curriculum includes paleontology, archeology, evolution,
linguistics, and research methods. Those who study anthropology can enter the
job market in forensic pathology, museum studies, and international affairs.
Yet, anthropology majors have one of the highest underemployment rates.
5. Early Childhood
Education
·
Median wage early
career: $32,100
·
Median wage
mid-career: $41,000
·
Unemployment rate:
1.7%
·
Underemployment rate:
19.2%
·
Share with graduate
degree: 38.2%
Early childhood education majors undergo training to become teachers for
students ranging from infancy through eight years old. Similar to elementary
education majors, early childhood education majors are exposed to a general
curriculum. Early childhood education majors have the lowest mid-career median
wage on this list at $41,000.
4. Family and Consumer
Sciences
·
Median wage early
career: $32,000
·
Median wage
mid-career: $50,000
·
Unemployment rate:
4.3%
·
Underemployment rate:
44.6%
·
Share with graduate
degree: 32.5%
A family and consumer science major teaches students about the relationship
between individuals and their family, work, and community lives. Many students
in this major become family and consumer science teachers, but others also work
in human resources, nonprofit organizations, school services, and more. The
mid-career median wage of $50,000 is about 26 percent lower than the mid-career
median wage for all bachelor’s degree holders.
3. Theology and Religion
·
Median wage early
career: $32,000
·
Median wage
mid-career: $49,000
·
Unemployment rate:
1.0%
·
Underemployment rate:
46.9%
·
Share with graduate
degree: 42.2%
A theology and religion major is the academic study of the beliefs
underlying different religious faiths. A theology curriculum may focus on one
religion faith or include the interdisciplinary study of many faiths. Students
who undertake this course of study understand the history, doctrines, beliefs,
and applications of religion. Many theology students become pastors, rectors,
campus ministers, or chaplins. Others become teachers, counselors, and other
social service workers. Students who study theology and religion have the
lowest unemployment rate of any major at 1 percent.
2. Social Services
·
Median wage early
career: $31,300
·
Median wage
mid-career: $44,200
·
Unemployment rate:
3.5%
·
Underemployment rate:
31.5%
·
Share with graduate
degree: 47.4%
Social services majors typically choose this academic program to pursue
careers in social work or psychiatric case work. Coursework includes skills
like clinical interviewing techniques, therapeutic intervention strategies,
counseling, rehabilitation, and record-keeping. A common job title for social
services majors is “social worker.”
1. Performing Arts
·
Median wage early
career: $30,000
·
Median wage
mid-career: $58,000
·
Unemployment rate:
3.7%
·
Underemployment rate:
65.7%
·
Share with graduate
degree: 37.6%
A performing arts major encompasses a variety of visual media and
performance disciplines. A few examples are theater, music, art, and dance.
Potential career paths for performing arts majors include professional dancers,
artists, music directors, talent agents, and actors. In addition to having the
lowest early career median wages, performing arts majors have the highest
underemployment rate on this list at 65.7 percent.
Methodology
The data used in this
analysis is from a Federal Reserve Bank of New York analysis of U.S. Census
Bureau 2016 & 2017 American Community Survey data. To control for
educational attainment and hours worked, median wages are for individuals
working full-time with a bachelor’s degree only (e.g. they did not yet go on to
receive a graduate or professional degree). Early career wages are for
individuals between the ages of 22 and 27, whereas mid-career wages are for
individuals between the ages of 35 and 45.
Unemployment and underemployment statistics are for bachelor’s degree
holders and above that are between the ages of 22 and 27. The graduate degree
share is for individuals between 25 and 65 with a bachelor’s degree or higher.
Individuals enrolled in school are not included in the analysis.
The final list of items is ordered by median early-career wage. Only majors
with a median early-career wage below $35,000 per year were included.
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