Not all college majors have a high economic return.

Not All College Majors Have a High Economic Return

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Updated 9/5/22 Please Share

Bureau of Labor Statistics Projections Were Correct
Only About 23% Would Require a Bachelor's Degree

Employment by typical entry-level educational requirement,
as a percentage of total employment, May 2017 Source has extensive data.

Typical entry level education required	Projected % 2008-18	Actual % 2017
Doctoral or professional degree	2%	2.5
Master's degree	2%	1.8
Bachelor's degree + Experience	19% 23% College Grads	21.5 25.8%
Associate's degree	5%	2.3
Postsecondary no degree award	6% 11% AA/Certificate	6.1 8.4%
Some college, no degree	66%	2.5
High school diploma or equivalent		39.0
No formal educational credential OJT		24.3 65.8%

Source 2008-18 Projections

Over Supply and Low Demand
Keep Graduate Wages Down

Class of 1993 Had Varied 2003 Income

Distribution of Income Among Majors Has Not Changed Much

Which 1993 College Graduate Majors Had The Highest Paying Jobs in 1994 (1 year after Graduation ) and 2003 (10 Years after Graduation)^{Editor's Note: The following 25-year-old data shows we have known for many years that the economic gains from investing are very ^precarious.}
Table 1 of 4 College Major: Listed High to Low 2003 Income	Percent of Class	Average Full Time Salary in 1994/2003 using constant 2003 dollars (%increase)	Advanced Degrees
Engineering (Electrical, Civil, Chemical, etc.)	6%	38,900/74,900(92%)	almost 25% had Masters
Comp. Sci., Special 2013 Note to Programmers	2%	33,400/72,600(117%)
Business/management (Accounting, Finance, Business Administration, Marketing, etc)	23%	33,800/65,900(95%)
Health Professions (Tech, Nursing, Veterinary Medicine, Dentistry, Allied Health	7%	40,500/65,000(60%)	19% M, 3% higher
Social & Behavioral Science (Psych. Anthrop, Econ, Geog, Soc, Pol Sci)	13%	26,500/62,300(135%)	22%M 9% D or 1st Professional
Biological Science (Botany, Zoology, Biochemistry)	4%	29,200/62,200(113%)	D or 1st P >31%
All Graduates	99%	30,800/60,600(97%)
Other-Career Related Majors (Ag Sci, Communication, Pre Law, Lib Sci, Law Enforce, etc)	14%	29,200/59,300(103%)	14%M, 4%higher
Math and Physical Science (Math, Statistics, Physical Science)	3%	27,100/58,200(115%)	almost 50%M, with <20% D of 1st P
Other Academic Majors ( Aft/Am Studies, Women's Studies, Interdisciplinary Studies, etc)	4%	26,200/53,200(103%)
Humanities (Hist. Philos. Rel. Lang. Design, Music, other performing and fine arts, etc)	10%	25,000/52,800(111%)	M 22%, 6% D or 1st P
Education	13%	26,600/43,800(65%)
The Rising Value of a Science Degree 10/20/11
¹Data from The class of 1993: Earnings and occupations by college major, 1 and 10 years after graduation Editors' Notes: Wouldn't a 20 year update be interesting. Study was removed. Elka Maria Torpey Nutshell Snippet PDF Chart titles and data arrangement are from www.businessbookmall.com. Data is based upon a nationally representative sample of 11,190 students graduating from 7/92 to 6/93. Editor's Note: (1) Data is the mean, not the median (2) within cohort income variability has been increasing for many years		Special Note to Programmers 2/2/13 Bill Gates has been touring the U.S. in early 2013 lobbying for newly minted U.S. foreign college graduates to get visas to stay, work and maybe settle. This increase in supply will push wages down and because all new graduates know new technology and often bring more drive to the job, will force out workers with twenty years of experience who will then have to change careers. The useful life of programmers is dropping fast and those devoting time and money to education should be aware of this. See Stem Jobs

Additional Information

A. Most New Jobs Projections and Salaries B. Fastest Growing1 page C. Highest Paying

D) Pay Scale Com E. Advice to College Students and Parents

F. Who Gets the Good Jobs and How Much They Pay G. Many Without a Bachelor's Degree Earn High Income

H. Longitudinal Study of Class of 1963 Income

Visit our Education Libraries for more current information concerning education.

Earlier 1998 Study
Not All College Majors Are Created Equal¹^{Data from the Department of Labor} Editors Note: Other than computer programmers having a tough time lately,
little has changed since this data was collected.^{Index    Lowest Paying Majors
Graduates With Jobs Relate to their Major

Majors With College Level Jobs
Choosing a Major Advise}
Visit our Sister Site Free Internet Libraries for students, Teachers, and Professionals.

Table 2 of 4 Which 1993 College Graduate Majors Had The Lowest Paying Jobs in 1994 and 1997
	Of Those That Left School
College Major: Listed Low to High	% Working Full Time 1994/1997	Average Full Time Salary in 1994/1997(%increase)	% Working Part Time 1994/1997	% Unemployed 1994/1997	% Out of Labor Force 1994/1997 Education
Psychology	67/72	19,500/26,300(35%)	15/11	5/4	14/13
History	72/78	21,000/27,000(29%)	14/7	5/4	9/11
Humanities	64/71	21,300/28,100(32%)	20/14	5/4	11/11
Public Affairs & Social Service	75/85	22,000/29,900(36%)	13/8	5/2	8/5
Social Science	73/80	22,100/32,800(48%)	13/9	5/3	10/9
Biological Science	52/57	22,800/26,700(17%)	17/10	7/5	24/28
All Graduates	73/81	24,200/32,500(34%)	14/8	5/3	9/8
Math, Comp. Sci., Physical Sci.	68/81	25,400/36,400(43%)	14/8	5/2	14/10
Business	85/89	27,100/36,500(35%)	8/4	4/2	4/5
Engineering	76/92	30,900/43,800(42%)	9/3	6/1	9/5
Health Professions	73/77	31,300/37,300(19%)	15/13	5/3	7/8
¹Data is from The Class of 1993: One Year After Graduation and Four years after graduation: The class of 1993 as published in the Occupational Outlook Quarterly of the U.S. Department of Labor, Summer, 1998 pp. 11-21 and Winter of 2000-01, pp 17-29. Chart titles and data arrangement are from www.businessbookmall.com. Data is based upon a nationally representative sample of 11,190 students graduating from 7/92 to 6/93. Special Note: The increase in salaries of about 10% per year that took place over the 3 year period is a little misleading as some graduates had earned an advanced degree. The average salary for college graduates where a bachelors degree is the highest degree would be lower.

Table 3 of 4    In 1994, Fifty-Six Percent of 1993 College Graduates Had Jobs Related to Their Major²

College Major
Listed High to Low

Percentage Working in this Profession

Health Professions Health Professions-60% No computer technician-8% Computer Science/ Programmer-8% Admin/clerical support-7%

Education Teaching-57% Other Professional-13% Admin/clerical support-13% Bus./Mgmt.-9%

Public Affairs & Social Service Other Professional 32% Protective Services-22% Bus./Mgmt.-16% Admin/clerical support-15%

Business Bus./Mgmt.-31% Other Professional-26% Admin/clerical support-24% Sales-12%

Graduates with these majors often require
additional education to pursue work in their career.

Engineering Engineering-54% Bus./Mgmt.-12% Other Professional-10% Comp.Sci/ Programmer-8%

Math, Comp. Sci. Physical Sci. Comp.Sci/ Programmer-26% Admin/clerical support-17% Teaching-12% Other Professional-12%

Biological Science Other Professional-17% Admin/clerical support-17% No computer Technician-16% Bus./Mgmt.-9%

Social Science Admin/clerical support-27% Bus./Mgmt.-26% Other Professional-21% Sales-10%

History Bus./Mgmt.-24% Admin/clerical support-18% Teaching-15% Other Professional-15%

Humanities Other Professional-30% Admin/clerical support-21% Bus./Mgmt.-17% Teaching-11%

Psychology Admin/clerical support-27% Bus./Mgmt.-26% Other Professional-21% Sales-10%

²Data is from The Class of 1993: One Year After Graduation as published in the Occupational Outlook Quarterly of the U.S. Department of Labor, Summer, 1998 pp. 11-21. Chart titles and data arrangement are from www.businessbookmall.com.


Table 4 of 4     By 1997, Fifty-Five Percent of the Class of 1993 had a Job Related to Their Major,
Only Sixty-Two Percent Had a Job That Required a Bachelor's Degree,
and Only Fifty-Five Percent Felt Their Job had Career Potential

Attributes of current job

Bachelor's degree required
Related to major
(job has) Career potential

1994 1997 1994 1997 1994 1997

All graduates 56 62 75 55 72 55

Professional Fields 64 68 83 65 76 55

Health professions 73 80 91 82 80 55

Engineering 79 79 87 60 82 64

Education 66 69 79 67 75 50

Business and management 51 57 85 57 77 60

Public affairs and social services 49 55 72 58 68 47

Arts and sciences 49 60 60 45 64 51

Mathematics, Computer and physical sciences 68 71 82 63 75 62

Psychology 45 64 57 48 53 48

Biological sciences 49 63 64 51 57 45

History 41 57 42 34 67 52

Social science 47 57 57 33 68 53

Humanities 45 50 58 40 66 50

¹Chart is from Four years after graduation: The class of 1993 as published in the Occupational Outlook Quarterly of the U.S. Department of Labor, Winter of 2000-01, p 9. Data is based upon a nationally representative sample of 11,190 students graduating from 7/92 to 6/93.

2008-18 Projections

Table 3 of 4 In 1994, Fifty-Six Percent of 1993 College Graduates Had Jobs Related to Their Major²

College Major Listed High to Low	Percentage Working in this Profession
Health Professions	Health Professions-60%	No computer technician-8%	Computer Science/ Programmer-8%	Admin/clerical support-7%
Education	Teaching-57%	Other Professional-13%	Admin/clerical support-13%	Bus./Mgmt.-9%
Public Affairs & Social Service	Other Professional 32%	Protective Services-22%	Bus./Mgmt.-16%	Admin/clerical support-15%
Business	Bus./Mgmt.-31%	Other Professional-26%	Admin/clerical support-24%	Sales-12%
Graduates with these majors often require additional education to pursue work in their career.
Engineering	Engineering-54%	Bus./Mgmt.-12%	Other Professional-10%	Comp.Sci/ Programmer-8%
Math, Comp. Sci. Physical Sci.	Comp.Sci/ Programmer-26%	Admin/clerical support-17%	Teaching-12%	Other Professional-12%
Biological Science	Other Professional-17%	Admin/clerical support-17%	No computer Technician-16%	Bus./Mgmt.-9%
Social Science	Admin/clerical support-27%	Bus./Mgmt.-26%	Other Professional-21%	Sales-10%
History	Bus./Mgmt.-24%	Admin/clerical support-18%	Teaching-15%	Other Professional-15%
Humanities	Other Professional-30%	Admin/clerical support-21%	Bus./Mgmt.-17%	Teaching-11%
Psychology	Admin/clerical support-27%	Bus./Mgmt.-26%	Other Professional-21%	Sales-10%
²Data is from The Class of 1993: One Year After Graduation as published in the Occupational Outlook Quarterly of the U.S. Department of Labor, Summer, 1998 pp. 11-21. Chart titles and data arrangement are from www.businessbookmall.com.

Table 4 of 4 By 1997, Fifty-Five Percent of the Class of 1993 had a Job Related to Their Major, Only Sixty-Two Percent Had a Job That Required a Bachelor's Degree, and Only Fifty-Five Percent Felt Their Job had Career Potential
	Attributes of current job
	Bachelor's degree required		Related to major		(job has) Career potential
	1994	1997	1994	1997	1994	1997
All graduates	56	62	75	55	72	55
Professional Fields	64	68	83	65	76	55
Health professions	73	80	91	82	80	55
Engineering	79	79	87	60	82	64
Education	66	69	79	67	75	50
Business and management	51	57	85	57	77	60
Public affairs and social services	49	55	72	58	68	47

Arts and sciences	49	60	60	45	64	51
Mathematics, Computer and physical sciences	68	71	82	63	75	62
Psychology	45	64	57	48	53	48
Biological sciences	49	63	64	51	57	45
History	41	57	42	34	67	52
Social science	47	57	57	33	68	53
Humanities	45	50	58	40	66	50
¹Chart is from Four years after graduation: The class of 1993 as published in the Occupational Outlook Quarterly of the U.S. Department of Labor, Winter of 2000-01, p 9. Data is based upon a nationally representative sample of 11,190 students graduating from 7/92 to 6/93.