A recent study (bet.Ley /zy5xQU) funded by the Bill and Melinda Gates Foundation conducted by professors at Georgetown University measured unemployment rates and salaries by major. Some of the data are surprising.
I’ve ranked the then best degrees based on the average wage for an experienced college graduate, being done data.
1. Engineering: Experienced engineering graduates earn an average of $81,000 per year and experience just 4.9% unemployment. Those with graduate degrees average $100,000 per year and just 3.4% are unemployed.
2. Computers and Mathematics: Majors from these fields are earning $76,000 per year with the benefit of experience. They experience 5.6% unemployment.
3. Architecture: Experienced graduates earn an average of $64,000 per year but a remarkable 9.2% of skilled graduates are unemployed. Those with graduate degrees don’t do much better, making an average of just $71,000 per year with 7.7% unemployment.
4. Health. Knowledgeable people in health fields with undergraduate degrees make an average of $63,000 per year; just 2.2% are unemployed—the lowest rate of unemployment in any field in the study.
5. Business. Skilled people with business degrees earn an average of $63,000 (the same as the health graduates) but they are more than twice as likely to be jobless, with 5.3% of knowledgeable graduates out of work.
6. Science-Life/Physical: Experienced science graduates carry out an average of $60,000 with 4.7% of their being unemployed.
7. Social Science. Social science degrees increase earning potential for skilled people up to $60,000 (the same as for science grads) with 5.7% unemployment.
8. Law and Public Policy. Those with undergraduate degrees in law and public policy who have experience are proceeding with an average of $55,000 per year and experience unemployment of just 4.5%.
9. Communications and Journalism. Skilled people with degrees in communications and journalism earn an average of $54,000; they experience 6.0% unemployment.
10. Agriculture and Natural Resources. With an average salary of $50,000 per year and unemployment of just 3.5%, experienced workers within these fields round out our top ten.
As a reference point for the bottom of the scale, experienced education majors have the lowest average salary at $43,000 per year with 3.9% unemployment.
Wage for fresh graduates tend to be significantly lower and unemployment rates for recent graduates are much higher, with unemployment rates for recent graduates topping 10% for contemporary architecture and fine arts graduates. Fresh graduates in education and health to get the lowest unemployment rates. The lowest average salaries for recent graduates are located in psychology and social work, recreation and arts.
Skilled workers were defined as those age 30 to 54; fresh graduates were those ages 22 to 26. Graduate degree holders were restricted to those age 30 to 54.
No field rivals are engineering for average earnings, being dependent on the study. Computers and mathematics come closest, but graduate engineers make fully ten percent more than graduate degree holders from computers and mathematics.
The data indicate that there are substantial economic differences among these diverse fields. You—and your children—should choose wisely.
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