The Federal Reserve of New York conducted a study titled Labor Market Outcomes of College Graduates by Major. It shows the unemployment rate, the median wage in early career, the median wage in mid-career, and the unemployment rate for each major. “Early Career” is defined as five years after graduation.
Three majors paid only $38,000 at the early career point: liberal arts, performing arts, and theology. CNBC pointed out, “For context, that’s slightly less than the U.S. personal income median of $40,480 as of 2022, per the latest data available from the U.S. Census.” These are the world-paying jobs for women.
Some early-career salaries were about double the three at the bottom. Computer engineering paid $80,000, and chemical engineering paid $79,000.
Oddly, unemployment among the lowest-paying majors was not necessarily high, particularly in one case. Among theology majors, it was 3.2%. However, among liberal arts majors, it was 7.9%, and among performing arts majors, it was 5.5%.
A great deal has been written about the value of a college education. Often, the analysis comes down to majors. The average student takes out $30,000 in loans to get a bachelor’s degree. Among majors that pay poorly, it could take years to pay them off.
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