Americans with a bachelor’s degree are nearly half as likely to be unemployed as those with only a high school diploma. While earning a college degree is a proven way to reduce the likelihood of unemployment, not all undergraduate fields of study provide equally solid job security.
Using data from the U.S. Census Bureau’s 2019 American Community Survey, 24/7 Wall St. identified the college majors with the lowest unemployment rates. Across all labor force participants with a bachelor’s degree, the annual unemployment rate stood at 2.6% in 2019. Among the majors on this list, the unemployment rate at that time ranged from 1.7% to effectively zero.
It is important to note that since 2019, the U.S. job market has changed markedly, largely as a result of the COVID-19 pandemic. Unemployment soared from a multi-decade low to a high not seen since the Great Depression in just a matter of months, affecting Americans of all education levels. Here is a look at the American brands that went bankrupt during COVID.
Still, the U.S. economy appears now to be on track for a strong recovery. Many of the majors on this list prepare students for occupations that will likely remain in demand for years to come.
As student debt soars in the United States, job security in future career prospects is not the only factor for students to consider when choosing a major. Earning potential will also affect the financial footing of college graduates — and many of the most secure jobs are not necessarily high paying. All but seven majors on this list have salaries lower than the average annual salary of $63,448 among working college graduates. Here is a look at the states where people struggle most with student debt.
To determine the college majors with the lowest unemployment rates, 24/7 Wall St. reviewed data on employment status and undergraduate major from the Public Use Microdata Sample summary files of the U.S. Census Bureau’s 2019 American Community Survey. Undergraduate college majors were ranked based on the number of unemployed individuals with a bachelor’s degree in that major as share of all members of the civilian labor force with that major in 2019. Data on earnings and educational attainment also came from the Census. Data on field of study and employment status are self-reported by the survey’s respondents. To be included in the dataset, the respondents must have graduated and received a bachelor’s degree. While the respondents were able to list the field of study for any bachelor’s degree they have received and may have listed multiple majors, only the first major listed was considered in this analysis.
Majors noted as a miscellaneous subset of a more common field of study were excluded from our analysis.
Sponsored: Find a Qualified Financial Advisor:
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.