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Census Says Students' College Major Can Greatly Impact Their Earnings
By Catherine Groux
Posted October 12, 2012 11:00 AM
Students' college major can greatly impact their earnings potential.When bachelor's degree seekers choose their major, they are making a bigger decision than they may even realize. In today's economy, choosing one field of study over another can mean a lifetime salary difference of millions of dollars, a new U.S. Census Bureau report states.
Students who opt to major in subjects like engineering, computers, math, science and business tend to see the highest lifetime salaries, while those who study visual and performing arts, communications, education and psychology frequently see the lowest. According to the survey, the salary difference between these two groups can often be staggering. Students who earn a bachelor's degree in engineering, for example, can make about $1.6 million more than education majors over the course of their careers.
Additionally, the report shows that students' college major matters, regardless of what type of career they choose after graduation. For instance, if an engineering major lands a full-time, year-round sales occupation, they can still earn $1.4 million more than arts majors who hold the same type of job.
Last year, a report by the Georgetown Center on Education and the Workforce came to similar conclusions, finding that while a bachelor's degree is typically a smart investment, the difference in earnings potential between one major and another can be more than 300%.
"The bottom line is that getting a degree matters, but what you take matters more," said Anthony P. Carnevale, the center’s director.
