The unemployed or underemployed millennial has been a common cliché
for quite some time now, and while the concept of the barista with a
Ph.D. will continue to be fodder for late night comedians and satirists,
research shows that the gap between those with a college education and
those without is widening. However, majors are not all created equally.
Researchers at the Pew Research Institute compiled
data of the average earning of the last five major generational
categories and broke them down into three categories—those with a
four-year college degree, those with a two-year degree of some college
and those with only a high school education.
The study found that millennials
without any form of higher education were having a much harder time
supporting themselves than their counterparts in other generations. The
average mean income is down more than 20 percent from those of the same
age in 1965, and the percentage of those living in poverty has almost
doubled since 1986.
On the other hand, after inflation adjustment, those
with a four-year degree are earning 16 percent more on average in salary
than their counterparts in 1965, while those with only a high school
education earn 7 percent less over the same timeframe.
Research also suggests that in most fields, advanced
degrees tend to pay off more so than a bachelor’s degree alone, despite
the rising cost of education.
In another study done by the Pew Research Institute,
researchers found that the median adjusted monthly household income for
those with only a bachelor’s degree only rose by 17 percent since 1984,
while those with a master’s saw an increase of 23 percent and those with
a doctorate saw an increase of 34 percent.
The same study also found that median adjusted monthly
household income for those without a four-year degree or just a high
school education fell over the same time period.
However, the researchers admit that this data only
applies to employed individuals. When broken down by major, the average
median income and unemployment rates vary.
With data taken from the 2010 U.S. Census, the Wall
Street Journal compiled a list of 173 majors and ranked them in terms of
unemployment rate, median earnings and popularity.
The study showed that popularity and practicality were not necessarily congruent.
Business management, accounting, nursing and
psychology were all in the top five in terms of popularity, but posted
pedestrian unemployment rates and median salaries, with the exception of
nursing which boasted an employment rate of only 2.2 percent and the
highest median income of the group.
Petroleum engineering took top billing in the median
salary category at $127,000. Various engineering degrees overwhelmingly
rounded out the top 10 with the exception of pharmaceutical sciences and
administration, which came in second with $105,000.
There were six majors that had a zero percent
unemployment rate, but were all among the lowest in terms of popularity.
They were mostly dominated by sciences such as astronomy and
astrophysics, geological engineering, actuarial science and
pharmacology.
On the other hand, clinical psychology had the highest
unemployment rate by a wide margin at 19.5 percent. Miscellaneous fine
arts, U.S. history and library science also had employment rates above
15 percent.
Students at the University of Memphis that wish to
explore different careers and majors, or just want to enhance their
professional development within their major can visit the office of
Career Services located at 400 Wilder Tower.
“What we primarily do is work with students to
determine if they are in the right major based on their academic
strengths, work interest, personality and other different factors,”
Career Advisor Eric Bailey said. “Also, we work on everything that they
need to do outside of the classroom.”
Career services also helps students gain confidence
during interviews, write professional resumes and look into possible
graduate programs. However, Bailey advises students not to wait until
their senior year before visiting Career Services.
“Employers now are requesting some type of experience
to go along with that degree,” Bailey said. “So we have to start
figuring out how to get that experience while we are actually still in
college.”
Fortunately, you don't have to pay full retail price for your college education. National Education Alliance Members have dozens of ways to save on their education, no matter what field they're interested in. Our members enjoy the benefits of college tuition discounts, scholarships, and testing out of entire classes and semesters with standardized exams. Explore the different ways you can save as a member on our site, www.NationalEducationAlliance.com.
Originally posted on the Daily Helmsman: http://www.dailyhelmsman.com/the-costs-and-benefits-of-a-higher-education-add-up-1.3158396#.U0bxFyjSUmQ