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25.09.2018

Picking the right college major could be worth $1.7M.

Earlier this month thousands of high school seniors decided where to go to college after several months of angst. New research suggests that angst may be better directed at choosing a field of study. The median earnings for bachelor’s degree recipients is about $62,000 a year, according to an analysis of government data by Georgetown...
Time: 16:00     Date: 16.05.2018
US Living News: Picking the right college major could be worth $1.7M. NY Post 24 - US News

The median earnings for bachelor’s degree recipients is about $62,000 a year, according to an analysis of government data by Georgetown University’s Center for Education and the Workforce. But the difference in median annual earnings of bachelor’s degree recipients with the highest paying majors and those with the lowest paying majors is $39,000. (That’s approximately the median down payment for a home.) Assuming gradsd begin work at 22-years-old and retire at 65, that $39,000-a-year turns into $1,677,000 over the course of a worker’s life.

“Where you go doesn’t matter so much anymore, it matters what you take,” said Anthony Carnevale, the director of CEW and the co-author of the study.

The change is the result of economic forces that began in the 1980s and have resulted in a labor market with hundreds of different jobs with specific skill profiles, Carnevale said. While it’s necessary to get some education beyond high school to get a decent paying job in the bulk of those fields, there’s a much stronger correlation than in the past between those specific fields and the college education required for them, he said.

That relationship means that in certain fields an associate’s degree might be enough for a worker to earn a decent living, while in others they’ll need to get some kind of graduate degree. The median earnings of a worker with a graduate degree in education is roughly the same as of a worker with an associate’s degree in science, technology, engineering and math, the analysis found.

Despite those diverging fortunes, it’s still true that within most fields more education means more money on average, Carnevale said. Students who aren’t sure what to study are safest going for at least a bachelor’s degree, he said.

Those who are dead set on a less lucrative field shouldn’t lose all hope, however. Workers in the 75th percentile of earnings for liberal arts and humanities degrees earn more than those in the 25th percentile of architecture and engineering majors, the analysis found. Still, other research indicates that pursuing a low-paying degree is increasingly a luxury only students at relatively selective schools can afford. On the other hand, students pursuing high paying fields can study them at less prestigious schools with little long-term detriment to their earnings, Carnevale said.

But there are certainly benefits to attending a prestigious and well-resourced school. These colleges tend to spend more on their students, which means they provide them with the support that will give them pretty good odds of graduating.

“If you go to a less-prestigious school, you’re much more on our own,” Carnevale said.

Living

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Opinion

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Living

US Living News: This groundbreaking test could spot deadly heart problems in just 20 minutes. NY Post 24 - US News
This groundbreaking test could spot deadly heart problems in just 20 minutes.
A 20-minute test could spot deadly hidden heart problems. The new test – which involves inserting a tiny wire into the...
US Living News: Marilyn Monroe’s 1956 Ford Thunderbird set for auction. NY Post 24 - US News
Marilyn Monroe’s 1956 Ford Thunderbird set for auction.
The only thing more cherry than Marilyn Monroe was her cars — and now you can own one. Up for auction in the coming months...
US Living News: Millennials behind America’s shrinking divorce rate. NY Post 24 - US News
Millennials behind America’s shrinking divorce rate.
Millennials are shirking yet another American tradition: divorce. Thanks to younger couples getting married later, presumably...
US Living News: Anthony Bourdain’s return to bookstands isn’t what you’d expect. NY Post 24 - US News
Anthony Bourdain’s return to bookstands isn’t what you’d expect.
In 1984, a young Anthony Bourdain showed up uninvited on the doorstep of a Lower East Side literary magazine. Dressed in...
US Living News: How to make Anthony Bourdain’s classic meatballs. NY Post 24 - US News
How to make Anthony Bourdain’s classic meatballs.
From “Anthony Bourdain’s Hungry Ghosts” Classic meatballs 3 tablespoons plus ½ cup extra virgin olive...
US Living News: Humans may be why Earth wobbles more than it should. NY Post 24 - US News
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When looking at the Earth from afar it appears to be a perfect sphere, but that actually isn’t the case. Because Earth...
US Living News: Brown-bag it like a pro by mastering this surefire sandwich formula. NY Post 24 - US News
Brown-bag it like a pro by mastering this surefire sandwich formula.
Suffering from turkey-and-cheese ennui? Bust out of brown-bag boredom with help from NYC’s top sandwich pros. “All of...
US Living News: Man mistakes airplane’s emergency exit with bathroom. NY Post 24 - US News
Man mistakes airplane’s emergency exit with bathroom.
A passenger on a GoAir flight from Delhi to Patna, India, created “pandemonium” when he tried to open the emergency exit...

Business

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Spangler Candy Co. announced that it is the mystery buyer of the shuttered maker of Necco wafers and Sweethearts. The purchase...
Last US Business News: Nike shares mysteriously dip despite reporting strong quarter. NY Post 24 - US News
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Nike has its mojo back — but investors wanted even more. Despite turning in a strong quarter — beating Wall Street’s...
Last US Business News: Wealthy families investing less money in hedge funds. NY Post 24 - US News
Wealthy families investing less money in hedge funds.
The country’s wealthiest families last year — soured by hedge funds’ high fees and poor returns — continued to turn...
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Andy Serwer, editor-in-chief of Yahoo Finance, has lured two editors from TheStreet.com to join the Verizon-owned site. Brian...
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He was the $89 million man — if only for a few hours. Daniel Levene, a Manhattan venture capitalist, lived every day-trader’s...
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Last US Business News: Walmart plans to use blockchain to track lettuce. NY Post 24 - US News
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Metro

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The crazed racist who murdered an African-American man in Manhattan last year told investigators that he was on a mission...

Sport

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ST. PETERSBURG, Fla. — Justus Sheffield came into the season with the most fanfare, but another young Yankees lefty suddenly...
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