Comments on: Quantifying The Value Of A College Degree (By Major)

By: Eric

Eric — Tue, 15 Mar 2011 01:39:41 +0000

On caring professions: I don’t have any data with a meaningful sample size here, but I do know a decent number of current and former social workers. If I may be direct here, they’re basically saints. How ever many hours they’re officially working (that is, getting paid for) they’re working well past full time because they have to in order to do their jobs. That’s partly because they’re just committed people, and partly because social work agencies are chronically understaffed. This only strengthens your point about the financial value of a social work degree, but don’t imagine for a moment that the reason they don’t make much money is because they don’t have to do much. I think it’s fairly safe to say that people aren’t going into social work for the money.

By: Steve

Steve — Thu, 27 Jan 2011 03:48:48 +0000

Great post; I’ve just got one minor comment re: the social work thing. One thing to keep in mind is that a lot part-timers in the social work field aren’t doing it that way by choice. I know of a number of agencies that, for various reasons, can’t/won’t/don’t hire full-time staff.

The really sick thing is that, even given the comically bad compensation and (often) incredibly stressful and difficult work, social work can be a very competitive field to get started in. It’s not uncommon to see people with MSW degrees to be lining up to apply for a job that will just barely break minimum wage.

By: Nick

Nick — Mon, 17 Jan 2011 21:49:43 +0000

When I was 18 and off to college, I specifically avoided any thought about my potential future income. Despite being raised by a successful entrepreneur, I was a spoiled hippie obsessed with social justice. I majored in History and Asian American Studies and absolutely loved every minute of it. My studies had a huge influence on my overall worldviews and I still really enjoy reading history texts. But while I originally intended to get my doctorate and teach college history, I ended up a software developer instead. Because of that, I sometimes question whether I would have been better off with a CS degree. The truth is, in every quantifiable way, I think that’s true. Certainly it would open many doors in my chosen career path. But at age 18 I simply wasn’t interested in computers and I think I would have performed poorly in that major. Looking back, I do not regret my educational choices. If I were to advise a recent college entrant on what major to choose, I think I would still reiterate what I was told as a teenager: pick what ever appeals to you the most and you’ll eventually find your way. However, that said, knowing what you can reasonably expect to earn with a given degree could play a significant role in that decision. It wouldn’t have for me personally, but for many people it would. Great article.

By: Smart Company Software

Smart Company Software — Mon, 10 Jan 2011 00:02:31 +0000

I have a degree in Computer Science and I thought about pursuing a PHD, but I decided that I couldn’t increase my salary enough to warrant the cost. I work with many people who have PHDs, but it doesn’t seem to make a difference to their salary.

Thanks for sharing.

By: Ian

Ian — Thu, 06 Jan 2011 21:25:41 +0000

How could you not include Philosophy majors? While those who go on to teach obviously won’t be in the top tax bracket any time soon, those who go into industry often exceed the performance of their peers based upon their ability to think logically and present cogent arguments.

By: John

John — Thu, 06 Jan 2011 19:46:31 +0000

The sites are just giving me 404 after a quick blink of the site. I.E. 7

By: Stephen Kellett

Stephen Kellett — Thu, 06 Jan 2011 17:37:18 +0000

I’ve been advising people to always take a numerate degree for years. Then afterwards if you still want to do the arts degree at least the income from your job gained with your numerate degree can pay for the second arts degree.

You can’t do it the other way around – pay for a numerate degree with the income from a job gained with a non-numerate degree.

I disagree with you Re; Physics degrees. Physics is apparently one of the most common degrees held in the City of London. Banks love people with Physics degrees – highly numerate, can grasp very complex problems, easily retrainable in finance – paid very highly indeed. Sure if you want to get a Physics degree and study Physics, that will be limiting, but in terms of your options at the time you graduate, Physics is probably the #1 most versatile degree you can have.

Its a real shame that when people are going through school they are not informed that maximising their chances is helped greatly by having a versatile numerate degree.

Nice article, you’ve summarised and proved what I have thought for quite some time.

By: Eli

Eli — Thu, 06 Jan 2011 15:55:14 +0000

Very, very nice work. One thing that jumped out at me in the graphs was the lack of units on the X-axis. It shows “0” at the left, but does not show that the grid is showing lines at multiples of $20k or $1m; you have to figure that out from hovering over particular data points.

And now I’m feeling smug with my BS in Computer Engineering and BA in Mathematics. ;)

I’ll have to replicate this research when my kids approach college age. I wonder how much will have changed by that time.

By: Robert

Robert — Thu, 06 Jan 2011 15:50:29 +0000

I never had a degree – worked in the business world and earned a 6 figure income, than the dot bubble came and people said that without a degree you won’t get hired – everyone was looking for either a BS or a BA – so I went back to school while working full time and earned my associates first than my BSBA in Business Administration Honors. I don’t make 6 figures anymore and I am unemployed and in debt but I have that college degree. Now the business world wants Masters or PHD so I am going back for that. Over 30 years working blue/white collar and now I have a piece of paper that says I graduated. What did I learn. Societal standards need to upgrade their thinking. We could do with a lot less colleges if we trained people in high school for vocations that they want to do. Think I will survive through all these societal wants to get ahead? Stay tuned. What does a college education do for you that you can’t do for yourself. In my case not much and I am not here to candy coat – I am here to eat the candy.

By: my life dream

my life dream — Thu, 06 Jan 2011 15:26:40 +0000

I waited till I was a “mature student” before going to university. Straight out of high school I wasn’t passionate enough about anything going at university, so I decided to wait. Once I got clear about what really drove me, years later, then I went to university and choose something completely artsy and highly unlikely to earn a well paying living from it… But being the idealistic type, I went for it and it changed my life. Ever grateful for my decision. Economics obviously plays a role in my life, but not for everything.