Even in Difficult Economy College Degrees in Science and Technology Pay Big Dividends

A new study recently published by the Georgetown University Center on Education and the Workforce indicates that, while all bachelor’s degrees represent an earnings advantage, some undergraduate degrees – such as engineering – can pay off as much as 300 times more than others. 

Based on US Census data, the report, What’s it Worth? The Economic Value of College Majors, indicates that the lifetime advantage of an engineering major can be as much as $1,090,000 (when compared to the average earnings of non-degreed individuals).  

“The bottom line is that getting a degree matters, but what you take matters more,” said Anthony P. Carnevale, the Center’s director.

The report analyzes 171 majors in 15 categories.  The report found overwhelmingly that the top majors with the highest median earnings are in the areas of science and engineering.  These include petroleum engineer, pharmacy/pharmaceutical sciences and administration, mathematics and computer sciences, aerospace engineering, chemical engineering, electrical engineering, naval architecture and marine engineering, mechanical engineering, metallurgical engineering and mining and mineral engineering.  

As to the question of graduate degrees, the report reveals that obtaining a graduate-level degree does lead to higher earnings, but how much in additional earnings is also driven by what you study. The highest earnings bump in graduate degrees can be found in the areas related to healthcare and biology. 

Unfortunately, race and gender earnings gaps still exist in almost all fields with African Americans and women earning approximately $20,000 less than their white male counterparts, even in the highest paid majors. 

The study further shows that even in today’s challenging jobs economy, there are some fields with virtually no unemployment including geological and geophysical engineering; military technologies and pharmacology.

For more details on the study, see:  http://www9.georgetown.edu/grad/gppi/hpi/cew/pdfs/pressrelease.pdf