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I'm thinking this must be the week for education related news stories. Sunday, I wrote this post on how Education issues were being spun in the TradMed. Today, there are a few articles related to how an undergrad major reflects earnings. The first I saw was this one from the AP (via MSNBC) then saw that the Washington Post also had coverage:
Over a lifetime, the earnings of workers who have majored in engineering, computer science or business are as much as 50 percent higher than the earnings of those who major in the humanities, the arts, education and psychology, according to an analysis by researchers at Georgetown University’s Center on Education and the Workforce.Bloomberg's article on the study though offers a little bit more perspective:
“I don’t want to slight Shakespeare,” said Anthony Carnevale, one of the report’s authors. “But this study slights Shakespeare.”
The report is based on previously unreported census data that definitively links college majors to career earnings. Earlier studies have looked at salaries immediately after graduation, but the new report covers earnings across a person’s working life and is based on a much larger survey.
As a group, engineering majors of all disciplines reported the highest median earnings at $75,000, the study showed. The lowest pay, at $42,000, came from two groups -- education and psychology and social work, which includes such categories as clinical psychology and communications disorders.
...snip...
Race and gender play a role in salary, according to the report. African-Americans who graduated with finance majors earned an average of $47,000 per year, less than Hispanics and Asians at $56,000 and whites at $70,000, it showed.
While women hold the majority of degrees in many lower- paying fields, even those with specialties that command the highest pay, such as chemical engineering, earned $20,000 less per year on average than men with the same education, according to the study.
...snip...
About 41 percent of undergraduates with humanities and liberal arts majors -- including history, English language and literature and foreign languages -- went on to earn a graduate degree, the study showed.
