How Much Is Your Major Worth?

by Robyn Tellefsen

What's the value of a college degree? It's a hotly debated question, with a range of data available to highlight everything from college debt to salary by degrees. But it's been difficult to pinpoint the dollar value of a particular major -- until now.

For the first time, in its most recent American Community Survey, the U.S. Census Bureau asked those who indicated that they had a bachelor's degree or higher to supply their undergraduate major. The Georgetown University Center on Education and the Workforce analyzed this data in a new report, "What's it Worth? The Economic Value of College Majors," revealing the monetary value of 171 majors in 15 categories.

A Range of Earnings
As you might expect, some majors translate to higher earnings than others -- much higher. Just take a look at the median earnings of petroleum engineering majors ($120,000) versus the median earnings of counseling/psychology majors ($29,000). And when you consider lifetime earnings, you're looking at a range that goes from $241,000 for education majors all the way up to $1,090,000 for engineering majors.

The fact that engineering majors earn more than liberal arts majors is no big surprise. It's the earnings differences within major groups that make the Census Bureau data noteworthy. Take engineering majors, for instance. While petroleum engineering majors see median earnings of $120,000, biological engineering majors are only at the $55,000 mark - that's a $65,000 difference between majors that fall under the engineering umbrella.

All psychology majors were not created equal, either. While counseling/psychology majors are at the low end for earnings ($29,000), industrial and organizational psychology majors tip the psych scale at $53,000. In the techie realm, computer and information systems majors earn $62,000, while mathematics and computer science majors pull in $98,000.

How Will You Choose?
So should you skip biomedical engineering so you can earn $10K more in civil engineering, or $8K more than that in chemical engineering? That all depends. If you know you're interested in engineering as a whole but you're not sure which facet of the field would suit you best, earnings potential is a worthwhile factor to consider. Why shouldn't you pursue a top-paying major in a field that tickles your fancy?

Of course, earnings potential isn't the only factor to consider when choosing a major. You might have your heart set on a course of study with comparatively low earnings potential, and that's OK. Just go into it with your eyes wide open. Let me explain.

Let's say you decide to study sociology. Knowing that sociology majors have median earnings of $45,000, you might choose to start your education at a community college so you won't graduate with a mountain of debt to pay down. Or you could decide to do a double major or even a minor in a field with higher earnings potential. Another option is to continue your education - sociology majors earn 34 percent more when they earn an advanced degree.

However you go about choosing a major, it's a good idea to find out what you can expect after graduation. While earnings data shouldn't dictate your decision of what to study, it can certainly help you make a more informed choice.