#CollegeDegrees #college #education
Wages for college graduates across many majors have fallen since the 2007-2009 recession.
So says an unpublished analysis by the Georgetown University Center on Education and the Workforce in Washington, D.C. The study is based on U.S. Census Bureau data.
Young job seekers appear to be the biggest losers, according to an article by Austin Weinstein in Bloomberg News, which quotes the unpublished study. The article was published in the April 4, 2017, edition of The Atlanta Journal-Constitution.
The study, according to the article, shows:
• Chemical and computer engineering majors earned some of the best salaries, at least $60,000 a year for an entry-level position, since the recession.
• A biology major earned a starting salary of $31,000 on average in 2015, down $4,000 from five years earlier.
The outlook for experienced graduates, ages 35 to 54, was a little brighter, with wages generally stable since the recession.
On the brighter side, an experienced petroleum engineering major earned $179,000 on average in 2015, up $46,000 from five years earlier, the article quotes the study.
What about liberal arts majors? The article says that beyond those with special skills, philosophy and public policy majors have seen their earnings rise.
So what’s a recent college grad, or soon-to-be college grad to do? The article says, get a graduate degree. The wage gap between undergraduate- and graduate-degree holders has been growing, the article says.
As we’ve previously discussed, a potential college student should think long and hard not only what to major in when he or she gets to college, but also whether to go to college at all.
If one’s education will not be paid for by parents or other sources – in other words, if a student has to borrow the money to go to college – that should be a big factor in whether one chooses college, or not.
One could look at it this way: if one is not going to get rich anyway, one might as well be less broke without college debt.
Alas, one does not have to believe he will be broke. If the investment in college doesn’t yield a great job, or even if one doesn’t go to college at all, there are many other ways out there to make money without the benefit, or headaches, of a job. To check out one of the best, message me.
What do we conclude from this study? First, as the article points out, advances in technology, automation and other efficiencies have reduced the need for a lot of people. There’s nothing anyone can really do about that, in terms of his individual situation.
Second, college is certainly a great experience, and the friends one can make in college can be a lifetime treasure. One can certainly look at college as an investment in life experience, rather than an investment in earning potential.
Third, don’t feel pressure that you HAVE to go to college, if it is not practical. Of course, you don’t want to be a lifetime dependent, but you may have to think outside the box a bit if you want to be prosperous, with or without college.
So, look at college with a great deal of thought. If you go, go for the right reason. Study what you will study for the right reason. Get the most from your degree, whether it’s income or life experience.
Look at your degree with a great deal of consideration.
Peter