A debate has lately been brewing in educational circles about whether a college or graduate education is really worth the price, given the ever-rising cost of tuition. If those loans and savings are bankrolling college degrees in science and, especially, in engineering, the answer is decidedly yes. That's according to a fascinating new report, based on census data, from Georgetown University's Center for Education and the Workforce. What's It Worth? The Economic Value of College Majors, by Anthony Carnevale and co-authors, shows that it matters a great deal to future earnings what a college student majors in. The undisputed winner in the financial return department is a petroleum engineering. Thanks to a current boom in the field, the median income for those with bachelor's degrees in petroleum engineering is a whopping $120,000.
Those whose college majors were in other scientific areas don't fare badly either. There's a tie for second place: Those with computer and math majors have median incomes of $70,000 for just a bachelor's degree, and $89,000 for people with graduate degrees (though the field of the graduate degree isn't specified). For physical science majors, the figures are $59,000 and $90,000, respectively, and for biological and life science majors, it's $50,000 for bachelor's degrees and $85,000 for advanced degrees.
The report doesn't indicate what field those graduate degrees are in; quite a few of them probably are professional degrees in medicine, law, or other fields. Science majors (but not engineers) have a high propensity to pursue graduate education, with life science majors topping all others in that respect. The report also breaks out subfields by median income. Microbiology, for example, is the most lucrative life science college major, while atmospheric science holds that honor for male physical science majors. In that category, chemistry and geology tie for it for females.
The report also breaks out majors and incomes by gender and ethnicity and tells where majors in various fields end up earning those incomes. For life science majors, the top industries are, in order, health services, professional services, education, public administration, and non-durable manufacturing. Clearly, therefore, many appear to be pursuing medical or related professions. Many physical science majors, too, appear to have attended professional schools, in medicine or some other field: The most popular industries are professional services, health services, education, and non-durable and durable manufacturing. Engineers cluster in durable manufacturing, professional services, construction, non-durable manufacturing, and public administration.
Anyone wishing either to bemoan or celebrate past choices, plan future moves, advise young people, or just explore a wealth of intriguing and sometimes surprising facts, should read the report. The
Chronicle of HIgher Education, by the way, has a useful interactive graphic that conveniently summarizes some of the essential information.
