Students who major in the liberal arts, performing arts, and theology earn the lowest salaries within five years of graduating from college. A recent analysis of the New York Federal Reserve reveals.
The three majors had an average annual income of $38,000, the lowest of the 75 majors in the study. Other low-paying majors include entertainment and hospitality, history, fine arts, and psychology, all of which make $40,000 or less per year.
For context, that's slightly lower than the median personal income in the United States of $40,480 as of 2022, according to Latest data available from the US Census.
Here's a look at what the lowest-paid majors earn early in their careers.
With liberal arts degrees, graduates tend to earn lower salaries overall, for various reasons. On the one hand, their skills may not be directly related to revenue generation, even if their profession is beneficial to society.
Or it could be that there are too few well-paying jobs compared to the number of graduates each year, As is the case for fine arts degrees. As such, a lack of demand can lead to lower wages.
Education majors tend to be less well paid as well. While teachers enjoy good job security, summer vacations and pensions, they are usually paid by state governments, which have lagged in keeping wages in line with inflation. In recent years, the “teacher pay penalty” has become worse, According to the Economic Policy Institute.
Unfortunately for teachers, they don't improve much later in their careers. When looking at “mid-career” graduates – those aged 35 to 45 – education majors are the worst-paid of all majors.
Here's a look at the mid-career rankings.
Early childhood education majors score the lowest in their mid-career careers among all majors. With an average annual income of $48,000, they earn only $8,000 more than they do right after graduation.
In contrast, the highest-paying majors for both early- and mid-career workers tend to be in science, technology, engineering, and mathematics, known as STEM fields.
Engineers have the highest average income right after graduation, with computer engineers ranking first at $80,000 per year. Their salaries rise to $133,000 by age 35 to 45, the highest among all majors.
It is worth noting that all mid-career graduates earn more than the US median personal income of $40,480. The median wage for all mid-career majors is $75,500, according to the Federal Reserve Bank of New York.
Data for this annual study were compiled from 2022 U.S. Census data, the most recent data available. The study excludes majors currently enrolled in school and is limited to the working-age population ages 25 to 65 who are employed full-time, with a bachelor's degree or higher.
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