Georgetown Press Release: New Report on the Economic Value of 171 College Majors

What follows is part of the press release from Laura Meyer at Georgetown University.

NEW REPORT ON THE ECONOMIC VALUE OF 171 COLLEGE MAJORS: LINKS COLLEGE MAJORS TO EARNINGS

Students’ choice of Majors is just as important as decision to get Bachelor’s Degree

(Washington, D.C., May, 24, 2011) – On average, bachelor‟s degrees pay off. But a new study confirms that some undergraduate majors pay off a lot more than others. In fact, the difference in earnings potential between one major and another can be more than 300 percent.

Using United States Census data available for the first time, the Georgetown University Center on Education and the Workforce is helping Americans connect the dots between college majors and career earnings. In the new report, What’s it Worth? The Economic Value of College Majors, this first-time research demonstrates just how critical the choice of major is to a student‟s median earnings.

While there is a lot of variation in earnings over a lifetime, the authors find that all undergraduate majors are "worth it," even taking into account the cost of college and lost earnings. However, the lifetime advantage ranges from $1,090,000 for Engineering majors [Mass-TEC note: many manufacturing jobs for engineering majors] to $241,000 for Education majors.

[...]

The analyses contained in this report are based on newly released data from the 2009 American Community Survey (ACS). For the first time in this survey the Census Bureau asked individuals who indicated that their degree was a bachelor‟s degree or higher, to supply their undergraduate major. Their responses were then coded and collapsed by the Census Bureau into 171 different degree majors. Unlike other data sources focused on recent degree recipients, the Census data enables analysis across an individual‟s full life cycle.

What’s it Worth? The Economic Value of College Majors is available online at http://cew.georgetown.edu/whatsitworth. Hard copies can be obtained by contacting the Center at cewgeorgetown@georgetown.edu.There are two documents: a national report and a highlights document. The Georgetown University Center on Education and the Workforce (cew.georgetown.edu) is an independent, nonprofit research and policy institute that studies the link between individual goals, education and training curricula and career pathways.
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CONTACT: Laura Meyer, 202-687-4922
lcm52@georgetown.edu