Tuesday, September 10, 2019

Data on Salaries and Employment Rates, by Major


Here is more evidence that economics majors fare well in the job market. Bankrate ranked 162 majors in 2019 based on median income, unemployment rates, and percentage with advanced degrees. The table below contains what they said about economics and some of its competitors. I also include the lowest rated major for comparison.
                                                                        % with 
                                            Median    Unem. Advanced
Rank Major                         Income    Rate    Degree
23     Finance                      $75,000   2.9%   29%
33     Information Systems  $75,000   3.3%   29%
38     Business Economics $68,000   2.7%   29%
43     Economics                 $74,000   3.4%   43%
44     Accounting                 $63,000   2.5%   29%
64     Marketing and            $55,000   2.7%   17%
         Market Research
67     Business                    $58,000    3.2%   24%
         Management And 
         Administration
73     International               $55,000   2.7%   32%
         Business
77     Human Resources     $55,000   3.3%   30%
         And Personnel 
         Management 
140   Psychology                 $45,000   3.1%   47% 
162   Drama and Theater    $35,000   5.2%   26%
         Arts 

My first piece of advice for choosing a major is, "Find something you love and excel in it". My second piece of advice is, "If you love two subjects, choose the one with better job prospects".

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