Unemployment and Yearly Earnings by University Major

Source(s):

I used that statistics from a report by the National Center for Education Statistics (NCES), “The Condition of Education Employment. Outcomes of Bachelor's Degree Holder" [1], which used 2018 data from the Census Bureau. A table with similar relevant data can be seen here or can be queried from https://data.census.gov/mdat. The exact numbers might differ based on query specifications, but the general trends are similar.

Changes/Limitations to the Data:

·       Each of the major categories represents several sub-categories (e.g., “Biology” includes degrees such as “English,” “Biochemical Science,” “Botany,” “Ecology,” etc.

·       Only fields in which 1% or more of bachelor’s degree holders had earned degrees are displayed

·       For concision, I chose to exclude several categories (the NCES report had 34). Most of the majors I excluded were either vague catchalls (e.g., “Multi/Interdisciplinary studies”), or minor variants of other categories (e.g., “Education, other,” “Engineering, other,” etc.).

·       I altered some of the names of the majors to better fit on the graph (e.g., “English Language and Literature”→”English”, “Business Management and Administration”→“Business).

Highlights:

·       The most common major was Psychology (378,000), while the least popular reported was Liberal Arts (76,000) (average = 186,143).

·       21% of all majors are STEM majors.

·       STEM Majors had higher median salaries (STEM fields= $60,800; non-STEM fields= $48,600; Δ = $12,200) and lower mean unemployment (STEM fields= 3.2%, non-STEM fields = 2.9%; Δ = 0.3%).

·       "Computer and information sciences" was the only field for which bachelor’s degree holders had above-median annual earnings ($70,100) and an above-average unemployment rate (5.6 percent).

·       "English language and literature" was the only field for which bachelor’s degree holders had both below-median annual earnings ($44,600) and an above-average unemployment rate (4.4 percent).

The Graphics:

I made the graphic in Excel and a few edits and tweaks in PowerPoint.


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