According to this morning's WSJ, Economics is the 4th most remunerative undergrad major (based on starting salaries), beating accounting, finance, and marketing.Bad news for philosophy majors though: they come in dead last, behind even elementary ed majors.
Somewhere, Ludwig Wittgenstein must be smiling.
Hey Mungowitz: polysci isn't even on the list? Are there really no polysci majors left?
I'm guessing PolySci is in sociology. I think the list keeps going though. There are 16 majors listed, so Journalism is probably #17.
ReplyDeleteI'm reminded of a true story told around UNC for a long time: the very best average life time income was for geography majors.
ReplyDeleteYes, GEOGRAPHY.
The key is in that word "average." There was one geography major, Michael something, who got a job in Chicago handling orange spheres... made $50M+ ...skewed the average quite a bit.
ReplyDeleteWho knew that there could be so much demand for the skillful handling of orange spheres? It's a weird world.
I suspect that these numbers are averages of only people who take jobs straight out of their undergraduate education. Some of these undergraduate majors are considered "preparation for grad school" majors more than actual preparation for immediately starting a career, I think. Though I'll note that Math does well at both.
ReplyDeleteAs an engineer I say this looks great, but I have to ask, where are the doctors and lawyers?
ReplyDeleteand architects?
ReplyDeleteoh, wait, we don't do so well. :)
Yes these are average starting numbers for straight to work with your undergrad degrees.
ReplyDeleteUmmm Tom, it says college graduates LOL, did mr. michael orange sphere get his diploma? If not, that probably really held him back!!
8^)
Darn. I graduated 6 years ago with a math/Spanish double major, and I'm still making less than the average philosophy major.
ReplyDeleteAnd yet I'd still rather make $34,257 than be a computer programmer.
ReplyDeleteNo English?
ReplyDeleteProb #84, right below
-#82: College dropout
-#83: High School dropout
@Angus -- He did graduate, a couple years after he went pro, which helped boost the average even further.
ReplyDeleteThe story I heard was that the dean announced at graduation the average salary of the graduating class was $300,000 -- Michael @ $3MM and everyone else @ $20K
I was a PoliSci major. My starting salary was $0. Couldn't get a job and want straight onto grad school.
ReplyDeletehow many of those occupations get summers off though
ReplyDeleteI'm a programmer. According to the Inflation calculator, my starting salary in today's dollars was $62,145.88. I guess that Masters really paid off!
ReplyDeleteMany philosophy majors have a second degree, including me.
ReplyDeleteAlso, I make $15k above the engineering salary. Even with cost of living differences, these number seem very low.
haha, I graduated with a math/Spanish/philosophy triple major, and now I'm a computer programmer (despite taking no CS classes)!
ReplyDeleteI'll bet the average starting salary for philosophy majors reflects the fact that they tend to gravitate to low-paying jobs by choice, e.g. nonprofits. I doubt many accounting majors work for nonprofits.
ReplyDeleteAlso, at the software company where I work, college hires from good CS programs routinely start at $70-80K. I also would not be surprised if there were more EE majors working as programmers than as engineers.
Where are the doctors, lawyers and architects?
ReplyDeleteProbably entering the workforce 2-4 years later with the requisite graduate degrees...
It's not how fast you sprint out of the gate, it's where you finish the race. I sincerely hope that no college students base career choices off first year salary studies...
ReplyDeleteI'm taking stats this semester (I'm a finance major, YAY 38,000 for me), and what I would like to know is the margin of error. What do they really make? Do Engineers make $49,707 ± $10,000 or $5,000? They really never display those numbers so in my opinion it's kind of irrelevant information. What do you guys think?
ReplyDeleteInteresting how we always seem to focus on staring salaries out of college.I would be interested to see those same salaries 10, 15, 20 years out, for me I wish I had taken Business/Economics not engineering.
ReplyDeleteIn 1994, I started my first job as a Mechanical Engieer making $36,000. I picked that job becuase it paid $1500 more than going to work at Anderson Consulting. Graduates need to understand it is not starting salary that is important, but where can you grow professionally and learn new skills and experience. That is where the big payoffs come into being.
ReplyDeleteI'm currently an undergrad student working towards my marketing degree. Just curious if there are business people out there that can tell me..is grad school a necessity? Or will I be able to find a job easily just with my bachelors?
ReplyDeleteadjusted, that's 41,300 for a landscape architect...right below chemists...not too shabby for someone who draws pictures all day. :)
ReplyDeleteOh, that's right. Because philosophy majors tend to wait tables or something before they go back to school for a second (Master's) or third (Ph.D.) go around.
ReplyDelete/at least i did
//w00t for not going into law
Thats very strange, Trading in Investment bank graduate salary ~$80,000 + 100% bonus = total first year pay ~$160,000 and this IS average
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Strange, I didn't know computer programming was a major. Any monkey can program a computer.
ReplyDeleteIf computer science was meant, that would seem to make more sense. It's a little irritating when supposedly educated people don't take the time to know what they're talking about.
It's like me calling economics "screwing around with money".
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