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Picking a Major for the Money


With inflation on the rise it is hard not to focus on the money. But is that always the best way to decide on what career path to pursue? In 2015 the federal government began recording wage statistics for recent graduates at most American colleges. It is no surprise that the number of students majoring in the humanities have declined since then - according to the statistics careers in the humanities don’t pay as much as careers in other fields, such as the sciences. In 2020 the Education Department started including average wage statistics by field of study and institution. As a result, students are able to easily see the average-wage-by-major statistics at most American colleges, which tend to sway their decision on what institution to attend and what program to major in (https://www.chronicle.com). But, is this the best way to make your post-secondary decision?


The average-wage-by-major statistics is hard to interpret, there are many things to consider when looking at this data. For instance, some institutions put up stricter barriers for students majoring in sciences than they do for the humanities. Students with a poor academic record in high school may find it difficult to major in the sciences. As a result this can inadvertently exclude lower-income and disadvantaged students. This barrier can skew the average-wage-by-major statistics because students who are accepted into the “higher wage majors” may already have pre-existing skills that would have allowed them to earn more money regardless of their major ((https://www.chronicle.com).


A 2016 study in the Quarterly Journal of Economics found that students who pursued a program major that they were most interested in (whether it be in the sciences or the humanities) were better off than their counterparts who pursued a program major that they were less interested in (https://www.chronicle.com). In other words, students who pursue their most preferred major tend to have a long-run financial advantage, even in the humanities. This validates my feelings that you should always pursue a major that you are interested in and don’t focus entirely on the money. If you love what you do as a career you never have to “work” a day in your life which can really enhance the overall quality of your life. Students should always put their own strengths and interests first when picking a career path to pursue.


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