Prospective salary after graduation is one of the most influential factors for deciding a college major. The New York Federal Reserve noted six college degrees that leave graduates with a median salary of $40,000 five years after graduating. If your post-college plans include a six-figure salary, you may wish to avoid these six majors.
The New York Federal Reserve Analysis
The Reserve considered the earnings of recent (after 2019) college graduates and the labor market according to college majors. This report analyzed medical salaries in 2021, including salaries of full-time employees holding a bachelor’s degree only. It further divided the data into:
- Early-career, or graduates 22-27 years old
- Mid-career, graduates 35-45 years old
The highest-paying college majors were those in STEM industries; social services and liberal arts majors comprised most of the lowest-paying jobs. We include the median salary and the unemployment rates for each of the six majors. All employment figures come from the U.S. Bureau of Labor Statistics (BLS).
Performing Arts
Careers in this field can include theater, music, and dance. Performing arts majors may also hold media, art, and design jobs.
- Early career median wage: $39,000
- Mid-career median wage: $62,000
- Unemployment rate: 7.6%
About 2.6 million college graduates in 2021 held performing arts degrees. It’s important to note that a college degree isn’t typically required for singers or musicians.
Hospitality and Leisure
Leisure and hospitality carers include those in food and beverage, like restaurants or bars, hotels and resorts, travel and tourism, or social event planning.
- Early career median wage: $38,000
- Mid-career median wage: $60,000
- Unemployment rate: 5.3%
A hospitality or travel and tourism graduate usually works in hotels, food, beverage, tourism, or related industries. In 2021, about 14 million people were employed in hospitality and leisure occupations; the BLS estimates this figure growing to 16 million workers by 2031.
Psychology
Psychology is a broad field, and graduates with a bachelor’s degree in Psychology often go on to earn a master’s degree or doctorate. Jobs in this field can include private therapy practice, psychiatry, or business-related work.
- Early career median wage: $37,400
- Mid-career median wage: $65,000
- Unemployment rate: 4.7%
Psychology majors without a doctorate often work in careers like social services or management positions. The BLS estimates that about 3.1 million graduates worked in a psychology job in 2019. In 2022, a psychology major was the third-most-popular major for high school graduates, according to the college information website Niche.
Social Services
Social services graduates may work as social workers or counselors for families, children, or adults.
- Early career median wage: $37,000
- Mid-career median wage: $52,000
- Unemployment rate: 3%
The figures for social services graduates also include graduates with a degree in public policy. In 2019, about 891,000 graduates were employed in these fields. Most graduates found jobs as social workers.
Family and Consumer Services
Graduates with a family and consumer services degree may find jobs in many fields, from family services to nutrition.
- Early career median wage: $37,000
- Mid-career median wage: $60,000
- Unemployment rate: 8.9%
The BLS estimates that 480,000 family and consumer services graduates were employed in 2019. Graduates may find jobs in management, education, or administration.
Theology and Religion
Most jobs in the Theology and Religion field are in missionary or pastor positions. Some jobs may require a denominational-specific seminary degree as well as a college degree.
- Early career median wage: $36,000
- Mid-career median wage: $52,000
- Unemployment rate: 3.6%
The BLS estimates that 387,000 theology and religion graduates were employed in 2019. Although many graduates become pastors or priests in a church, others may find jobs in social services or community relations.
Final Thoughts
Many of these career paths can be very rewarding; graduates may often be fulfilled by their passion for helping others or exploring their performing talents. While salaries may be low, job satisfaction may be higher for people majoring in one of these six fields than in higher-paying jobs.
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