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Yahoo
2 hours ago
- Business
- Yahoo
As college graduates hit the job market, here are the lowest- and highest-paying majors
When Rui Ming Yu first applied to colleges five years ago, he considered studying history, art or design. But when the Stockton resident enrolled at UC Davis, he changed his mind — and opted for biology, a common premed major. Medical jobs pay well, he reasoned. But during his first year, after he thought over his lack of interest in certain required courses, such as chemistry, and the time and money he'd need to invest in years of schooling to become a doctor, Yu switched his focus again. "For me, it was about finding something in college that I'd enjoy studying and looking at being able to make a good salary after graduation," said Yu, who graduated Saturday with a major in mechanical engineering and a minor in electrical engineering and has landed a job at a San Francisco Bay Area medical device company that makes catheters. "My parents sacrificed for me to come to America and for me to have this opportunity, so I have to make the right decisions for my future," said Yu, who is the son of Chinese immigrants and the first in his family to attend college. As new graduates enter the job market and a fresh generation of students behind them prepares to start their college journeys, surveys have shown that employment and salary prospects, weighed against the high costs of higher education, are increasing concerns. Not every field of study is created equally when it comes to pay. Using U.S. census data, the Federal Reserve Bank of New York released a report this year calculating early and midcareer median wages for college graduates by major. Eight of the 10 majors with the highest median early-career incomes were in engineering. The two others were physics and computer science, which was the one with the highest early-career salary of $80,000. Midcareer wages followed some of the same patterns, but two other majors also popped into the top 10: finance and economics. Looking at the top 15 majors for midcareer wages, mathematics and international affairs also made the cut alongside information systems management. The lowest-paying major right out of school: foreign languages at $40,000, with education degrees not far behind. Half of the 10 worst-paying majors for people in the middle of their careers were focused on education, reflecting the low pay of teaching jobs in the U.S. The analysis counted "early career" as graduates ages 22 to 27, and "midcareer" as those 35 to 45. Data for the University of California, where Yu attended, are more promising. About 60,000 undergraduates graduate each year across campuses and more than two-thirds of them graduate with no debt. Among the 70% of graduates who stay on to work in California, median earnings within two years tend to be higher than overall national figures. In computer science, the median income is $101,600. In engineering, it's $84,000, compared with $70,000 to $80,000 nationally for different types of engineering degrees. To be sure, the cost of living and wages overall tend to also be higher in the state. "More and more, students are considering the value of a postsecondary education," said Michael Itzkowitz, the founder and president of HEA Group, a consulting company focused on college value that conducts research on how quickly students are able to recoup their educational costs. Read more: When it comes to elevating livelihoods, a CSU degree is tops in California, study says An October report from the Oakland-based College Futures Foundation and HEA Group found that the "return on investment" of a college degree was also highest in computer science, engineering and healthcare. Nursing also ranked high, with graduates from two-year community college programs making more than $100,000 after five years. The study looked at 260,000 graduates who received federal financial aid and were enrolled across 2,695 undergraduate certificate, associate and bachelor's degree programs at 324 California colleges. "We've seen an exponential rise in college tuition and fees over the past two decades that has caused folks to think of whether a postsecondary education is worth it," Itzkowitz said. "Ultimately, they need strong earnings to ensure it pays off." Through scholarships and financial aid, Yu is graduating debt-free, though he agrees with the sentiment. "For me, being able to get a job was a big deal," said Yu, who said he was rejected or did not hear back from several jobs after he started applying in January. "Even with the right major and internships, it's not easy." Nationally, the unemployment rate for recent college graduates is 5.8%, compared with an overall rate of 4.2%, an unusually large gap. The rate for recent graduates is at its highest since 2021. 'Starting out in the workforce is already intimidating, and layering on economic instability can easily lead to feelings of stress and discouragement," said Courtney Alev, a consumer financial advocate for Credit Karma. The group recently released the results of a survey conducted by the Harris Poll that found that a fifth of Gen Z members were worried about finding a job after graduation, while a quarter said they were losing hope after seemingly endless applications and interviews. Peter Leonido, who is graduating this month from UC San Diego with a double major in sociology and education sciences and a minor in community service, said he empathized with student concerns about entering a difficult job market with at times low pay. "My peers all the time feel this frustration that just because you go to college and get a degree doesn't mean you'll get a job," said Leonido, who grew up in the Westlake area. "There is a lot of resentment of the narrative that getting an education will guarantee you a job out of college, which we know is very questionable." His majors are among the lowest paying for early and midcareer professionals with college degrees. But that does not deter him. "A college education is important despite the dialogue about its value," said Leonido, who has been accepted into a two-year master's program in education at UCLA, where he will earn his teaching credential while working in the Los Angeles Unified School District. "A college education teaches you to critically think. Education should be transferable, but without that ability to critically think you are missing a part of why it's so important," said Leonido, who plans to teach English and ethnic studies. "And it exposes you to diverse groups of people and different perspectives outside your bubble." Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week. This story originally appeared in Los Angeles Times. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Los Angeles Times
9 hours ago
- Business
- Los Angeles Times
As college graduates hit the job market, here are the lowest- and highest-paying majors
When Rui Ming Yu first applied to colleges five years ago, he considered studying history, art or design. But when the Stockton resident enrolled at UC Davis, he changed his mind — and opted for biology, a common premed major. Medical jobs pay well, he reasoned. But during his first year, after he thought over his lack of interest in certain required courses, such as chemistry, and the time and money he'd need to invest in years of schooling to become a doctor, Yu switched his focus again. 'For me, it was about finding something in college that I'd enjoy studying and looking at being able to make a good salary after graduation,' said Yu, who graduated Saturday with a major in mechanical engineering and a minor in electrical engineering and has landed a job at a San Francisco Bay Area medical device company that makes catheters. 'My parents sacrificed for me to come to America and for me to have this opportunity, so I have to make the right decisions for my future,' said Yu, who is the son of Chinese immigrants and the first in his family to attend college. As new graduates enter the job market and a fresh generation of students behind them prepares to start their college journeys, surveys have shown that employment and salary prospects, weighed against the high costs of higher education, are increasing concerns. Not every field of study is created equally when it comes to pay. Using U.S. census data, the Federal Reserve Bank of New York released a report this year calculating early and midcareer median wages for college graduates by major. Eight of the 10 majors with the highest median early-career incomes were in engineering. The two others were physics and computer science, which was the one with the highest early-career salary of $80,000. Midcareer wages followed some of the same patterns, but two other majors also popped into the top 10: finance and economics. Looking at the top 15 majors for midcareer wages, mathematics and international affairs also made the cut alongside information systems management. The lowest-paying major right out of school: foreign languages at $40,000, with education degrees not far behind. Half of the 10 worst-paying majors for people in the middle of their careers were focused on education, reflecting the low pay of teaching jobs in the U.S. The analysis counted 'early career' as graduates ages 22 to 27, and 'midcareer' as those 35 to 45. Data for the University of California, where Yu attended, are more promising. About 60,000 undergraduates graduate each year across campuses and more than two-thirds of them graduate with no debt. Among the 70% of graduates who stay on to work in California, median earnings within two years tend to be higher than overall national figures. In computer science, the median income is $101,600. In engineering, it's $84,000, compared with $70,000 to $80,000 nationally for different types of engineering degrees. To be sure, the cost of living and wages overall tend to also be higher in the state. 'More and more, students are considering the value of a postsecondary education,' said Michael Itzkowitz, the founder and president of HEA Group, a consulting company focused on college value that conducts research on how quickly students are able to recoup their educational costs. An October report from the Oakland-based College Futures Foundation and HEA Group found that the 'return on investment' of a college degree was also highest in computer science, engineering and healthcare. Nursing also ranked high, with graduates from two-year community college programs making more than $100,000 after five years. The study looked at 260,000 graduates who received federal financial aid and were enrolled across 2,695 undergraduate certificate, associate and bachelor's degree programs at 324 California colleges. 'We've seen an exponential rise in college tuition and fees over the past two decades that has caused folks to think of whether a postsecondary education is worth it,' Itzkowitz said. 'Ultimately, they need strong earnings to ensure it pays off.' Through scholarships and financial aid, Yu is graduating debt-free, though he agrees with the sentiment. 'For me, being able to get a job was a big deal,' said Yu, who said he was rejected or did not hear back from several jobs after he started applying in January. 'Even with the right major and internships, it's not easy.' Nationally, the unemployment rate for recent college graduates is 5.8%, compared with an overall rate of 4.2%, an unusually large gap. The rate for recent graduates is at its highest since 2021. 'Starting out in the workforce is already intimidating, and layering on economic instability can easily lead to feelings of stress and discouragement,' said Courtney Alev, a consumer financial advocate for Credit Karma. The group recently released the results of a survey conducted by the Harris Poll that found that a fifth of Gen Z members were worried about finding a job after graduation, while a quarter said they were losing hope after seemingly endless applications and interviews. Peter Leonido, who is graduating this month from UC San Diego with a double major in sociology and education sciences and a minor in community service, said he empathized with student concerns about entering a difficult job market with at times low pay. 'My peers all the time feel this frustration that just because you go to college and get a degree doesn't mean you'll get a job,' said Leonido, who grew up in the Westlake area. 'There is a lot of resentment of the narrative that getting an education will guarantee you a job out of college, which we know is very questionable.' His majors are among the lowest paying for early and midcareer professionals with college degrees. But that does not deter him. 'A college education is important despite the dialogue about its value,' said Leonido, who has been accepted into a two-year master's program in education at UCLA, where he will earn his teaching credential while working in the Los Angeles Unified School District. 'A college education teaches you to critically think. Education should be transferable, but without that ability to critically think you are missing a part of why it's so important,' said Leonido, who plans to teach English and ethnic studies. 'And it exposes you to diverse groups of people and different perspectives outside your bubble.'
