As the cost of a college education continues to rise, many are left wondering, is it still worth the investment? The Federal Reserve Bank of New York studied the unemployment and underemployment rate, as well as median wages for early and mid-career professionals across 73 college majors.Median salaries ranged from $40,000 for foreign language majors at the start of their career to $125,000 for aerospace engineering majors at their mid-career point.The study found that majors requiring quantitative and analytical skills, such as engineering, mathematics, computer science, business and economics, typically offer the highest wages after graduation and into mid-career. Underemployment refers to a college graduate working a job that does not require a college degree. The Hearst Television Data Team spoke to Richard Deitz, an economic policy advisor at the Federal Reserve Bank of New York. Deitz conducted the study and offered further insight into college as an investment. He said there are many reasons someone might pursue a college degree, but the primary one is economic. A degree opens the door to careers that pay significantly more than jobs available to those without one. Early-career graduates with degrees in computer science, chemical engineering and computer engineering had a median wage of $80,000, the highest among other fields.But Deitz does not recommend pursuing the major solely for its earning potential.“There’s no sense of trying to major in something necessarily just because it pays the most,” he said.On the other hand, occupations in liberal arts, fine arts, leisure and hospitality offer lower wages. Education majors also tend to earn relatively low salaries, but their annual wages usually reflect a nine-month wage.While the cost of earning a college degree has increased over the years, Deitz said he still thinks it's worth the investment because of the future earning potential. The median salary a college graduate with a bachelor’s degree earns is about $80,000 compared with $47,000 for workers with a high school diploma, according to Deitz.“For some jobs, you may not even be considered if you don’t have a college degree. We know that getting a college degree opens doors to many jobs,” said Deitz.Another important piece of advice Deitz has is not to judge the value of your degree too soon. “The first year of getting out of college, trying to find a first job, that’s not the time to determine whether your college career was worth it,” he said. “A college degree provides benefits over your entire lifetime, your entire working life of 40 years or more.” PHNjcmlwdCB0eXBlPSJ0ZXh0L2phdmFzY3JpcHQiPiFmdW5jdGlvbigpeyJ1c2Ugc3RyaWN0Ijt3aW5kb3cuYWRkRXZlbnRMaXN0ZW5lcigibWVzc2FnZSIsKGZ1bmN0aW9uKGUpe2lmKHZvaWQgMCE9PWUuZGF0YVsiZGF0YXdyYXBwZXItaGVpZ2h0Il0pe3ZhciB0PWRvY3VtZW50LnF1ZXJ5U2VsZWN0b3JBbGwoImlmcmFtZSIpO2Zvcih2YXIgYSBpbiBlLmRhdGFbImRhdGF3cmFwcGVyLWhlaWdodCJdKWZvcih2YXIgcj0wO3I8dC5sZW5ndGg7cisrKXtpZih0W3JdLmNvbnRlbnRXaW5kb3c9PT1lLnNvdXJjZSl0W3JdLnN0eWxlLmhlaWdodD1lLmRhdGFbImRhdGF3cmFwcGVyLWhlaWdodCJdW2FdKyJweCJ9fX0pKX0oKTs8L3NjcmlwdD4=
WASHINGTON — As the cost of a college education continues to rise, , is it still worth the investment?
The Federal Reserve Bank of New York studied the unemployment and underemployment rate, as well as median wages for early and mid-career professionals across 73 college majors.
Median salaries ranged from $40,000 for foreign language majors at the start of their career to $125,000 for aerospace engineering majors at their mid-career point.
The study found that majors requiring quantitative and analytical skills, such as engineering, mathematics, computer science, business and economics, typically offer the highest wages after graduation and into mid-career.
Underemployment refers to a college graduate working a job that does not require a college degree.
The Hearst Television Data Team spoke to Richard Deitz, an economic policy advisor at the Federal Reserve Bank of New York. Deitz conducted the study and offered further insight into college as an investment.
He said there are many reasons someone might pursue a college degree, but the primary one is economic. A degree opens the door to careers that pay significantly more than jobs available to those without one.
Early-career graduates with degrees in computer science, chemical engineering and computer engineering had a median wage of $80,000, the highest among other fields.
But Deitz does not recommend pursuing the major solely for its earning potential.
“There’s no sense of trying to major in something necessarily just because it pays the most,” he said.
On the other hand, occupations in liberal arts, fine arts, leisure and hospitality offer lower wages.
Education majors also tend to earn relatively low salaries, but their annual wages usually reflect a nine-month wage.
While the cost of earning a college degree has increased over the years, Deitz said he still thinks it's worth the investment because of the future earning potential.
The median salary a college graduate with a bachelor’s degree earns is about for workers with a high school diploma, according to Deitz.
“For some jobs, you may not even be considered if you don’t have a college degree. We know that getting a college degree opens doors to many jobs,” said Deitz.
Another important piece of advice Deitz has is not to judge the value of your degree too soon.
“The first year of getting out of college, trying to find a first job, that’s not the time to determine whether your college career was worth it,” he said. “A college degree provides benefits over your entire lifetime, your entire working life of 40 years or more.”
