According to a new report, a college degree is well worth it in terms of lifetime earnings. But, the study’s authors noted, not all degrees are worth the same amount: A student’s chosen major has critical, far-reaching consequences.
“The core finding here is that going to college and getting a degree is important, but what you major in can be three or four times more important.” said Anthony P. Carnevale, who co-authored the study and directs Georgetown University’s Center on Education and the Workforce. “The difference in earnings is more than 300 percent…”
Titled “What’s It Worth? The Economic Value of College Majors,” the study indicates that the earnings disparity between different college majors is substantial. In terms of yearly earnings, petroleum engineers reported making $120,000, while college counselors and psychologists earned an average of $29,000. Over the course of a lifetime, this translated into petroleum engineers making $5 million, while counselors and psychologists earned approximately $2 million.
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