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Average lifetime earnings by college major...
Posted on 11/19/14 at 4:22 pm
Posted on 11/19/14 at 4:22 pm
I thought this was an interesting article. I knew the engineering disciplines would be high on the list, but I didnt realize they'd all be at the top. Not sure how accurate we can assume this is, but feel free to pick it apart.
LINK
LINK
quote:
Students who study chemical engineering as undergraduates will, on average, make the most money of any college major over their lifetimes, earning more than $2 million, according to a new study from The Hamilton Project at the Brookings Institution.
The report — called "Major Decisions: What Graduates Earn Over Their Lifetimes" — tracks data from the Census Bureau to determine which college majors yield the largest financial rewards over a graduate's lifetime. Unsurprisingly, engineering degrees topped the list, while education and arts majors were found closer to the bottom.
7
Posted on 11/19/14 at 4:29 pm to Croacka
That chart is awfully low...maybe thats just relative to my degree. Assuming I dont get fired, I'll beat the average by the time I'm 35-37
Posted on 11/19/14 at 4:30 pm to Croacka
Petroleum engineering >>>>>> CE
Posted on 11/19/14 at 4:31 pm to TigerTatorTots
quote:
That chart is awfully low...maybe thats just relative to my degree. Assuming I dont get fired, I'll beat the average by the time I'm 35-37
i thought the same....but it is an average by major....and some people will not be as driven as others, and some will work government jobs, etc.
Posted on 11/19/14 at 4:33 pm to Croacka
some of these numbers seem low.
high school/GED only $500k? thats $12,500 over 40 years.... thats lower than minimum wage.
Even Mechanical Engineer seems low. At my current salary at age 40 i would make that number working now till 62... not even calculating my last 20 years of income...
high school/GED only $500k? thats $12,500 over 40 years.... thats lower than minimum wage.
Even Mechanical Engineer seems low. At my current salary at age 40 i would make that number working now till 62... not even calculating my last 20 years of income...
Posted on 11/19/14 at 4:38 pm to tigeraddict
here's a link to the actual study:
LINK /
they said it only includes bachelors degrees and doesnt account for full time vs. part time vs. unemployed, etc.
LINK /
they said it only includes bachelors degrees and doesnt account for full time vs. part time vs. unemployed, etc.
Posted on 11/19/14 at 4:42 pm to Croacka
this chart shows the deviation from the listed numbers based on percentile
so basically, the upper 5-10% of each major can earn double or more...if I'm reading this correctly
I hated statistics class
so basically, the upper 5-10% of each major can earn double or more...if I'm reading this correctly
I hated statistics class
This post was edited on 11/19/14 at 4:43 pm
Posted on 11/19/14 at 4:54 pm to Croacka
Is this data from people starting now or people retiring now?
Posted on 11/19/14 at 4:57 pm to TheIndulger
This is not good data.
Posted on 11/19/14 at 5:04 pm to raw dog
I would ignore the numbers on the scale and focus on the rankings and relative earnings differences, which are probably pretty accurate.
Posted on 11/19/14 at 5:06 pm to TheIndulger
Agree
And keep in mind this pretty much excludes anyone with a masters degree or any post college degree
Doctors, lawyers, etc.
And keep in mind this pretty much excludes anyone with a masters degree or any post college degree
Doctors, lawyers, etc.
Posted on 11/19/14 at 5:07 pm to Croacka
Too low for the total earnings for pretty much everyone. For Chem E that's around 25 years with no raises. Realistically they should make twice what is shown.
Posted on 11/19/14 at 5:38 pm to Tigris
The accounting doesnt make sense either. If you just dont retire you should be making 6 figures at 40. So the number should be over 3 times what it is showing
Posted on 11/19/14 at 5:43 pm to lsupride87
Hey, my wife's a chemical engineer
Posted on 11/19/14 at 6:36 pm to Croacka
glad to see logistics up there 
Posted on 11/19/14 at 6:43 pm to Croacka
The earnings for Accounting Majors is way too low. Look at the differential between Accounting, Economics and Finance. CPAs make a very good living.
Posted on 11/19/14 at 6:47 pm to Croacka
How many years are they accounting for? If you work for 40 years, you only have to average $50,000 per year to reach a lifetime earning of 2mil. I would imagine most college graduates average over $50,000 per year in their lifetime of work.
Posted on 11/19/14 at 6:49 pm to Epic Cajun
Hell... $50k is the avg starting salary for new college graduate Accounting majors now. Id imagine engineering is much higher depending on the degree. I have friends that studied ChemE and Petroleum that made $75-$80k fresh out of college.
This post was edited on 11/19/14 at 6:51 pm
Posted on 11/19/14 at 6:57 pm to PrettyLights
It's a rather unfinished study imo. It would have been much more interesting (to me at least) if they would have included graduate level programs. Although, they aknowledge it in the article, it's pointless to include majors such as Health or Medical Administration, because those people who focused in that field and have any ambition would attend graduate school and thus eliminate themselves from this study.
Posted on 11/19/14 at 8:36 pm to PrettyLights
quote:Like I said, the accounting number is impossible. I think maybe they interviewed some bookeepers who said they were accounting majors?
Hell... $50k is the avg starting salary for new college graduate Accounting majors now
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