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Hard times 2013
 

Hard times 2013

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In the past, a college degree all but assured job seekers employment and high earnings, but today, what you make depends on what you take. In Hard Times 2013, we show differences in unemployment and ...

In the past, a college degree all but assured job seekers employment and high earnings, but today, what you make depends on what you take. In Hard Times 2013, we show differences in unemployment and earnings based on major for BA and graduate degree holders. We show that STEM — Science, Technology, Engineering, and Mathematics — majors typically offer the best opportunities for employment and earnings, while unemployment is higher for graduates with non-technical degrees.

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    Hard times 2013 Hard times 2013 Presentation Transcript

    • YOUR MAJOR MATTERS•Although a college degree is a great advantagefor job seekers over those without, not alldegrees are created equal.•Certain majors have lower unemploymentthan others.•Non-technical majors tend to have higherrates of unemployment.
    • The major with highest unemployment was Information Systems.The major with the lowest unemployment was Nursing. A recentnursing graduate has less unemployment than a recent graduate ininformation systems by almost 10 percentage points.
    • YOUR DEGREE TYPE MATTERS•Recentcollege graduates withabachelor’sdegreebear the greatest risk.•Theoverallunemploymentrateforthisgroup isaround7.9%•Generally,aseducationlevelincreases,sodoesemployment.•Theoverallemploymentratesforcollegegraduateswithworkexperienceisaround4.6-4.7%
    • HIGHER DEGREE, HIGHER PAY•The highest degrees generally yield themost money.•A recent Arts graduate can only expect tomake around $30,000 per year, while agraduate degree holder can expect around$55,000 per year•A recent graduate in the social sciences canexpect around $36,000 per year, but a graduatedegree holder can expect around $84,000 peryear—a $48,000 difference
    • STABLE AND GROWING OCCUPATIONS•Recent college graduates in engineering canexpect comparatively low unemployment rates,from around 7.0% to 8.1%.•Recent engineering graduates can expectanywhere around $51,000 per year to$57,000 per year.•An engineering graduate degree holder canexpect around $95,000 to $109,000, andunemployment ranges from 2.3% to 3.1%.
    • HEALTHCARE IS A GROWINGLUCRATIVE FIELD•Recent nursing graduates enjoy a lowunemployment rate of around 4.8% and arounda $48,000 salary.•Experienced college graduates of pharmacypharmaceutical sciences and administrationhave an unemployment rate around 2.5%. Thissubset then can expect to make around$180,000 per year.
    • EDUCATION MAJORS PROVIDE JOBSTABILITY, LOW UNEMPLOYMENT•Recent elementary education graduates havelow unemployment rates (5.0%) and not a highsalary ($30,000)•Salaries, however, remain low even withexperience and a higher degree; experiencedgraduates make around $41,000 per year, anda graduate degree holder $55,000•Unemployment rates do remain low forboth experienced elementary educationgraduates (3.7%) and a graduate degreeholder in elementary education (1.4%).
    • “ THE DEVIL IS IN THEDETAILS”•Not all graduate degrees outperformall bachelor’s degrees onemployment.•Experienced college graduates inhealthcare have lowerunemployment rates than peoplewith graduate degrees in almostevery other field except life andphysical sciences.