Follow Your Passion…Or Not

Those entering college desiring to give something back to the community, by majoring in Human Services and Community Organizations, might not be getting much back in their wallets.

In a not-surprising, yet first-of-its-kind study, Georgetown University released a report examining the link between undergraduate majors and earnings potential. Using United States Census data that had not been previously tracked, the Georgetown University Center on Education and the Workforce is “helping Americans connect the dots between college majors and career earnings.”

The top ten majors with the highest median earnings are: Petroleum Engineer ($120,000); Pharmacy/pharmaceutical Sciences and Administration ($105,000); Mathematics and Computer Sciences ($98,000); Aerospace Engineering ($87,000); Chemical Engineering ($86,000); Electrical Engineering ($85,000); Naval Architecture and Marine Engineering ($82,000); Mechanical Engineering, Metallurgical Engineering and Mining and Mineral Engineering (each with median earnings of $80,000).

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The ten majors with the lowest median earnings are: Counseling/Psychology ($29,000); Early Childhood Education ($36,000); Theology and Religious Vocations ($38,000); Human Services and Community Organizations ($38,000); Social Work ($39,000); Drama and Theater Arts, Studio Arts, Communication Disorders Sciences and Services, Visual and Performing Arts, and Health and Medical Preparatory Programs (each at $40,000).

Liberal Arts and Humanities majors end up in the middle of the pack in terms of earnings and employment, the report found. They are the third most popular major group, and earn median incomes of $47,000. Moreover, about 40% of people with these majors obtain a graduate degree – the increase in potential earnings depends upon the degree earned.

Ending on a positive note, the report concludes that “While there is a lot of variation in earnings over a lifetime, the authors find that all undergraduate majors are ‘worth it,’ even taking into account the cost of college and lost earnings.”

Phew.

The complete (200 page) report is available here

 

NFL Team Halts 401(k) Plan Contributions

The Buffalo Bills have stopped paying into the 401(k) plan for employees during the NFL lockout and potentially the rest of the year.

CEO Russ Brandon said in an e-mail to The Associated Press that the Bills “will decide at a later date whether to reinstate them for 2011 based on our financial performance.” Brandon said all employees had been notified early on that the plan was being amended so that all team contributions would be discretionary for this year.  

According to the AP, the Bills had already announced in March that while no layoffs were planned, all employees would take a pay cut during a work stoppage as part of a series of cuts that focused on what the team called “shared sacrifice.”  

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Larry Kennan, executive director of the NFL Coaches Association criticized the Bills for suspending payments. Of his association’s members, Kennan said assistant coaches will be the most affected by the team’s decision.

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