Advertising
Advertising

Can Money Really Reflect The Value Of College Majors?

Can Money Really Reflect The Value Of College Majors?

Starting a college education is an exciting decision that can enrich your life for decades into the future. There are many ways to look at the value of a college education, including money and personal growth. If you are concerned about the years of effort and expenses required to obtain a post-secondary education, give yourself the benefit of reviewing the value of advanced study.

1. Engineering Majors Earn The Highest Incomes

For students who are interested in maximizing their income, engineering is an excellent choice. Engineering majors tend to earn more than many other graduates. In fact, some specialized engineers (e.g. petroleum) have earned +$90,000 salaries upon graduation according to a Wall Street Journal report. For those who enjoy the precision of science, math and engineering, there are many wonderful ways to make an excellent income and make the world a better place.

According to The Hamilton Project, engineering majors tend to earn over $2 million over the course of their careers. In contrast, English Language and Literature majors tend to earn $1 million over the course of their working career.

Advertising

Lifetime Earnings By College Major (The Hamilton Project)

    2. Reduced Likelihood of Unemployment

    Unemployment is an unpleasant experience by any measure. Not only do you have the prospect of lost income, but you also have to contend with the unpredictable job search process. The unemployment rate for college graduates in the US peaked at about 4% in 2010 according to a Business Insider report.

    Avoiding the anxiety and discomfort of unemployment is a significant benefit! According to Robert L. Leahy, director of the American Institute for Cognitive Therapy, “Research suggests that being unemployed doubles a person’s chance of a major depressive episode and that unemployment is also highly associated with domestic violence and alcohol abuse.” (source: Unemployment takes tough mental toll, CNN).

    Advertising

    3. Increased Access To Six Figure Jobs

    Earning a six figure income is one of the rewards available to college graduates. For example, most project managers with six figure salaries have a four year degree. Other highly paid careers such as medicine, law and engineering also require a college education. While there are significant numbers of people earning high incomes without a college degree, it is a much more difficult to earn a high income.

    4. Understanding The World

    For many fields of study- including the liberal arts and social sciences – you gain a much deeper understanding of the world. My university studies focused on history and it enhances every aspect of my life. Whether I’m seeking to understand the latest revolution, the economic forces that influence our choices or the impact that leaders have, history has enriched my life deeply. My knowledge of history also enhances my enjoyment of travel and ability to understand different countries.

    If you are studying the social sciences, humanities or another field that prompts your friends and family to ask “what are you going to do with that?”, don’t worry. Smart motivated people who understand the world usually find good opportunities.

    Advertising

    5. Improved Critical Thinking Skills

    Improving the quality of your thinking and reasoning skills is one of the greatest benefits you receive in college. In writing an essay, you acquire the habit of evaluating evidence and contributing your perspective. In a science class, you learn how to collect and organize data and other tools of the scientific method. These skills protect you from being taken in by people who play fast and loose with the facts. Developing effective critical thinking skills is a life long activity, get started now with 9 Ways to Train Your Mind to Think Critically.

    6. Prepare For Life As An Active Citizen

    The freedom to vote and participate in politics is a great responsibility. The broad perspective you earn from college studies – especially those in the liberal arts and social sciences – make you into a better citizen. Richard Sigurdson, former Acting Dean of Arts at The University College of the Cariboo, emphasizes the broad social and personal benefits of studying the liberal arts in his essay Why Study Liberal Arts?

    A liberal arts education will enhance your knowledge and improve your understanding of the world and its people. Many say that knowledge leads to wise action, perhaps even to goodness. Thus, an Arts education may help you to perceive and to understand your shortcomings, allowing you to become a better citizen, friend, spouse, parent, human being. Arts courses often enable students to reach beyond their own experiences and imagine worlds far distant in time and space. By opening your eyes, ears and mind, a good Arts education can strengthen in you the virtues of tolerance, sympathy, and respect for others.

    7. College Graduates, Regardless of Major, Earn More Than High School Graduates

    On average, earning a four year college degree significantly increases your income over the course of your life. This finding has been proven again and again by numerous researchers. Additional higher education tends to result in higher incomes. The chart below comes from the U.S. Bureau of Labor Statistics:

    Earnings and unemployment rates by educational attainment, U.S. Bureau of Labor Statistics

      Featured photo credit: Trinity College Dublin/Gigglekid via pixabay.com

      Advertising

      More by this author

      Bruce Harpham

      Bruce Harpham is a Project Management Professional and Founder and CEO of Project Management Hacks.

      8 Free Online Courses for People Who Love to Learn 10 Ways Successful People Achieve Their Goals 10 Signs You Have Created a Good Work-Life Balance Young Woman Reading Book 15 Inspiring Books Every Leader Should Not Miss 20 Life Hacks Put To The Test 20 Popular Life Hacks From the Internet Debunked (or Verified)

      Trending in Money

      1 Life Insurance: A Secure Way To Protect Your Future. 2 How To Save Money On Groceries: 13 Quick Tips 3 10 Investment Tips For Beginners 4 Top 6 Hacks on How To Build Credit Fast 5 Want to Get Free Product Samples Like Bloggers and Beauty Gurus Do? Read This.

      Read Next

      Advertising
      Advertising
      Advertising

      Last Updated on March 29, 2021

      Life Insurance: A Secure Way To Protect Your Future.

      Life Insurance: A Secure Way To Protect Your Future.

      Life is a journey full of ups and downs. No one can actually predict what might happen the next moment; there are times where the happiest moments do not even take a second to turn into the gravest. Planning for your future can help you face such unwelcomed but irrepressible situations with much ease. We all want to make every memorable event of our life more special and to cherish all those moments happily and worry less, you must financially plan your future. But no one has control over life and death. Who would wish to see his family suffer in his absence? Insurance hands over the financial jeopardy of life’s happenings to an insurance company.

      Importance of getting a life insurance

      No one has control over life and death. Nobody would like to see their family suffering in an absence, and that’s why many people recommend life insurance. A life insurance plan is one of the best ways to secure the future of your family, even against those financial troubles after an untimely demise. These plans are safe and credible, and you could trust them for your family’s better future.

      Advertising

      On the other hand, a life insurance policy is a contract between a company (insurance provider) and policyholder in which the insurance provider ensures to pay a certain amount of money to the nominated beneficiary in case of the policyholder’s death during the term of the agreement. There are different types of insurance plans, and it is important for you to know the benefits of those plans such as a funeral, medical or some life expenses provided they are mentioned in the agreement.

      Choosing the right insurance plan

      If you’re about to select an insurance plan, you should consider some important factors:

      Advertising

      • The time at which you start investing in a program and the number of family members you want to get insured. Obviously, a married man with two children has different needs compared to a single one. The number of persons who are dependent on an individual also varies from person to person.
      • The next thing you need to consider is you and your family needs. What are your child’s dream, your retirement plans, for how long would your dependents need financial support, any personal injury, etc. And do not forget those events or situations that will surely demand a huge sum of money.
      • The next thing one must consider is your current income. You should preferably choose a plan which you can afford.

      Now you must be having a pretty clear idea of how to choose the best plan for you. Further, you should also compare various plans offered by different companies and numerous sites available online that help will you to compare them.

      Differences between life insurance plans

      Here’s a short brief of some plan categories you can choose according to your needs:

      Advertising

      • Term Insurance Plan – You have to pay once, and your nominee gets the paid money under your misfortune demise. It ensures a person for a fixed time. If you survive the policy period, you do not get your premiums back.
      • Whole Life Policy – This plan continues for your lifetime. Under this, the policyholder has to pay regular premiums, until their death.
      • Endowment Policy –  In case the individual dies during the tenure, the beneficiary gets the amount assured. If the person survives the policy tenure, they gets back the premiums paid with other investment returns along with several other benefits.
      • Money Back Policy – In this a portion of the money invested is returned to the investor at regular intervals. If you survive the insurance term you get the entire amount back; else the beneficiary receives the entire sum assured.
      • ULIPs – These are the life insurance plans that offer you future security plus wealth creation options.

      Many people do not opt for whole life policy and endowment policy because of the high amount of money you need to pay, while others may prefer to opt for these if they have a high life expectancy. Surely you will find the best one for you.

      So what are you waiting for? Plan for your future and live a happier and carefree life today.

      Advertising

      Featured photo credit: aryehsampson.com via aryehsampson.com

      Read Next