The value of a degree
September 9, 2010
There are times when I wonder why I chose my degree in psychology, and I’m sure there are others who think about why they chose their degrees as well. The true ball-kicker for me, though, is that I was actually considering becoming a computer engineer but chose not to.
I had the great opportunity to live with three engineers for the past year, and I am still living with them my senior year.
So when they’re not going on about how big their e-peens are at playing Starcraft II — except for one who doesn’t have time to play video games anymore — they like to talk about practical matters such as the value of one’s degree. Especially when one of them comes back raging because some liberal arts major told him how worthless engineers are.
The discussions often follow a set format that goes a little like this: Engineers make more money in general, therefore engineers are better than liberal arts majors, and therefore engineers will inherit the world when everyone else is busy bludgeoning each other to death. They never say anything like that, but they probably think about it from time to time.
They also talk about income disparity between majors. This is something I really hadn’t thought about when I first came to college. I was under the assumption that I would make at least $40,000 a year with my degree, with engineers making a whole lot more. In their discussion, usually they will point out that engineers will make around $50,000 a year for starting income while those with liberal arts majors are probably better off not going to college in the first place.
At first it seems like a valid argument, especially when Iowa has the nation’s second-highest average graduating student debt, according to an AP article. Will that $30,000- to $40,000-a-year income be enough to offset that $30,000 in average debt while allowing a comfortable lifestyle in the beginning?
Also, the issue of job security comes up. They like to mention that the unemployment rate tends to be different for engineers than liberal arts majors — it seems natural that it would be easier to find someone wanting to hire programmers, for example, than employers who want to hire psychology, philosophy or sociology majors.
I looked up some hard numbers, and the gap doesn’t seem as big as they’re making it out to be.
Those with liberal arts degrees can expect at least $35,000 a year in starting income, with mid-career salaries varying widely from about $40,000 to a little more than $70,000. This compares to engineering degrees that start as low as $40,000 starting pay and going from $80,000 to more than $100,000 in mid-career incomes.
This has to take into account several things that can tip the scales. Liberal arts degrees have the tendency to be highly flexible. You could have a journalism degree or English degree, work for a big media group, become popular and end up earning a lot more than the rest of the pack, for example.
Any college degree still earns its competitiveness in the marketplace because of the fact that you are educated. Or imagine the alternative forms of work: Would you really want to do a blue-collar job and risk physical injury?
So if you had a minor mid-college degree crisis like I did, have no fear. The income gap isn’t as big as you think it would be, and you will still be able to lead a comfortable life. But the old adage “You reap what you sow” holds especially true for liberal arts majors. If you do well in your major, chances are you will have a comfortable income and get the most out of your education.