According to a recent study at Georgetown University and other research as well, the answer is Yes - getting a US college degree can still be a good move.
A Bachelor’s degree is one of the best weapons a job seeker can wield in the fight for employment and earnings. And staying on campus to earn a graduate degree provides safe shelter from the immediate economic storm, and will pay off with greater employability and earnings once a graduate enters the labor market.
Unemployment for students with new Bachelor’s degrees is currently an unacceptable 8.9 percent, but it’s a catastrophic 22.9 percent for job seekers with a recent high school diploma.
Here are some factors to consider when deciding on pursuing a college degree in the US
The risk of unemployment among recent college graduates depends on their major.
- The unemployment rate for recent graduates is highest in Architecture (13.9 percent) because of the collapse of the construction and home building industry in the recession.
- Unemployment rates are generally higher in non-technical majors, such as the Arts (11.1 percent), Humanities and Liberal Arts (9.4 percent), Social Science (8.9 percent)and Law and Public Policy (8.1 percent).
- Unemployment in majors related to computers and mathematics vary widely depending on the technical and scientific content of the major.
- The Education, Healthcare, Business and Professional Services industries have been the most stable employers for recent college graduates.
- Similarly, recent graduates in Engineering do relatively well (7.5 percent unemployment), except for Civil and Mechanical Engineers who are still suffering from the deep dive in manufacturing and construction activity.
- Majors that are more closely aligned with particular occupations and industries tend to experience lower unemployment rates.
- Graduate degrees make a quantum difference in employment prospects across all majors. However, not all graduate degree majors outperform Bachelor’s degrees.
What college graduates earn also depends on the major they take.
- Median earnings among recent college graduates vary from $55,000 among Engineering majors to $30,000 in the Arts.
- Majors with high technical, business and healthcare content tend to earn the most among both recent and experienced college graduates.
- Majors that are most closely aligned with particular industries and occupations tend to have low unemployment rates but not necessarily the highest earnings.
- Although differences remain high among majors, graduate education raises earnings across the board.
You can download the entire report here - US College Majors, Unemployment & Salaries. And here is an infographic on the subject for some quick visual information.
