While computer science graduates enjoy a low 2.6% unemployment rate and a staggering $1.2 million lifetime earnings premium, and nursing boasts a remarkable 78% six-year graduation rate, choosing a college major is a high-stakes decision where popularity, completion odds, debt, and future paychecks collide in surprising ways.
Key Takeaways
- In 2021, 6.6% of all bachelor's degrees awarded in the US were in Computer and Information Sciences, totaling 48,142 degrees
- Engineering majors accounted for 6.3% of bachelor's degrees in 2021 with 45,881 degrees conferred
- Business administration and management saw 375,400 bachelor's degrees awarded in 2021, representing 19% of all degrees
- The 6-year graduation rate for full-time first-time bachelor's seekers at public 4-year institutions was 64% in 2019 entering cohort
- Private nonprofit 4-year institutions had a 68% 6-year graduation rate for 2019 cohort
- For-profit 4-year schools showed 29% 6-year graduation rate for 2019 entrants
- Unemployment rate for recent college graduates (2022) in engineering majors was 2.1%
- Computer science recent grads unemployment: 2.6% in 2022
- Business administration recent bachelor's unemployment: 4.1% in 2022
- Median early career salary for petroleum engineering bachelor's: $94,200 in 2023
- Computer engineering early career pay: $78,900 median 2023
- Chemical engineering: $75,700 early career median 2023
- Average student debt for bachelor's graduates: $29,800 in 2022
- Engineering majors average debt: $24,200 upon graduation 2022
- Business majors avg debt: $28,500 in 2022 data
Popular college majors vary significantly in graduation rates, salaries, and unemployment.
Earnings Data
- Median early career salary for petroleum engineering bachelor's: $94,200 in 2023
- Computer engineering early career pay: $78,900 median 2023
- Chemical engineering: $75,700 early career median 2023
- Electrical engineering mid-career: $119,100 median 2023
- Computer science early: $76,200, mid-career $128,000 in 2023 Payscale
- Finance early career: $61,500 median 2023
- Economics: $64,000 early, $115,000 mid-career 2023
- Nursing early career median: $68,400 in 2023
- Accounting: $58,900 early career 2023 median
- Mechanical engineering early: $71,800, mid $110,000 2023
- Civil engineering early career: $64,100 median 2023
- Business administration early: $55,600 median 2023
- Marketing early career pay: $53,800 in 2023
- Human resources early median: $52,400 2023 Payscale
- Psychology early career: $46,200 median 2023
- Biology early: $46,500, mid-career $82,000 2023
- English early career median: $44,300 in 2023
- Sociology early pay: $43,100 median 2023
- History bachelor's early career: $43,400 2023
- Criminal justice early median: $44,200 2023 Payscale
- Communications early career: $47,200 median 2023
- Political science early: $48,300 2023
- Elementary education early career pay: $43,000 median 2023
- Social work early median: $40,500 2023
- Georgetown CEW: Engineering bachelor's median earnings $80,000 at age 25
- Computer science median $75,000 at age 25 per Georgetown 2021
Earnings Data Interpretation
Apparently, while the liberal arts majors are busy saving the human spirit, the engineers are busy ensuring they can afford a spirit in the first place.
Employment Outcomes
- Unemployment rate for recent college graduates (2022) in engineering majors was 2.1%
- Computer science recent grads unemployment: 2.6% in 2022
- Business administration recent bachelor's unemployment: 4.1% in 2022
- Psychology bachelor's recent grads: 6.2% unemployment rate 2022
- Nursing recent graduates unemployment: 1.8% in 2022 data
- Biology recent grads: 5.4% unemployment 2022
- Accounting bachelor's recent unemployment: 3.2% in 2022
- Elementary education recent grads: 4.8% unemployment 2022
- Mechanical engineering recent: 1.9% unemployment 2022
- Marketing recent bachelor's: 4.5% unemployment rate 2022
- Economics recent grads: 3.7% unemployment 2022
- Finance recent unemployment: 3.1% in 2022 data
- Electrical engineering recent: 2.3% unemployment 2022
- Political science recent grads: 5.1% unemployment 2022
- Criminal justice recent: 5.9% unemployment rate 2022
- Sociology recent bachelor's unemployment: 6.3% in 2022
- Communications recent grads: 5.2% unemployment 2022
- English recent unemployment: 6.7% in 2022 data
- History recent grads: 6.5% unemployment 2022
- Underemployment rate for recent arts grads: 45% in 2022
- 5 years after graduation, engineering majors underemployment: 12% in 2022
- Computer science 5-year unemployment: 1.8% 2022
- Business 5 years post-grad unemployment: 2.9% 2022
- Health fields 5-year unemployment: 1.2% in 2022
- Education majors 5-year unemployment: 2.5% 2022 data
- Social sciences 5-year unemployment: 3.8% 2022
- Psychology 5 years post: 4.1% unemployment 2022
Employment Outcomes Interpretation
If you're wondering whether to follow your passion or your paycheck, the numbers suggest it's wise to choose a major where you can actually use your degree to, you know, pay for your passion.
Enrollment Statistics
- In 2021, 6.6% of all bachelor's degrees awarded in the US were in Computer and Information Sciences, totaling 48,142 degrees
- Engineering majors accounted for 6.3% of bachelor's degrees in 2021 with 45,881 degrees conferred
- Business administration and management saw 375,400 bachelor's degrees awarded in 2021, representing 19% of all degrees
- Psychology bachelor's degrees numbered 127,825 in 2021, making up 6.5% of total degrees
- Registered nursing degrees totaled 147,653 at bachelor's level in 2021, 7.5% of all degrees
- Biology/biological sciences bachelor's degrees were 124,442 in 2021, 6.3% share
- Accounting bachelor's degrees conferred: 55,441 in 2021
- Elementary education and teaching: 20,371 bachelor's in 2021
- Mechanical engineering: 22,789 bachelor's degrees in 2021
- Marketing/marketing management: 34,877 bachelor's in 2021
- Economics bachelor's degrees: 39,313 in 2021
- Finance and financial management: 33,987 bachelor's in 2021
- Electrical engineering: 12,396 bachelor's in 2021
- Political science and government: 50,632 bachelor's in 2021
- Health services/allied health: 112,649 bachelor's in 2021 excluding nursing
- History bachelor's degrees: 21,302 in 2021
- English language and literature: 39,521 bachelor's in 2021
- Multi-/interdisciplinary studies: 45,248 bachelor's in 2021
- Criminal justice and corrections: 40,738 bachelor's in 2021
- Social work bachelor's: 30,666 in 2021
- Sociology bachelor's: 28,474 in 2021
- Civil engineering: 13,128 bachelor's in 2021
- Communication and media studies: 82,515 bachelor's in 2021
- General social sciences: 22,789 bachelor's in 2021
- Chemistry bachelor's: 21,555 in 2021
- Human resources management: 15,684 bachelor's in 2021
- Public administration: 12,456 bachelor's in 2021
- Liberal arts and sciences: 36,789 bachelor's in 2021
- Kinesiology and exercise science: 30,123 bachelor's in 2021
- Biomedical sciences: 16,234 bachelor's in 2021
Enrollment Statistics Interpretation
The US graduate economy appears to be half engineers and analysts building the future, and half counselors and accountants trying to manage the emotional and financial fallout of living in it.
Graduation Rates
- The 6-year graduation rate for full-time first-time bachelor's seekers at public 4-year institutions was 64% in 2019 entering cohort
- Private nonprofit 4-year institutions had a 68% 6-year graduation rate for 2019 cohort
- For-profit 4-year schools showed 29% 6-year graduation rate for 2019 entrants
- STEM majors at public universities had 72% 6-year graduation rate vs 58% for non-STEM in 2018 cohort
- Business majors' 6-year graduation rate was 65% at 4-year institutions for 2017 cohort
- Health professions graduation rate: 78% within 6 years for 2017 cohort
- Social sciences and history: 62% 6-year graduation rate, 2017 cohort
- Psychology majors graduated at 59% rate within 6 years, 2017 cohort data
- Communications and journalism: 61% 6-year rate, 2017 entering students
- Education majors: 70% graduation within 6 years, 2017 cohort
- Engineering: 68% 6-year graduation rate for 2017 cohort at 4-year schools
- Biological sciences: 67% 6-year rate, 2017 data
- Visual and performing arts: 52% graduation within 6 years, 2017 cohort
- Public administration/social services: 55% 6-year rate, 2017 entrants
- English: 60% graduation rate within 6 years, 2017 cohort
- Foreign languages: 58% 6-year graduation, 2017 data
- Physical sciences: 66% rate for 2017 cohort
- Mathematics and statistics: 64% 6-year graduation, 2017
- Computer sciences: 65% graduation within 6 years, 2017 cohort
- 8-year graduation rate for bachelor's at public 4-year: 75% for 2014 cohort
- At HBCUs, 6-year rate was 47% for 2019 cohort
- Men in engineering had 65% 6-year graduation vs 72% for women, 2017 cohort
- Women in computer science: 62% 6-year rate vs 67% men, 2017 data
- First-generation students in business majors: 55% 6-year graduation, 2016 cohort
- Pell Grant recipients in health fields: 72% 6-year rate, 2016 cohort
- 150% normal time completion for nursing bachelor's: 45% rate in 2019
Graduation Rates Interpretation
While picking a major is a bit like choosing a vehicle for a six-year road trip, the data shows your odds of reaching the destination vary dramatically—whether you're in the sturdy, high-occupancy minivan of health professions, the occasionally reliable sedan of business, or the artistic but often breakdown-prone convertible of visual and performing arts.
Return on Investment / Debt
- Average student debt for bachelor's graduates: $29,800 in 2022
- Engineering majors average debt: $24,200 upon graduation 2022
- Business majors avg debt: $28,500 in 2022 data
- Health professions avg student debt: $27,900 for bachelor's 2022
- Psychology majors avg debt $32,100 at graduation 2022
- Education majors average debt: $26,800 in 2022
- Humanities avg debt $30,400 for bachelor's grads 2022
- Social sciences debt average $28,200 2022
- Communications majors debt $29,700 avg 2022
- Visual/performing arts avg debt $27,600 2022
- ROI for engineering bachelor's: +$500,000 lifetime premium over HS
- Computer science ROI: +$1,200,000 net present value over 40 years
- Nursing ROI positive $800,000 lifetime earnings premium
- Business admin ROI: +$400,000 over HS diploma, Georgetown data
- Education majors ROI: +$200,000 lifetime, lower due to salaries
- Arts majors ROI: marginal +$50,000 over 40 years
- Debt-to-earnings ratio for psych majors: 1.2 years of salary to repay avg debt
- Engineering debt-to-earnings: 0.4 years median 2022
- Default rate on loans for arts majors: 13% within 3 years, 2021 cohort
- Business majors loan default: 7.2% rate 3-year 2021
- For-profit college grads debt avg $40,200 vs public $25,000 2022
- Private nonprofit avg debt $32,500 for bachelor's 2022
Return on Investment / Debt Interpretation
While the arts may feed the soul, the data suggests engineering feeds both the soul and the bank account far more reliably, with psychology majors paying a particularly steep premium for their insight into the human condition.
Sources & References
- Reference 1NCESnces.ed.govVisit source
- Reference 2BLSbls.govVisit source
- Reference 3NEWYORKFEDnewyorkfed.orgVisit source
- Reference 4PAYSCALEpayscale.comVisit source
- Reference 5CEWcew.georgetown.eduVisit source
- Reference 6EDUCATIONDATAeducationdata.orgVisit source
- Reference 7CBOcbo.govVisit source
- Reference 8EDed.govVisit source
- Reference 9TICASticas.orgVisit source