Is it True that Most College Majors Don’t Pay Well?

The age-old question faced by high school graduates and their families is whether a college degree is worth the investment. According to the 2022-2023 Salary Survey by SP Global Market Intelligence, the average annual salary for all occupations in India is Rs. 525,000. However, the landscape varies significantly across different college majors.

The Top 10 Highest-Paying Majors in India

Here are the top 10 highest-paying college majors in India, as per the SP Global Market Intelligence survey:

Medicine: Rs. 15,000,000 Engineering: Rs. 12,500,000 Law: Rs. 10,000,000 Business Administration: Rs. 7,500,000 Computer Science: Rs. 7,000,000 Pharmacy: Rs. 6,500,000 Finance: Rs. 6,000,000 Accounting: Rs. 5,500,000 Marketing: Rs. 5,000,000 Human Resources: Rs. 4,500,000

It is important to note that these figures represent averages and there is a wide range of salaries within each major. For instance, the salary for a software engineer can range from Rs. 3,000,000 to Rs. 10,000,000 or more, depending on the company, the individual's experience, and their skills.

Is It True That Most College Majors Don’t Pay Well?

While it is true that medical engineering and law majors tend to have higher salaries, many other college majors can also lead to financially rewarding careers. As the SP Global Market Intelligence survey suggests, a degree in fields like Business Administration, Computer Science, and Pharmacy can be highly lucrative.

There is a misconception that college majors like Social Sciences, Philosophy, Ceramics, Psychology, History, Languages, Music, Performing Arts, Criminal Justice, Fine Arts, General Sports, Gender Studies, Journalism, Communications, Creative Writing, Culinary Arts, Advertising, Entrepreneurship, Fashion Design, Hospitality, Interdisciplinary Studies, Advertising, Film, Photography, Anthropology, Archaeology, Religious Studies, Exercise Science, and Tourism are not practical or can lead to underemployment. However, this is not the case for all individuals with such majors.

Insights from a Retired Recruiter

Back when President John F. Kennedy was in office, very few high school graduates went on to college. This was because the students who did go to college were usually the smart kids, and the demand for college degrees far exceeded supply. College graduates could expect to secure middle-class or better-paying jobs.

Today, the situation has changed significantly. College enrollment rates have skyrocketed, and the supply now far outweighs the demand. Many high school graduates are encouraged to go to college, as if a college degree is a surefire way to a good-paying job. However, this is not the case.

As a retired recruiter with experience in hiring college graduates for the past thirty years, I can attest that the market is now fiercely competitive. An applicant with a degree in engineering or computer science was likely to be reasonably smart, but the academically mediocre students were often forced to choose majors they could handle. Majors such as Social Sciences, Philosophy, Ceramics, Psychology, History, Languages, Music, Performing Arts, Criminal Justice, Fine Arts, General Sports, Gender Studies, Journalism, Communications, Creative Writing, Culinary Arts, Advertising, Entrepreneurship, Fashion Design, Hospitality, Interdisciplinary Studies, Advertising, Film, Photography, Anthropology, Archaeology, Religious Studies, Exercise Science, and Tourism carry risks.

For instance, some of these majors may have a success rate as low as a coin toss when it comes to securing a college job. My job was sorting out the wheat from the chaff, and it was a challenging task.

The Reality of Underemployment

It is also worth noting that two out of every five recent college graduates end up underemployed. This means that many college graduates find themselves in jobs that do not fully utilize their education and skills. This phenomenon is often attributed to the oversupply of degree-holders and the increasing specialization of the job market.

While a college degree can undoubtedly provide numerous benefits, it is crucial to understand the realities of the job market and the different career paths available. Students and their families should carefully consider their college major choices based on both the potential earnings and the job prospects. Investing in a major like Medicine, Engineering, or Law often provides the best returns, but there are many other practical majors available that can also lead to satisfying and well-paying careers.

Key Takeaways:

While some college majors do offer higher salaries, many others can also lead to financially rewarding careers. Academically mediocre students often struggle in a competitive job market and should choose majors they can handle. The reality of underemployment among recent college graduates underscores the importance of realistic expectations and careful major selection.

Conclusion

Ultimately, the decision to pursue a particular college major should be made with a clear understanding of the potential earnings and job prospects. While it is true that medical engineering and law majors tend to have higher salaries, there are many other college majors that can also lead to good-paying jobs. It is essential to research the job market, take into account the individual's skills and interests, and make informed decisions about major selection.