A friend pointed me to a recent study looking at the earnings (salaries) of people with degrees in different majors — for example, what’s the average salary of a physics major? Or a history major? The authors of the study are economists, and in my opinion put forth in their exposition of the study an overly pecuniary view of the factors that go into choosing a major. Regardless of their utility, though, the data are interesting. The web site is here, and includes link to a summary and a 214 page full report. In case you’re curious, the median salary of 25-59 year-olds with undergraduate degrees in physics is $81,000, making it rank #15 out of the 137 majors listed. I’m surprised this is so high. Nine of the top ten majors are various flavors of engineering, with the other (#2) being pharmacy. Chemistry is #50 ($64k) and Biology is #74 ($56k). Depressingly, at the bottom of the list is Early Childhood Education ($39k) — something of immense importance, but that doesn’t pay well.
In addition to salary, the report looks at the popularity of various majors. I was curious whether these two are correlated — whether, for example, there’s a “supply curve” (thinking like an economist) such that the majors for which students are abundant are those for which the pay is less. (This would assume that a lot of other factors are equal across majors.) I can’t extract the number of people with each major from the report — at least not unless I put a lot of work into this, which won’t happen. However, I can easily extract the rankings for each (salary and popularity) and can plot these:
As you can see, it’s a cloud! There are popular, lucrative majors, unpopular, low-paying majors, and every other combination.
The 137 majors in the study are grouped into categories. If we plot the median salary (the actual amount, not the ranking) versus popularity (percentage of majors), we get the following: