Don’t Want Student Debt? Pick a Different Major.
People frequently question a student's choice of major in discussions about the student debt crisis. I commonly see comments like “don’t take out student loans for a degree in underwater basket weaving,” when perusing articles' comment sections. There are inherent inequities when comparing college majors, including differences in expected salaries and employment rates. Additionally, the salary potential and employability of specific degrees make them easier to repay student debt. However, are Millennials really any more "impractical" than any other generation in their choice of studies? And more importantly, is it a good idea to choose your major based on the current marketplace demand and salary for a degree?
Millennials May Be More “Practical” than Your Generation
Though Millennials take the brunt of this criticism since we consist the current college-aged and young adult population, statistics paint a different story. I plotted NCES (National Center for Educational Statistics) data on the distribution of degrees conferred by postsecondary institutions over the course of 40 years. The most dramatic changes you notice are the staggering increase in students with degrees in Other Fields and the plummet of Education degrees. Traditionally "impractical fields" (Humanities & Social Sciences) are equally or less popular than they were in the early 1970s. While degrees in Business and Computer Science & Engineering are less popular than they were in the 80s and early 90s, they have increased since the 1970s. Our interests and career goals aren't any less practical or more outlandish than those of generations who came before us—there are more of us getting degrees (more than double those awarded 40 years ago). Because of this, we are not being absorbed into the job market as easily and in the same way earlier generations were.
Click here to see the data in table form.
Should the Marketplace Dictate Students' Majors?
Your view on this topic largely boils down to your educational philosophy—whether you’re in the “Follow Your Heart” camp or “Show Me the Money” camp. Do you think a liberal arts education or one focused on a student's chosen discipline is better? I believe college students should educate themselves on the potential pitfalls of their desired career (the projected growth of the industry or discipline, the anticipated salary, saturation of talent, and the barriers and timeline for advancement). One major drawback of many careers is the size of student loan payments in comparison to each month's paycheck. However, choosing a major based on current in-demand fields is also flawed. Positions that are readily available and pay well now may very well become a saturated or nonexistent industry by the time new college grads retire 45 or 50 years after graduation. You've heard Confucius's quote, "Choose a job you love, and you will never have to work a day in your life". As the hours in a workweek continue to grow and the age of retirement rises, choose a job you don't love, and it may seem like you're working every day for the rest of your life.
by: Paige Witthar
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