It's a "must read" for any student entering college this fall or undergraduate who's considering what college major to select.
The PayScale data indicate the gap is attributable, in part if not more, to the majors undergraduates select. Males tend to select majors with higher-paying career paths--STEM careers--than females who tend to select careers associated with the social sciences and liberal arts. To wit:
- Male-dominated majors include: mechanical engineering (89% male), civil engineering (83% male), physics (81% male), computer science and engineering (74% male), and electrical engineering (74% male).
- Female-dominated majors include: social work (85% female), healthcare administration (84% female), anthropology (80% female), nursing (80% female), and human resources (80% female).
These findings add credence to a recent Glassdoor report. The data, gathered from 46.9k resumes, indicate:
- 9 of the 10 highest-paying majors are dominated by males; and,
- 6 of the 10 lowest-paying majors are dominated by females.
- Across the 50 most common majors, there's an 11.5% pay gap between males and females on average for the first five years of their careers.
Choice of college major can have a dramatic impact on jobs and pay later on. Our results suggest that gender imbalances among college majors are an important and often overlooked driver of the gender pay gap.
Don't believe The Motley Monk? Check out the 2017 top-10 "worthless" college majors here.
In 2016, total U.S. student debt rose to $1.31T--~$620B more than total U.S. credit card debt--the 18th year in a row of a record high, according to a report by the Federal Reserve Bank of New York. The average graduate owes ~$37.2k wtih 67%+ owing money.
With little or no cash flow and little or no pathway to career/salary advancement, how will graduates pay back those college loans?
Choice of major...perhaps that's why the majority of graduates can't pay rent, make a down payment for a mortgage, delay marriage, and postpone having families.
Let the discussion begin...
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