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What's Your STEM Degree Worth?
Jim_Austin writes A recent study by economist Douglas Webber calculates the lifetime earnings premium of college degrees in various broad areas, accounting for selection bias--that is, for the fact that people who already are likely to do well are also more likely to go to college. These premiums are not small. Science Careers got exclusive access to major-specific data, and published an article that tells how much more you can expect to earn because you got that college degree--for engineering, physics, computer science, chemistry, and biology majors.
>> My phd?
No, your STEM undergrad degree, dumbass.
From TFA: "Webber excluded from his sample people with postgraduate training."
The worst STEM majors earn more than the best high school graduates. Those in the bottom quintile of ability who go on to major in STEM have lifetime earnings of about $2.3 million, compared to $2 million for high school graduates in the top quintile of ability; business majors do slightly worse than STEM majors. The worst social science majors earn about the same as the best high school graduates, and the worst arts and humanities majors earn less.
Full time salaried job versus burger flipper - yes, that's what the degree gives you.
Actually, dropouts and those who did not pursue college at all outnumber those with only a bachelor degree in the high earning category. Those with postgraduate degrees are the ones who really skew the numbers.
I went to my Social Security statement and added up my income since I graduated (Electronics Engineering degree (BSEE), 35 yrs. in my career until I retired). I stayed in the technical field (avoided management). The number: $2,727,247 I went to a community college and obtained my general education, later transferring to a state university. I'd estimate my total education cost at around $3K maximum (tuition was a whopping $59.65/qtr. when I graduated in '77). Starting salary was about $1.2k/month. Ending salary was about $10k/month. YMMV