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What's Your STEM Degree Worth?

Posted by samzenpus on from the doing-the-math dept.

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.

10 of 148 comments (clear)

  1. Not the data I was looking for... by houstonbofh · · Score: 3, Insightful

    I was hoping it would show the fields and the difference, such as between CompSci with and without degree. Not. It is CompSci degree vs Burger King? Well, duh...

    1. Re:Not the data I was looking for... by Anonymous Coward · · Score: 3, Informative
      FTFA:

      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.

    2. Re:Not the data I was looking for... by xxxJonBoyxxx · · Score: 5, Funny

      >> a job at the king does not need an 50-100K+ loan to get in.

      Starbucks does

    3. Re:Not the data I was looking for... by mini+me · · Score: 3, Informative

      High income dropouts are so few that they make little difference in the result

      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.

    4. Re:Not the data I was looking for... by viperidaenz · · Score: 4, Insightful

      and for entry-level positions, we tend to ignore undergrad degrees entirely (great, you know how to learn... but what have you learned?).

      Isn't the point of hiring for an entry-level position finding someone who knows how to learn? If you expect them to know it all already, it's not entry-level.

  2. Re:My phd? by xxxJonBoyxxx · · Score: 3, Informative

    >> My phd?
    No, your STEM undergrad degree, dumbass.

    From TFA: "Webber excluded from his sample people with postgraduate training."

  3. Biased source? by Anonymous Coward · · Score: 4, Interesting

    At the risk of using an ad hominem fallacy, a university professor personally benefits when people choose to attend college. An economist at a university should recuse himself from issuing reports that encourage people to contribute to his pension fund.

  4. It's Worth Very Little by KermodeBear · · Score: 3, Insightful

    It gives me a paycheck every two weeks but the work is utterly devoid of personal fulfillment. If I had known fifteen years ago what to expect from a career in software I would have spent my time getting a completely different degree.

    --
    Love sees no species.
  5. My actual numbers by hambone142 · · Score: 4, Informative

    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

  6. Re:lifetime earnings isn't the whole picture by hambone142 · · Score: 4, Interesting

    I disagree. I worked for one of those "large computer companies". Most of our technical staff had a Bachelor's degree. A few had a Masters. There was zero pay difference between the B.S. degrees and M.S. degrees. It's all based on job performance. Ph.Ds were actually a disadvantage. Most managers stayed away from them because of the perception that they would be "bored" doing normal engineering jobs.