For generations, the American dream has been closely tied to higher education—a college degree long viewed as the gateway to prosperity. But in today’s economy, not all degrees are created equal. While some majors catapult graduates into six-figure salaries, others leave them grappling with modest paychecks even years down the road. A recent analysis from the Federal Reserve Bank of New York sheds new light on this growing disparity, revealing which college majors may not deliver the financial returns many students expect.
A Costly Passion: The Liberal Arts Dilemma
There’s no denying the intellectual richness of liberal arts degrees. Whether it’s philosophy, literature, social work, or the fine arts, these fields often attract individuals driven by curiosity, creativity, and a desire to make a difference. But passion, as it turns out, doesn’t always translate into pay. According to the latest 2023 data, graduates who major in education, social work, or the arts are earning some of the lowest median incomes in the country—often hovering near or below the U.S. median wage of $48,060.
Five years after earning their bachelor’s degrees, many liberal arts majors are making just around $40,000 annually. Meanwhile, their counterparts in engineering or computer science fields are starting their careers with salaries that can top $80,000. The median early-career salary across all majors stands at $50,000, but those in the lowest-paying fields often find themselves lagging behind in both income and opportunity.
Language Degrees Speak Volumes—But Not in Dollars
Take foreign language majors, for example. While mastering a second language is undoubtedly a valuable skill, the career paths commonly available to these graduates—such as education, translation, or government service—don’t tend to offer lucrative pay. Compounding the issue is the fact that language acquisition is increasingly accessible through apps, immersion programs, and self-study, reducing the competitive edge of a formal degree in the subject.
Mid-Career Reality: The Struggle Persists
For many graduates, the hope is that low early salaries will eventually rise with time and experience. But the data tells a sobering story: even by mid-career—between ages 35 and 45—those in the lowest-earning fields are still significantly behind their peers. Early childhood education majors, for instance, top the list of mid-career under-earners with a median salary of just $49,000. That’s a meager $8,000 increase over their early-career earnings and still far below what most engineering majors earn just a few years out of college.
In stark contrast, engineers often surpass the $100,000 mark by mid-career, highlighting a troubling divide in long-term financial outcomes based on field of study.
The Value Debate: What’s a Degree Worth?
These findings fuel an ongoing debate about the value of a college degree—especially one that comes with significant student debt. Critics argue that higher education is failing to keep pace with market realities, while others stress the intangible benefits of studying subjects that shape critical thinking, empathy, and cultural understanding.
Still, for a generation increasingly burdened by economic uncertainty, the decision to pursue a particular major may no longer be solely about passion or calling. Instead, it’s becoming a calculated financial choice—one that weighs long-term earning potential against the cost of the degree itself.
A Costly Passion: The Liberal Arts Dilemma
There’s no denying the intellectual richness of liberal arts degrees. Whether it’s philosophy, literature, social work, or the fine arts, these fields often attract individuals driven by curiosity, creativity, and a desire to make a difference. But passion, as it turns out, doesn’t always translate into pay. According to the latest 2023 data, graduates who major in education, social work, or the arts are earning some of the lowest median incomes in the country—often hovering near or below the U.S. median wage of $48,060.
Five years after earning their bachelor’s degrees, many liberal arts majors are making just around $40,000 annually. Meanwhile, their counterparts in engineering or computer science fields are starting their careers with salaries that can top $80,000. The median early-career salary across all majors stands at $50,000, but those in the lowest-paying fields often find themselves lagging behind in both income and opportunity.
New York Fed analysis:
— Derek Thompson (@DKThomp) March 17, 2024
There are 14 college majors where at least half of graduates make $100k+ by mid career.
They’re practically all in engineering, software, or economics. pic.twitter.com/X6FSt6n9G9
Language Degrees Speak Volumes—But Not in Dollars
Take foreign language majors, for example. While mastering a second language is undoubtedly a valuable skill, the career paths commonly available to these graduates—such as education, translation, or government service—don’t tend to offer lucrative pay. Compounding the issue is the fact that language acquisition is increasingly accessible through apps, immersion programs, and self-study, reducing the competitive edge of a formal degree in the subject.
Mid-Career Reality: The Struggle Persists
For many graduates, the hope is that low early salaries will eventually rise with time and experience. But the data tells a sobering story: even by mid-career—between ages 35 and 45—those in the lowest-earning fields are still significantly behind their peers. Early childhood education majors, for instance, top the list of mid-career under-earners with a median salary of just $49,000. That’s a meager $8,000 increase over their early-career earnings and still far below what most engineering majors earn just a few years out of college.
In stark contrast, engineers often surpass the $100,000 mark by mid-career, highlighting a troubling divide in long-term financial outcomes based on field of study.
The Value Debate: What’s a Degree Worth?
These findings fuel an ongoing debate about the value of a college degree—especially one that comes with significant student debt. Critics argue that higher education is failing to keep pace with market realities, while others stress the intangible benefits of studying subjects that shape critical thinking, empathy, and cultural understanding.
Still, for a generation increasingly burdened by economic uncertainty, the decision to pursue a particular major may no longer be solely about passion or calling. Instead, it’s becoming a calculated financial choice—one that weighs long-term earning potential against the cost of the degree itself.
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