If I Were College Bound …

If I were a young college-bound student, I’d probably be thinking about the present and not giving much thought to the future. That’s the benefit (or risk) of youth. But let’s assume for a minute I was different. Let’s assume I was focused on my life after college and didn’t view college as a destination or achievement in its own right but as a way station along life’s path, one that should help prepare me for life. If I did that, how might my perspective change?

Economic Guide to Picking a Major

But a look at detailed data on college graduates by major reveals some clear messages: Don’t be pre-med if you aren’t planning to go to medical school; don’t assume that all “STEM” — science, technology, engineering and math — majors are the same; and if you study drama, be prepared to wait tables.

The preceding is a quote from a post by Ben Casselman on FiveThirtyEight with the title borrowed above: The Economic Guide to Picking a Major.

Economic prospects are just one factor in choosing a major. But, sadly, it’s one that young students frequently overlook. All colleges aren’t equal. Neither are majors.

I invite you to read Mr. Casselman’s full story.

 

Earnings by Discipline for College Graduates

There are some really good data coming out of SCHEV (State Council of Higher Education for Virginia) about earnings by discipline.

Japanification Will Hit Colleges Hard

Japanification will hit U.S. colleges and universities hard. It’s a shame all those leaders they educated in years past seem to be intent on allowing it to happen. It just proves that education is overrated. Wisdom and compassion are even more important.

Japanification is how Daniel Alpert describes the path we’re on. Alpert is the founding managing partner of Westwood Capital, one of the most successful investment banks in the world. But Alpert is not your ordinary investment banker. For those interested in knowing more about Alpert’s take on the economy, I recommend The Age of Oversupply: Overcoming the Greatest Challenge to the Global Economy.

So what is Japanification?

Careers with the most earning power

Here is a clip from a Brookings post by Isabel V. Sawhill and Stephanie Owen titled “Going to College? Think Hard About Your Major and Your Career After You Graduate.” You can find the full article here.

What you take will determine what you make

So says Anthony Carnevale, Director and Research Professor of the Georgetown University Center on Education and the Workforce, in this interview that aired on Bloomberg and was posted by the Chicago Business Journal. Some points made by Mr. Carnevale:

• Petroleum engineering is hot. Jobs are available at high salaries.
• Other technical degrees associated with energy production have strong job prospects.
• STEM (science, technology, engineering and math) fields are always a good bet.
• MBAs have a good return on investment (ROI).
• Disciplines with the worst ROI include psychology, religious studies, theology and sociology.
• Interests and values drive people. ROI is not the driving force for most people; however, it can’t be ignored if you’re going to incur substantial student debt. Your debt must bear an appropriate relationship to your earning power if you hope to pay off your student loans.

Women shy away from business majors

Bloomberg Businessweek reports that fewer women are enrolling in undergraduate business programs. According to Bloomberg:

Although women make up about 50 percent of college business graduates nationally, according to the most recent data from the National Center for Education Statistics (NCES), female representation at stronger undergraduate business programs was about 44 percent this year, down from 47 percent in 2008, according to data collected by Bloomberg Businessweek for its latest ranking.

Those figures have the potential to slip further: Of incoming college freshman who said they intend to major in business, about 39 percent in 2012 were women, down from about 42 percent in 2006, according to annual surveys conducted by UCLA’s Higher Education Research Institute (HERI).

Here is a chart showing the gender mix by business discipline:

Personally, I hope this trend reverses itself promptly. We need more women in business and, in particular, more in business leadership positions.