There is growing skepticism surrounding the traditional four-year college degree as a means to secure a successful career.
However, recent research from the New York Federal Reserve Bank suggests that certain degrees are still valuable investments in terms of both time and money.
Looking at Underemployment and Unemployment
There are interesting findings in the data regarding the employment status of graduates with different degrees. It is crucial to consider not only the unemployment rates but also the underemployment rates when assessing the outcomes of different majors.
Some are Working Outside their Fields
Some graduates with degrees that may not be in high demand may have managed to find employment after completing their studies. However, it is not uncommon for them to end up working in fields unrelated to their degree. Now, let’s delve into the top ten best and worst degrees in the United States in 2024, beginning with the worst ones.
1. Art History
- Unemployment Rate: 8.0%
- Underemployment Rate: 62.3%
- Median Career Wage: $41,000
- Median Mid-Career Wage: $72,000
- Share with a Graduate Degree: 43.8%
2. Liberal Arts
- Unemployment Rate: 7.9%
- Underemployment Rate: 56.7%
- Median Career Wage: $38,000
- Median Mid-Career Wage: $65,000
- Share with a Graduate Degree: 30.2%
3. Fine Arts
- Unemployment Rate: 7.9%
- Underemployment Rate: 55.5%
- Median Career Wage: $40,000
- Median Mid-Career Wage: $68,000
- Share with a Graduate Degree: 22.6%
4. Aerospace Engineering
- Unemployment Rate: 7.8%
- Underemployment Rate: 17.9%
- Median Career Wage: $74,000
- Median Mid-Career Wage: $120,000
- Share with a Graduate Degree: 51.2%
5. History
- Unemployment Rate: 7.5%
- Underemployment Rate: 53.5%
- Median Career Wage: $40,000
- Median Mid-Career Wage: $70,000
- Share with a Graduate Degree: 52.0%
6. English Literature
- Unemployment Rate: 6.6%
- Underemployment Rate: 48.4%
- Median Career Wage: $42,000
- Median Mid-Career Wage: $72,000
- Share with a Graduate Degree: 47.1%
7. Technologies Majors
- Unemployment Rate: 6.4%
- Underemployment Rate: 54.8%
- Median Career Wage: $50,000
- Median Mid-Career Wage: $80,000
- Share with a Graduate Degree: 18.1%
8. Mass Media
- Unemployment Rate: 6.3%
- Underemployment Rate: 47.7%
- Median Career Wage: $42,000
- Median Mid-Career Wage: $70,000
- Share with a Graduate Degree: 20.8%
9. Physics
- Unemployment Rate: 6.2%
- Underemployment Rate: 31.2%
- Median Career Wage: $62,000
- Median Mid-Career Wage: $95,000
- Share with a Graduate Degree: 67.9%
10. Commercial Art & Graphic Design
- Unemployment Rate: 6.0%
- Underemployment Rate: 33.7%
- Median Career Wage: $45,000
- Median Mid-Career Wage: $75,000
- Share with a Graduate Degree: 11.3%
Best College Degrees
It’s fascinating to see that degrees in aeronautical engineering, physics, and graphic design are among the worst of 2024. The degrees that made the list of the finest with regard to job potential, however, may surprise you just as much.
1. Industrial Engineering
- Unemployment Rate: 0.2%
- Underemployment Rate: 24.6%
- Median Career Wage: $71,000
- Median Mid-Career Wage: $100,000
- Share with a Graduate Degree: 42.2%
2. Construction Services
- Unemployment Rate: 0.4%
- Underemployment Rate: 28.6%
- Median Career Wage: $64,000
- Median Mid-Career Wage: $100,000
- Share with a Graduate Degree: 9.2%
3. Medical Technicians
- Unemployment Rate: 0.4%
- Underemployment Rate: 47.9%
- Median Career Wage: $55,000
- Median Mid-Career Wage: $70,000
- Share with a Graduate Degree: 23.1%
4. General Social Sciences
- Unemployment Rate: 0.6%
- Underemployment Rate: 39.8%
- Median Career Wage: $55,000
- Median Mid-Career Wage: %70,000
- Share with a Graduate Degree: 23.1%
5. Nursing
- Unemployment Rate: 1.3%
- Underemployment Rate: 11.1%
- Median Career Wage: $62,000
- Median Mid-Career Wage: $80,000
- Share with a Graduate Degree: 29.4%
6. Elementary Education
- Unemployment Rate: 1.5%
- Underemployment Rate: 11.1%
- Median Career Wage: $62,000
- Median Mid-Career Wage: $80,000
- Share with a Graduate Degree: 29.4%
7. General Education
- Unemployment Rate: 1.5%
- Underemployment Rate: 13.5%
- Median Career Wage: $40,000
- Median Mid-Career Wage: $52,000
- Share with a Graduate Degree: 49.4%
8. Mechanical Engineering
- Unemployment Rate: 1.5%
- Underemployment Rate: 20.3%
- Median Career Wage: $70,000
- Median Mid-Career Wage: $111,000
- Share with a Graduate Degree: 39.6%
9. Animal and Plant Sciences
- Unemployment Rate: 1.6%
- Underemployment Rate: 56.3%
- Median Career Wage: $41,000
- Median Mid-Career Wage: $70,000
- Share with a Graduate Degree: 36.5%
10. Secondary Education
- Unemployment Rate: 1.6%
- Underemployment Rate: 22.0%
- Median Career Wage: $41,000
- Median Mid-Career Wage: $55,000
- Share with a Graduate Degree: 51.6%
