College Degrees with the Best and Worst Career Opportunities — Philosophy Outshines Finance
College commencement is a time of optimism for newly minted graduates. However, this year brings added uncertainty regarding the economy and employment — and grads in some unexpected majors may find they have an advantage.
Majors in nutrition, art history, and philosophy all outperformed STEM fields concerning employment prospects, according to a recent analysis of labor market outcomes of college graduates by major from the Federal Reserve Bank of New York.
The unemployment rates for computer science and computer engineering were 6.1% and 7.5%, respectively — notably higher than the national average. In contrast, the unemployment rate for art history majors was 3%, and for nutritional sciences, it was merely 0.4%, as reported by the New York Fed. This analysis utilized 2023 Census data and focused on the unemployment rates of recent college graduates.
Economics and finance majors also experienced lower employment rates compared to those in theology and philosophy, according to the New York Fed.
Employment prospects are shifting
In general, your choice of major has significant implications for job prospects and future earnings potential. Majoring in a STEM subject is often considered a dependable path to a well-paying position, and this holds true to an extent. Students who pursue a major in computer science or computer engineering, both STEM disciplines, are projected to earn a median wage of $80,000 right out of school.
Despite this, the demand for humanities majors is on the rise. At a recent conference, Robert Goldstein, the chief operating officer of a leading financial management firm, highlighted the importance of hiring graduates with backgrounds in history, English, and other liberal arts, regardless of their connection to finance or technology. This trend reflects the growing need for creative thinking and soft skills, partly driven by the rise of artificial intelligence.
Opportunities in health care
Meanwhile, jobs in the health-care sector continue to see high demand as we approach 2025. Last year, the U.S. economy added 902,000 health care and social assistance jobs, and employment in health-care occupations is projected to grow much faster than the average for all U.S. jobs through 2033, according to the Bureau of Labor Statistics.
The unemployment rate among nursing majors stands at just 1.4%, as reported by the New York Fed. “Nursing is extremely resilient in times of economic uncertainty, like we are seeing right now,” said Travis Moore, a registered nurse and health-care strategist. While the median wage for nurses entering the field may be lower than that for economics and finance majors, job security could be more crucial as we face potential economic challenges. “There’s a significant nursing shortage happening right now,” Moore noted, underscoring the strong opportunities available in careers with low layoff risks.
