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There are six college degrees that left graduates earning an average salary of $40,000 or less five years after graduation, according to an analysis by the Federal Reserve Bank of New York.
The highest salaries usually belong to technology and science graduates. Barry Austin photography
The analysis, published in February, took into account the earnings of recent graduates and explored the job market according to graduation. Data from the New York Federal Reserve looked at the median salaries of college graduates aged 22-27 in 2021.
The New York Federal Reserve found that the six lowest paying majors fall under social sciences and liberal arts. By comparison, the highest-paying majors were all in the STEM industries, which include careers in science, technology, engineering, and math. Notably, chemical engineers ranked first when it comes to high salaries, with an average salary of $75,000 five years after graduation.
Take a look at how much the lowest-paying majors are earning, according to data from the New York Fed. Underemployment – defined in the report as working jobs that typically don’t require a college degree – and unemployment rates for each major are also shared.
Participants are arranged from highest to lowest median salary.
6. Performing Arts
The performing arts can include dance, music, and theater. REUTERS/Darrin Zammit Lupi
Average salary, early career: $39,000
Unemployment rate: 7.6%
Underemployment rate: 64%
People who majored in performing arts were earning an average salary of $62,000 as mid-career workers in 2021, according to the Federal Reserve of New York.
According to Indeed, a US-based job site, the careers that performing arts graduates embark on include choreography, which earns a national median salary of $28,289 per year. In the upper end of the market, creative directors earn a national median salary of $75,687 per year.
5. Leisure and hospitality
The leisure and hospitality industry includes hotels, food and beverage and tourism. Robert Kneschke/Shutterstock
Average salary, early career: $38,000
Unemployment rate: 5.3%
Underemployment rate: 58.6%
Leisure and hospitality graduates can expect to earn $60,000 by mid-career, according to the Federal Reserve of New York.
Some of the jobs held by graduates include assistant general manager, who pays an average of $43,943 per year, and regional manager, who pays an average of $52,669 per year, according to Indeed.
4. Psychology
Psychology can be a broad field, encompassing jobs from psychiatry to business. Getty
Average salary, early career: $37,400
Unemployment rate: 4.7%
Underemployment rate: 47.6%
Psychology graduates can expect to earn $65,000 mid-career, according to the Federal Reserve of New York.
Some of the careers that psychology graduates embark on include therapy, which pays a national average of $67,600 annually, and psychiatry, which pays a national average of $219,482 annually, according to Indeed.
According to Niche, psychology was the third most popular major for high school graduates in 2022.
3. Social services
Social services often include child and family counseling. Richard Ross/Juvenil na Justiça
Average salary, early career: $37,000
Unemployment rate: 3%
Underemployment rate: 27.7%
Social services graduates earn $52,000 at mid-career, according to the Federal Reserve of New York.
Social services graduates typically embark on careers in fields like community outreach, which pay a national average of $42,103 per year, according to Indeed. At the top end, therapists earn an average annual salary of $75,019.
2. Family and consumer sciences
Careers in family and consumer science range from nutrition to family services. Claire Price/Informant
Average salary, early career: $37,000
Unemployment rate: 8.9%
Underemployment rate: 47.9%
Family and consumer science graduates earn $60,000 at mid-career, according to the Federal Reserve of New York.
Some of the jobs that family and consumer science graduates take on include community service officer, who pays an average of $28,259 annually, and nutritionist, who pays a national average of $41,309 a year, according to Indeed.
1. Theology and religion
Some of the jobs that theology and religion graduates do include pastor and missionary. Square Media.
Average salary, early career: $36,000
Unemployment rate: 3.6%
Underemployment rate: 35.5%
Mid-career graduates in theology and religion earn an average of $52,000 annually, according to the Federal Reserve of New York.
Some of the theology graduates go on to become pastors, a role that earns an average salary of $42,936 per year, and missionary, which earns an average salary of $82,268 annually, according to Indeed.