8 College Degrees That Aren’t Worth The Money [Photo]
So I came across this really interesting and most importantly INFORMATIVE article regarding college degrees with the WORST return on investment. Salary reports; As the cost of education increases faster than inflation and the economy remains relatively weak, people are beginning to question how they spend their education dollars. As student loans hit the $1 trillion mark and more and more graduates are faced with years of paying staggering monthly payments, many are starting to ask themselves, “Is it worth it?” While there’s no doubt that a college degree increases earning power and broadens opportunities, today’s high cost of education means it makes sense to more carefully consider which degree you earn. When it comes to return on investment (ROI), not all degrees are considered equal. This article exposes eight college degrees with poor ROI.
To calculate ROI for a specific degree, we first determined the overall cost of the degree. We allowed the degree holder four years to graduate. Using data from a recent College Board study, we assigned a figure of $37,343 as an average cost of a four-year public liberal arts degree, and a figure of $121,930 for degrees earned at four-year private colleges. The total cost included tuition, room and board, and books, and did not factor in scholarships or grants. We then determined the median cash compensation over the course of 30 years of typical jobs requiring that degree using Salary.com data. We used current Salary.com figures, but added 4.3% per year to account for inflation and cost of living increases. To determine ROI, we subtracted the cost of the degree from the gains over 30 years, then divided that figure by cost.
You’d think the ink-stained newsrooms and TV studios are full of wealthy and famous journalists. Not quite. Although these skills require lots of education and training, they buried the lead regarding the lack of payoff. Check these communications jobs out:
Median Salary: $52,549
30-Year Earnings: $3,099,338
ROI of Degree Earner Attending Public College: 82%
ROI of Degree Earner Attending Private College: 24%
We’re starting to notice an unfortunate trend regarding doing work for others with minimal pay. Maybe you can get inside the head of someone influential and find out why workers in this field don’t get paid more for these jobs:
Median Salary: $22,738
30-Year Earnings: $1,341,086
ROI of Degree Earner Attending Public College: 35%
ROI of Degree Earner Attending Private College: 10%
It’s hard work making sure everyone else eats right, preparing nutritious meals and/or checking to make sure the nation’s food supply is up to snuff. But all that hard work and education necessary to land this job might not turn a huge profit.
Median Salary: $53,679
30-Year Earnings: $3,165,985
ROI of Degree Earner Attending Public College: 84%
ROI of Degree Earner Attending Private College: 25%
You’re the wizard behind the curtain. The one who’s working like a dog to make it all happen while everyone else is enjoying the fruits of your labor. Unfortunately, there isn’t always a lot of financial benefit after earning your degree. Here are three commonly held hospitality jobs:
5. Religious Studies/Theology
Talk about finding your calling. While devoting your life to the church and dedicating your life to the service of others is laudable, it’s not going to leave you with a lot of profit after you earn your degree. Here are three commonly held jobs theological jobs:
Ah teaching. One of the noblest professions. And while it stands to reason we’d pay great sums to the chosen few who shape the minds of future generations, it doesn’t quite work out that way. Here are three commonly held jobs in education:
7. Fine Arts
Artists are respected, revered and celebrated. The trick is achieving that status while they’re still alive. After all, the term “starving artist” didn’t come from nowhere. Here are three jobs commonly held by workers with a fine arts degree:
Median Salary: $48,401
30-Year Earnings: $2,854,689
ROI of Degree Earner Attending Public College: 75%
ROI of Degree Earner Attending Private College: 22%
People who enter the field of sociology generally are interested in helping their fellow man. Unfortunately, that kind of benevolence doesn’t usually translate to wealth. Here are three jobs commonly held by sociology majors (click on job title and/or salary for more info):
We know money isn’t everything. A lot of people do these jobs and have great and fulfilling careers. But as the cost of education increases, it’s important to know if you’ll get your money’s worth and see a postive ROI. Good luck!