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New study shows income is closely tied to choice of major. Your barista agrees.

Discussion in 'Business, Careers & Education' started by FLMountainMan, May 25, 2011.

  1. BlackToothedGrin

    BlackToothedGrin Senior member

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    Why do they say journalism is the most useless major when their data show communications and journalism median income is only $3,000 less than engineering? The data support dogging psychology, but not journalism.

    Also, they're using median salary for this which will not be affected by the top few percent in each field earning lots of money since it's the median not the mean.
     
  2. KitAkira

    KitAkira Senior member

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    hard call to make. An undergrad psych degree is nigh-on-worthless. Cute, and interesting, but then so are puppies and no one spends four years studying those. Still, if you pursue psych beyond undergrad to your doctorate and then into research/clinical work, then I suppose there is still money to be made. This study assumes you do undergrad and then start sending the CV out...in which case, you don't have much to show for yourself.
    Yeah, can't imagine having much use for a Psych Bachelor's except to say you're a college grad.
    Well, clinical psychology is an actual medical profession (with attendant wages) and requires a medical degree.
    Are you sure about this? Granted, I never wanted to go into clinical psych so never really did much delving into it, but this sounds more like Psychiatry (MD) than Psychology (which, as far as I know, are PhDs or PsyDs). Clinical Psychology would be more along the lines of a professional counselor
    Didn't read all of that, but are they factoring out anyone with advanced degrees and professional degrees? Because that would really skew, say, biology's average considering that a good percentage of them go into medicine and (I would assume) most people who do well in undergrad biology would continue on into graduate programs. What does one do with an undergrad degree in biology? Not a rhetorical question, I actually don't know.
    Research assistant/lab tech or teaching, one would presume
    I don't think that they are excluding people who go on to do advanced degrees, at least judging from the numbers for chemistry. This study shows a $55k average for chemists, but the American Chemical Society says that a BS in Chemistry only averages $40k. To get up to 55k, seems like graduate degree earners would have to be included.
    Qualified PhDs in Chem start at around $75k in research fields (for the big guns, anyway)
     
  3. Lord-Barrington

    Lord-Barrington Senior member

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    I once came across a study which stated that 75K was the sweet-spot salary where you made enough to live comfortably but were probably working a 40 hour week with limited work travel and pressure. As bad as a 32K mid-career salary sounds, the vast majority of people making 200K are earning that money working in pretty difficult/depressing/stressful careers. Corporate lawyers and bankers come to mind.

    That doesn't mean everyone make 75K is happy and everyone making 200K+, but there's definitely a cut-off where you start earning your money at the cost of everything else in your life.
     
  4. yeungjai

    yeungjai Senior member

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    I once came across a study which stated that 75K was the sweet-spot salary where you made enough to live comfortably but were probably working a 40 hour week with limited work travel and pressure. As bad as a 32K mid-career salary sounds, the vast majority of people making 200K are earning that money working in pretty difficult/depressing/stressful careers. Corporate lawyers and bankers come to mind.

    That doesn't mean everyone make 75K is happy and everyone making 200K+, but there's definitely a cut-off where you start earning your money at the cost of everything else in your life.


    I've read a similar study, but I recall the details a little differently. They said that around $70,000 (this was in Canada I believe....wouldn't suppose it to translate to other places with different COLAs), you can basically buy things here and there that you want, eat out, and take a yearly vacation. Past that, you start seeing diminishing returns/tradeoffs - e.g. more stress for less marginal enjoyment. Instead of Banana Republic, you might be buying Zegna instead.

    Of course, it was a fairly generalized study. Outside of the SF crowd, most people probably aren't hurting enough for $300 jeans and $3000 suits to stress themselves out for it.
     
  5. Gibonius

    Gibonius Senior member

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    Qualified PhDs in Chem start at around $75k in research fields (for the big guns, anyway)

    Hell, my wife is getting 65k as a postdoc. I'm trying to transfer from teaching to industry, see where I end up salary-wise.
     

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