The 2013 Best of the Best lists will be published and online mid April (Part 1) and mid July (Part 2)
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Degrees in STEM Earn More
A new report from the Georgetown University Center on Education and the Workforce shows that 65 percent of bachelor’s degrees in STEM (science, engineering, technology and mathematics) occupations earn more than master’s degrees in non-STEM occupations. Similarly, 47 percent of bachelor’s degrees in STEM occupations earn more than PhDs in non-STEM occupations. Furthermore, even people with only STEM certificates can earn more than people with non-STEM degrees; for instance, certificate holders in engineering earn more than associate’s degree holders in business and more than bachelor’s degree holders in education.
STEM will grow to only 5 percent of all jobs by 2018 and demand for STEM talent is growing even faster outside of traditional STEM occupations.
This increasing demand for STEM knowledge, skills, and abilities allows many individuals with STEM talent to leave STEM occupations. Students and workers divert from STEM jobs because, while STEM is high-paying, STEM students have access to higher-paying career options. The report finds that out of every 100 students with a bachelor ’s degree, 19 graduate with a STEM degree but only 8 are working in STEM occupations ten years after graduation.
But it’s not only about money—a major conclusion of the report is that STEM talent winds up outside of STEM occupations because STEM jobs often do not fully satisfy individual social and entrepreneurial interests. “STEM provides choice for people both immediately after school and at mid-career, allowing people to transition to different and oftentimes more lucrative career pathways, including management and healthcare that provide long-term stability and excellent wages,” says Anthony P. Carnevale, the Center’s director and the report’s lead author.
The report details STEM earnings by occupation, race, sex, and education level:
For women and minorities, STEM is the best equal opportunity employer.
For women and minorities, STEM is a good news/bad news story. Women and minorities are underrepresented in STEM. But for those who do persist, the pay gap in STEM between women and minorities and white men is smaller in STEM than in any other occupation.
STEM pays more than most jobs at each level of education, and at the graduate level is exceeded only by a small sliver of managerial and healthcare occupations.
Over 70 percent of STEM workers at the high school or some college level make more than the average for workers in all other occupations at the same education level. More than two-thirds of associate’s degree- holders in thirds of associate’s degree- holders in STEM make more than the average for all associate’s degree- holders.
STEM training pays more even for those who don’t work in a STEM occupation.
Workers majoring in STEM in college earn more than all other majors over their lifetimes, even if they work in non-STEM occupations. Apart from the full national report, The Georgetown University Center on Education and the Workforce STEM report contains a state- level analysis of STEM jobs. The report is available online at http://cew. georgetown.edu/STEM.
About Georgetown University Center
The Georgetown University Center on education and the Workforce is an independent, nonprofit research and policy institute that studies the link between individual goals, education and training curricula, and career pathways.
Source: Georgetown University Center on Education and the Workforce