There is bad news for computer science and computer engineering graduates, some of the most popular streams of study in the US. The unemployment rates for computer science and computer engineering at 6.1% and 7.5%, respectively, and are significantly higher than the national average.
According to a recent Federal Reserve Bank of New York review of college graduates’ labor market outcomes by major, majors in philosophy, art history, and nutrition all performed better in terms of career chances than STEM subjects, reports CNBC.
The unemployment rate for those majoring in nutritional sciences was only 0.4%, whereas it was 3% for those majoring in art history. The 2023 Census and the unemployment rates of recent college graduates served as the foundation for the New York Fed’s analysis.
Economics and finance majors also fared worse than those in theology and philosophy when it came to the employment rates for recent college graduates, according to the New York Fed. Philosophy majors have an unemployment rate of 3.2%, for example, and in finance, it’s 3.7%.
Gaurav Batra, Founder & CEO of Infinite Group, said, “It has been noted that fewer Indian students are choosing to enroll in traditional engineering programs over time. Engineering enrollment has dropped to 24.5%. Simultaneously, admittance to computer science and mathematics has risen to 42.9%, demonstrating the subjects’ rising appeal.”
Young individuals are seeing a more competitive job market as they transition into adulthood. According to the Federal Reserve Bank of New York, the jobless rate among recent college graduates increased to 5.8% in March from 4.6% at the same time last year, while the number of Gen Z households experiencing unemployment increased by about 32% year over year in February.
Typically, your major choice has a big impact on your future earning potential and employment possibilities. STEM majors are frequently marketed as the key to a lucrative career in both good and bad times, and this is largely accurate.
With median salaries of $80,000, students who study computer science or computer engineering—two STEM fields—are expected to make the most money immediately after graduation.
Nevertheless, there is a growing need for humanities majors, and for good cause.
Robert Goldstein, the chief operating officer of BlackRock, the largest money manager in the world, stated at a conference last year that the company was changing its hiring practices for fresh graduates. Goldstein stated, “We are increasingly convinced that we need people who majored in history, English, and subjects unrelated to technology or finance.”
The growth of artificial intelligence, which fuels the desire for creative thinking and so-called soft skills, is partly to blame for the demand for liberal arts degrees.