The Value of a Liberal Arts Degree, Reexamined

Those with a liberal arts degree need not hang their heads in shame.  They can feel vindicated in their choice of major according to the results of the report How Liberal Arts and Science Majors Fare in Employment: A Report on Earnings and Long-Term Career Paths.  A joint effort by the Association of American Colleges and Universities (AAC&U) and the National Center for Higher Education Management Systems (NCHEMS), the report debunks the myth that a liberal arts degree will only lead to unemployment and low wages.

Inside Higher Ed highlights the report’s findings, which show that while liberal arts majors have lower salaries and higher unemployment rates in the immediate post-graduation years compared to other majors, the gap closes over time.  For instance, in their peak earning ages (56-60), liberal arts majors:

• make more money, on average, than those who studied in professional and pre-professional fields and
• make $40,000 more than they did as recent graduates (ages 21-25).

However, there are some instances where the salary gap does not close over time.  Earnings for those with only a bachelor’s degree in the humanities or social sciences peak at about $58,000 per year, the lowest among those with professional, engineering, or physical and natural sciences and mathematics degrees.

Report authors point out that the salary difference could occur in part because liberal arts graduates are more likely to take lower paying jobs, such as social services jobs.  Graduates may take these jobs for a number of reasons:  because they are drawn to the jobs, they are more suited to a wide array of employment, or these are the only jobs available to them.

The full report is only available for a fee, but more information on the report and topic is available at the AAC&U's site.