STEM Graduates on the Rise: Higher Pay Drives Educational Choices
Higher pay has significantly driven the surge in STEM (Science, Technology, Engineering, and Mathematics) graduates. This trend is primarily attributed to the earnings potential associated with different college majors. According to Eric Greenberg, the president of Greenberg Educational Group, students are increasingly drawn to niche programs, particularly in STEM fields, due to the promise of better financial prospects. STEM majors are often considered the most lucrative, influencing students' choices.
Recent data, such as Payscale's college salary report, reveals that the highest-paying majors are primarily in STEM. For example, petroleum engineering is currently the highest-paying major, with graduates earning nearly six figures at the start of their careers and over $200,000 with a decade of experience. Operations research and industrial engineering are among the next highest-paid majors, followed by interaction design, applied economics and management, and building science.
Moreover, technology-related jobs dominate the list of the highest-paying jobs available, with software engineers and project managers still in demand, even though tech hiring has slowed.
An analysis by the U.S. Census Bureau shows that students pursuing degrees in computer science, electrical engineering, mechanical engineering, or economics, primarily STEM disciplines, tend to earn the most overall.
This shift towards STEM fields can also be attributed to a closer examination of the financial value of college programs. Rising college tuition costs have led individuals to scrutinize their educational choices more closely, focusing on programs offering better investment returns.
While a degree is still essential for many STEM-related roles, there is a growing trend in some STEM fields where a degree may only sometimes be a relaxed requirement. Many companies, especially in the technology sector, have started dropping degree requirements for middle-skill and higher-skill positions. Alternative paths such as boot camps, specialized programs, and online certifications have become more accessible and cost-effective options for individuals looking to enter STEM professions.
Despite this trend, it's worth noting that, in general, occupations are demanding higher levels of education, and the fastest-growing industries, such as computer and data processing, still require workers with comparatively high education levels compared to slower-growing industries. Overall, the growth in STEM graduates is expected to continue, as STEM job opportunities are projected to outpace those in non-STEM fields in the coming years.