Methodology
To calculate ROI for a specific degree, we first determined the overall cost of the degree. We allowed the degree holder four years to graduate. Using data from a recent College Board study, we assigned a figure of $37,343 as an average cost of a four-year public liberal arts degree, and a figure of $121,930 for degrees earned at four-year private colleges. The total cost included tuition, room and board, and books, and did not factor in scholarships or grants. We then determined the median cash compensation over the course of 30 years of typical jobs requiring that degree using Salary.com data. We used current Salary.com figures, but added 4.3% per year to account for inflation and cost of living increases. To determine ROI, we subtracted the cost of the degree from the gains over 30 years, then divided that figure by cost.
These Careers Might Make You Happy, But Fail the Tuition ROI Test...
Here are the 8 College Degrees with the Worst Return on Investment:
To calculate ROI for a specific degree, we first determined the overall cost of the degree. We allowed the degree holder four years to graduate. Using data from a recent College Board study, we assigned a figure of $37,343 as an average cost of a four-year public liberal arts degree, and a figure of $121,930 for degrees earned at four-year private colleges. The total cost included tuition, room and board, and books, and did not factor in scholarships or grants. We then determined the median cash compensation over the course of 30 years of typical jobs requiring that degree using Salary.com data. We used current Salary.com figures, but added 4.3% per year to account for inflation and cost of living increases. To determine ROI, we subtracted the cost of the degree from the gains over 30 years, then divided that figure by cost.
These Careers Might Make You Happy, But Fail the Tuition ROI Test...
Here are the 8 College Degrees with the Worst Return on Investment:
1. Communications
You'd think the ink-stained newsrooms and TV studios are full of wealthy and famous journalists. Not quite. Although these skills require lots of education and training, they buried the lead regarding the lack of payoff. Check these communications jobs out:
COPYWRITER
Median Salary: $52,549
30-Year Earnings: $3,099,338
ROI of Degree Earner Attending Public College: 82%
ROI of Degree Earner Attending Private College: 24%
NEWS REPORTER
Median Salary: $37,393
30-Year Earnings: $2,205,438
ROI of Degree Earner Attending Public College: 58%
ROI of Degree Earner Attending Private College: 17%
MARKETING COORDINATOR
Median Salary: $50,455
30-Year Earnings: $2,975,834
ROI of Degree Earner Attending Public College: 79%
ROI of Degree Earner Attending Private College: 23%
2. Psychology
We're starting to notice an unfortunate trend regarding doing work for others with minimal pay. Maybe you can get inside the head of someone influential and find out why workers in this field don't get paid more for these jobs:
HUMAN SERVICES WORKER
Median Salary: $22,738
30-Year Earnings: $1,341,086
ROI of Degree Earner Attending Public College: 35%
ROI of Degree Earner Attending Private College: 10%
CAREER COUNSELOR - HIGHER EDUCATION
Median Salary: $43,384
30-Year Earnings: $2,558,787
ROI of Degree Earner Attending Public College: 68%
ROI of Degree Earner Attending Private College: 20%
BEREAVEMENT COORDINATOR
Median Salary: $52,200
30-Year Earnings: $3,078,754
ROI of Degree Earner Attending Public College: 81%
ROI of Degree Earner Attending Private College: 24%
3. Nutrition
It's hard work making sure everyone else eats right, preparing nutritious meals and/or checking to make sure the nation's food supply is up to snuff. But all that hard work and education necessary to land this job might not turn a huge profit.
DIETICIAN
Median Salary: $53,679
30-Year Earnings: $3,165,985
ROI of Degree Earner Attending Public College: 84%
ROI of Degree Earner Attending Private College: 25%
FOOD SERVICES MANAGER
Median Salary: $56,711
30-Year Earnings: $3,344,813
ROI of Degree Earner Attending Public College: 89%
ROI of Degree Earner Attending Private College: 27%
FOOD SCIENTIST
Median Salary: $64,019
30-Year Earnings: $3,775,838
ROI of Degree Earner Attending Public College: 100%
ROI of Degree Earner Attending Private College: 30%
4. Hospitality/Tourism
You're the wizard behind the curtain. The one who's working like a dog to make it all happen while everyone else is enjoying the fruits of your labor. Unfortunately, there isn't always a lot of financial benefit after earning your degree. Here are three commonly held hospitality jobs:
MEETING/EVENT PLANNER
Median Salary: $55,476
30-Year Earnings: $3,271,972
ROI of Degree Earner Attending Public College: 87%
ROI of Degree Earner Attending Private College: 26%
HOTEL RESIDENT MANAGER
Median Salary: $65,076
30-Year Earnings: $3,838,180
ROI of Degree Earner Attending Public College: 102%
ROI of Degree Earner Attending Private College: 30%
CATERING MANAGER
Median Salary: $42,533
30-Year Earnings: $2,508,595
ROI of Degree Earner Attending Public College: 66%
ROI of Degree Earner Attending Private College: 20%
Ah teaching. One of the noblest professions. And while it stands to reason we'd pay great sums to the chosen few who shape the minds of future generations, it doesn't quite work out that way. Here are three commonly held jobs in education:
DAYCARE CENTER TEACHER
Median Salary: $27,910
30-Year Earnings: $1,646,131
ROI of Degree Earner Attending Public College: 43%
ROI of Degree Earner Attending Private College: 13%
ELEMENTARY SCHOOL TEACHER
Median Salary: $52,241
30-Year Earnings: $3,081,172
ROI of Degree Earner Attending Public College: 82%
ROI of Degree Earner Attending Private College: 24%
HIGH SCHOOL TEACHER
Median Salary: $54,473
30-Year Earnings: $3,212,815
ROI of Degree Earner Attending Public College: 85%
ROI of Degree Earner Attending Private College: 25%
7. Fine Arts
Artists are respected, revered and celebrated. The trick is achieving that status while they're still alive. After all, the term "starving artist" didn't come from nowhere. Here are three jobs commonly held by workers with a fine arts degree:
MUSEUM RESEARCH WORKER
Median Salary: $48,401
30-Year Earnings: $2,854,689
ROI of Degree Earner Attending Public College: 75%
ROI of Degree Earner Attending Private College: 22%
GRAPHIC DESIGNER
Median Salary: $47,753
30-Year Earnings: $2,816,470
ROI of Degree Earner Attending Public College: 74%
ROI of Degree Earner Attending Private College: 22%
PAINTER/ILLUSTRATOR
Median Salary: $37,819
30-Year Earnings: $2,230,563
ROI of Degree Earner Attending Public College: 58%
ROI of Degree Earner Attending Private College: 17%
8. Sociology
People who enter the field of sociology generally are interested in helping their fellow man. Unfortunately, that kind of benevolence doesn't usually translate to wealth. Here are three jobs commonly held by sociology majors (click on job title and/or salary for more info):
SOCIAL WORKER
Median Salary: $47,121
30-Year Earnings: $2,779,195
ROI of Degree Earner Attending Public College: 73%
ROI of Degree Earner Attending Private College: 21%
CORRECTIONS OFFICER
Median Salary: $39,630
30-Year Earnings: $2,337,376
ROI of Degree Earner Attending Public College: 61%
ROI of Degree Earner Attending Private College: 18%
CHEMICAL DEPENDENCY COUNSELOR
Median Salary: $47,210
30-Year Earnings: $2,784,444
ROI of Degree Earner Attending Public College: 73%
ROI of Degree Earner Attending Private College: 21%
College: Is it Worth It?
What's more expensive than going to college? Until recently, the answer was easy: not going to college. Numerous studies over the years have shown that individuals with college degrees significantly out-earn those with high school degrees by $1 million or more over the course of a lifetime.
But as the cost of education increases faster than inflation and the economy remains relatively weak, people are beginning to question how they spend their education dollars. As student loans hit the $1 trillion mark and more and more graduates are faced with years of paying staggering monthly payments, many are starting to ask themselves, "Is it worth it?"
While there's no doubt that a college degree increases earning power and broadens opportunities, today's high cost of education means it makes sense to more carefully consider which degree you earn. When it comes to return on investment (ROI), not all degrees are considered equal. This article exposes eight college degrees with poor ROI.
Be Prepared
We know money isn't everything. A lot of people do these jobs and have great and fulfilling careers. But as the cost of education increases, it's important to know if you'll get your money’s worth and see a postive ROI. Good luck. (Source - salary.com)
Related posts:
1. A New University Ranking System - Value for Money Approach
2. Which Careers are the Fastest Growing in U.S. Employment Projections from 2012-2022?
3. International study is expensive: weigh costs against quality
4. Top Ten Starting Salaries for Fresh Graduate
5. Study English-medium Science and Technology, Engineering or Healthcare Subjects in China
You'd think the ink-stained newsrooms and TV studios are full of wealthy and famous journalists. Not quite. Although these skills require lots of education and training, they buried the lead regarding the lack of payoff. Check these communications jobs out:
COPYWRITER
Median Salary: $52,549
30-Year Earnings: $3,099,338
ROI of Degree Earner Attending Public College: 82%
ROI of Degree Earner Attending Private College: 24%
NEWS REPORTER
Median Salary: $37,393
30-Year Earnings: $2,205,438
ROI of Degree Earner Attending Public College: 58%
ROI of Degree Earner Attending Private College: 17%
MARKETING COORDINATOR
Median Salary: $50,455
30-Year Earnings: $2,975,834
ROI of Degree Earner Attending Public College: 79%
ROI of Degree Earner Attending Private College: 23%
2. Psychology
We're starting to notice an unfortunate trend regarding doing work for others with minimal pay. Maybe you can get inside the head of someone influential and find out why workers in this field don't get paid more for these jobs:
HUMAN SERVICES WORKER
Median Salary: $22,738
30-Year Earnings: $1,341,086
ROI of Degree Earner Attending Public College: 35%
ROI of Degree Earner Attending Private College: 10%
CAREER COUNSELOR - HIGHER EDUCATION
Median Salary: $43,384
30-Year Earnings: $2,558,787
ROI of Degree Earner Attending Public College: 68%
ROI of Degree Earner Attending Private College: 20%
BEREAVEMENT COORDINATOR
Median Salary: $52,200
30-Year Earnings: $3,078,754
ROI of Degree Earner Attending Public College: 81%
ROI of Degree Earner Attending Private College: 24%
3. Nutrition
It's hard work making sure everyone else eats right, preparing nutritious meals and/or checking to make sure the nation's food supply is up to snuff. But all that hard work and education necessary to land this job might not turn a huge profit.
DIETICIAN
Median Salary: $53,679
30-Year Earnings: $3,165,985
ROI of Degree Earner Attending Public College: 84%
ROI of Degree Earner Attending Private College: 25%
FOOD SERVICES MANAGER
Median Salary: $56,711
30-Year Earnings: $3,344,813
ROI of Degree Earner Attending Public College: 89%
ROI of Degree Earner Attending Private College: 27%
FOOD SCIENTIST
Median Salary: $64,019
30-Year Earnings: $3,775,838
ROI of Degree Earner Attending Public College: 100%
ROI of Degree Earner Attending Private College: 30%
4. Hospitality/Tourism
You're the wizard behind the curtain. The one who's working like a dog to make it all happen while everyone else is enjoying the fruits of your labor. Unfortunately, there isn't always a lot of financial benefit after earning your degree. Here are three commonly held hospitality jobs:
MEETING/EVENT PLANNER
Median Salary: $55,476
30-Year Earnings: $3,271,972
ROI of Degree Earner Attending Public College: 87%
ROI of Degree Earner Attending Private College: 26%
HOTEL RESIDENT MANAGER
Median Salary: $65,076
30-Year Earnings: $3,838,180
ROI of Degree Earner Attending Public College: 102%
ROI of Degree Earner Attending Private College: 30%
CATERING MANAGER
Median Salary: $42,533
30-Year Earnings: $2,508,595
ROI of Degree Earner Attending Public College: 66%
ROI of Degree Earner Attending Private College: 20%
5. Religious Studies/Theology
Talk about finding your calling. While devoting your life to the church and dedicating your life to the service of others is laudable, it's not going to leave you with a lot of profit after you earn your degree. Here are three commonly held jobs theological jobs:
RELIGIOUS EDUCATOR
Median Salary: $47,957
30-Year Earnings: $2,828,502
ROI of Degree Earner Attending Public College: 75%
ROI of Degree Earner Attending Private College: 22%
CHAPLAIN -- HEALTHCARE
Median Salary: $51,127
30-Year Earnings: $3,015,174
ROI of Degree Earner Attending Public College: 80%
ROI of Degree Earner Attending Private College: 24%
ASSOCIATE PASTOR
Median Salary: $61,811
30-Year Earnings: $3,645,610
ROI of Degree Earner Attending Public College: 96%
ROI of Degree Earner Attending Private College: 29%
6. Education
Talk about finding your calling. While devoting your life to the church and dedicating your life to the service of others is laudable, it's not going to leave you with a lot of profit after you earn your degree. Here are three commonly held jobs theological jobs:
RELIGIOUS EDUCATOR
Median Salary: $47,957
30-Year Earnings: $2,828,502
ROI of Degree Earner Attending Public College: 75%
ROI of Degree Earner Attending Private College: 22%
CHAPLAIN -- HEALTHCARE
Median Salary: $51,127
30-Year Earnings: $3,015,174
ROI of Degree Earner Attending Public College: 80%
ROI of Degree Earner Attending Private College: 24%
ASSOCIATE PASTOR
Median Salary: $61,811
30-Year Earnings: $3,645,610
ROI of Degree Earner Attending Public College: 96%
ROI of Degree Earner Attending Private College: 29%
6. Education
Ah teaching. One of the noblest professions. And while it stands to reason we'd pay great sums to the chosen few who shape the minds of future generations, it doesn't quite work out that way. Here are three commonly held jobs in education:
DAYCARE CENTER TEACHER
Median Salary: $27,910
30-Year Earnings: $1,646,131
ROI of Degree Earner Attending Public College: 43%
ROI of Degree Earner Attending Private College: 13%
ELEMENTARY SCHOOL TEACHER
Median Salary: $52,241
30-Year Earnings: $3,081,172
ROI of Degree Earner Attending Public College: 82%
ROI of Degree Earner Attending Private College: 24%
HIGH SCHOOL TEACHER
Median Salary: $54,473
30-Year Earnings: $3,212,815
ROI of Degree Earner Attending Public College: 85%
ROI of Degree Earner Attending Private College: 25%
7. Fine Arts
Artists are respected, revered and celebrated. The trick is achieving that status while they're still alive. After all, the term "starving artist" didn't come from nowhere. Here are three jobs commonly held by workers with a fine arts degree:
MUSEUM RESEARCH WORKER
Median Salary: $48,401
30-Year Earnings: $2,854,689
ROI of Degree Earner Attending Public College: 75%
ROI of Degree Earner Attending Private College: 22%
GRAPHIC DESIGNER
Median Salary: $47,753
30-Year Earnings: $2,816,470
ROI of Degree Earner Attending Public College: 74%
ROI of Degree Earner Attending Private College: 22%
PAINTER/ILLUSTRATOR
Median Salary: $37,819
30-Year Earnings: $2,230,563
ROI of Degree Earner Attending Public College: 58%
ROI of Degree Earner Attending Private College: 17%
8. Sociology
People who enter the field of sociology generally are interested in helping their fellow man. Unfortunately, that kind of benevolence doesn't usually translate to wealth. Here are three jobs commonly held by sociology majors (click on job title and/or salary for more info):
SOCIAL WORKER
Median Salary: $47,121
30-Year Earnings: $2,779,195
ROI of Degree Earner Attending Public College: 73%
ROI of Degree Earner Attending Private College: 21%
CORRECTIONS OFFICER
Median Salary: $39,630
30-Year Earnings: $2,337,376
ROI of Degree Earner Attending Public College: 61%
ROI of Degree Earner Attending Private College: 18%
CHEMICAL DEPENDENCY COUNSELOR
Median Salary: $47,210
30-Year Earnings: $2,784,444
ROI of Degree Earner Attending Public College: 73%
ROI of Degree Earner Attending Private College: 21%
College: Is it Worth It?
What's more expensive than going to college? Until recently, the answer was easy: not going to college. Numerous studies over the years have shown that individuals with college degrees significantly out-earn those with high school degrees by $1 million or more over the course of a lifetime.
But as the cost of education increases faster than inflation and the economy remains relatively weak, people are beginning to question how they spend their education dollars. As student loans hit the $1 trillion mark and more and more graduates are faced with years of paying staggering monthly payments, many are starting to ask themselves, "Is it worth it?"
While there's no doubt that a college degree increases earning power and broadens opportunities, today's high cost of education means it makes sense to more carefully consider which degree you earn. When it comes to return on investment (ROI), not all degrees are considered equal. This article exposes eight college degrees with poor ROI.
Be Prepared
We know money isn't everything. A lot of people do these jobs and have great and fulfilling careers. But as the cost of education increases, it's important to know if you'll get your money’s worth and see a postive ROI. Good luck. (Source - salary.com)
Related posts:
1. A New University Ranking System - Value for Money Approach
2. Which Careers are the Fastest Growing in U.S. Employment Projections from 2012-2022?
3. International study is expensive: weigh costs against quality
4. Top Ten Starting Salaries for Fresh Graduate
5. Study English-medium Science and Technology, Engineering or Healthcare Subjects in China
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