The college degree that leaves you POORER - and what to study to net $1M
Computer science and engineering offer the best returns on investmentMuch-maligned degrees in sociology and journalism fare better than expected READ MORE: The best and worst-paying college majors after five years
Preston Cooper has bad news for students of art, music, and drama.
They're on track to lose $88,505 over the course of their careers, the researcher has found.
That's because their future earnings won't offset the costs of tuition fees, books, and lost earnings while they're enrolled.
Those seeking a better return on investment (ROI) should look elsewhere when choosing a four-year Bachelor's course, Cooper says.
Nursing graduates easily repay their tuition costs and earn more than they would otherwise — the ROI over a nurse's career is $618,709.
The best bachelor's degrees for bigger bucks are in engineering, research has found
Engineering students get the best deal: lifetime returns of $949,255.
Selecting the right course is more important than getting into a fancy Ivy League school, says Cooper.
'Majors like engineering and computer science tend to offer very handsome returns — but other majors like fine arts tend to leave students worse off, financially,' he told DailyMail.com.
Choose your course wisely, says education researcher Preston Cooper
'While ROI isn't everything, students should be aware of the financial consequences of different majors before they start down the college path.'
Cooper's research comes as growing numbers of Americans question the value of higher education.
Many are deterred by eye-watering tuition fees, which at some top schools exceed $70,000 a year.
Cooper crunched the numbers on 53,000 courses and certificate programs at US schools.
He used data from the US Department of Education's College Scorecard.
Bachelor's degree programs were a safe bets, with a typical ROI of $160,000, he found.
But the major makes a big difference, says his study, for the Foundation for Research on Equal Opportunity, a nonprofit think tank.
Courses in engineering, computer science, nursing, and economics see lifetime returns of more than $500,000.
High schoolers increasingly wonder whether a four-year degree is worth the fast-rising tuition costs
A four-year nursing degree is one of the best financial bets, with a lifetime return on investment of nearly $620,000
In the middle of the table were such majors as political science, business and mathematics, with returns in the region of $200,000.
Those studying education, English, linguistics, psychology and the humanities could only expect a meager payback — as low as $13,000.
And, of course, art, music, and drama 'leaves students financially worse off most of the time,' says the study.
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There were a couple of surprises, says Cooper.
Journalism and sociology have reputations as money-losers.
In reality, he says, they offer decent career returns, in the region of $120,000.
The reason for such wide disparities is supply and demand in the job market, says Cooper.
'High salaries for engineering and computer science majors are a signal that the economy needs more workers with those skill sets to build bridges and develop software,' says the report.
'Low ROI for fine arts majors does not mean fine arts is a worthless field; rather, there are simply too many aspiring artists chasing too few jobs.'
Cooper also looked to see how undergraduate certificates stacked up against traditional four-year bachelor's degrees.
Those who learn how to become a car mechanic, metalworker, or HVAC installer can expect solid returns of $313,000 — better than most bachelor's degrees.
Other courses fare poorly.
Those studying for undergraduate certificates in cosmetology should expect to loss $114,036 over their career.
Studying fine arts can be fulfilling, but is most likely to leave graduates poorer than they would otherwise be
The complete breakdown shows that journalism and sociology graduates get tolerable returns on investment
Likewise, those choosing Associate degrees in liberal arts or general studies should plan for a $9,361 hole in their bank balance.
Cooper's survey comes as millions of high schoolers and their families are weighing whether a college degree makes financial sense.
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Tuition fees have risen so much faster than inflation that many families have begun to question the value of college costs.
Average costs of tuition and fees for the 2023-2024 academic year were more $11,260 at public colleges and nearly $41,540 at private institutions, according to the College Board.
Many young people don't want to start their adulthood saddled with college debts, and shorter, cheaper courses for marketplace-ready technical skills can look more appealing than longer, traditional degrees.
Cooper's study comes on the heels of a Pew Research Center survey that shows many Americans are questioning the value and usefulness of four-year degrees.
Many now see trade schools and apprenticeship programs as able to produce gainful workers faster than most colleges or universities.
Almost half say a degree is only worth the expense if students don't require a loan to attain it, the poll showed, the showed said.
Almost a third of the respondents say the cost of a four-year college degree is not worth earning if students have to borrow to get the degree.