Thursday, November 10, 2011

Expected Salary by Major

Great data from blogger rafalab – can't go wrong with Engineering or Computer Science!


Expected Salary by Major:

Georgetown’s Center for Education and the Workforce has an informative interactive webpage that students can use to find out by-major salary information. I scraped data from this Wall Street Journal webpage which also provides, for each major, unemployment rates, salary quartiles, and its rank in popularity. I used these data to compute expected salaries by multiplying median salary by percent of employment. The graph above shows expected salary versus popularity rank (1=most popular) for the 50 most popular majors (Go here for a complete table and here is the raw data and code). I also included Physics (the 70-th). I used different colors to represent four categories: engineering, math/stat/computers, physical sciences, and the rest. As a baseline I added a horizontal line representing the average salary for a truck driver: $65K, a job currently with plenty of openings. Different font sizes are used only to make names fit. A couple of observations stand out. First, only one of the top 10 most popular majors, Computer Science, has a higher expected salary than truck drivers. Second, Psychology, the fifth most popular major, has an expected salary of $40K and, as seen in the table, an unemployment rate of 6.1%; almost three times worse than nursing.

1 comment:

Unknown said...

In fact, it makes up to $225 billion of revenue for an entire year. Now, most of the trucking companies in the U.S. have an average annual remittance of $98 billion. Looking at these figures, you can come up with the conclusion that this industry works on a huge budget and earns a relatively small amount of revenue. annual salary of a truck driver


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