September 30, 2012

Do College Graduates Find Jobs in their Field? - Look at Science and Engineering

In comments on a post at Get Rich Slowly, several people felt that what you major in doesn't matter since people end up in other fields or employers don't care what your major is.   As an engineering major working in the engineering field that doesn't really apply to me, but I know engineering is different than many majors in this respect.   I've previously talked about the Heldrich Center  and their data on what percent of recent grads got jobs in their field.   Here's a report from them. However they didn't cover how it looks for different majors.  

The National Science Foundation has a report Characteristics of Recent Science and Engineering Graduates: 2008

The data is from 2008 but the report is from August 2012 so its the most recent data they have. While its not very new, I doubt the overall trends have changed much other than higher unemployment during the recession.

I'm looking at just the grads with bachelors degrees which is in Table 1 of the report.   They also dissect the data other ways looking at gender, ethnicity and other factors.

Here is how it looks graphically with each major broken up by % of graduates who are either still in school (presumably grad school), employed in a science / engineering field, employed in a field other than science/engr. or who are are  unemployed:

(Click image for larger version)


I also thought it would be good to highlight the split between grads in each field who are either in school or in their field versus those who are employed in a field that isn't science or engineering or unemployed.  That split looks like this :
(Click image for larger version)

The majority of engineering grads and computer science end up in the sciences/engineering fields or back in school.   The majority of social sciences end up in other fields or unemployed.   The physical science grads are a mix with a higher percent in school again.

At the extremes you can see that 70% of sociology/anthropology majors end up in fields other than science or engineering and 77% of mechanical engineers end up in the science/engineering fields.  


Here is the data in table format :

grads in school
agricultural/food sciences 14,000 4,000
biological sciences 147,000 68,000
environmental life sciences 12,000 3,000



computer and info sciences 85,000 7,000



math and statistics 33,000 8,000



chemistry 22,000 11,000
earth, atmospheric, ocean 9,000 3,000
physics / astronomy 10,000 5,000



psychology 184,000 54,000



economics 48,000 8,000
political and related 98,000 23,000
sociology / anthropology 87,000 15,000
other social sciences 59,000 12,000



chemical engineering 8,000 2,000
civil 19,000 3,000
electrical/computer 37,000 5,000
industrial 6,000 1,000
mechanical 30,000 4,000
other engineer 26,000 7,000

and


in field other field unemployed
agricultural/food sciences 2,000 7,000 1,000
biological sciences 29,000 37,000 13,000
environmental life sciences 3,000 6,000 1,000




computer and info sciences 57,000 17,000 4,000




math and statistics 5,000 17,000 2,000




chemistry 5,000 5,000 1,000
earth, atmospheric, ocean 3,000 4,000 1,000
physics / astronomy 2,000 3,000 *




psychology 15,000 98,000 16,000




economics 6,000 32,000 2,000
political and related 5,000 62,000 7,000
sociology / anthropology 5,000 61,000 7,000
other social sciences 6,000 36,000 6,000




chemical engineering 5,000 1,000 *
civil 13,000 3,000 1,000
electrical/computer 24,000 5,000 2,000
industrial 4,000 1,000 *
mechanical 23,000 3,000 *
other engineer 12,000 5,000 2000


. --

September 28, 2012

Best of Blog Posts for Week of September 28th

Every Friday afternoon I share some of the more interesting or notable posts that I have seen in the personal finance blogs and other sources for the past week.

Planet Money argues that  It Could Be Worse (Unemployment Edition)
and shares some positive news with Surprise! There Are 386,000 More Jobs Than We Thought
and New Home Sales And (Maybe) Good News About The Housing Market, In 2 Graphs

FMF explains What is an Accredited Investor?

Apex at FMF gives us another in their real estate series Real Estate 101: Where to Start

GetRichSlowly tackles an interesting question Ask the Readers: If parents are paying for college, are any majors off limits?
--

September 27, 2012

Get a MP3 for 5¢

Here's a promo deal from Amazon to get a song for 5¢.

First you go to this page at Amazon then you have to share a song you like on Facebook to claim the credit. After that you can buy any song up to $1.29 in value and it will only cost you 5¢.

I heard about this one on Slickdeals


 - - This article may contain referral links which pay this site a commission for purchases made at the sites.

Suze Orman Backtracking on Gold

Last year Suze Orman was bullish on gold.    Today she appears to have forgotten her optimistic prediction for golds value and is no longer in favor of buying the shiny metal.    I recently caught an episode of her program where she told a viewer that gold would be the last place to put money behind housing and mutual funds.  

The episode aired Sept. 22nd.  The bit in question is around the 33 minute mark of the video.   The viewer asked "What is a better investment option: house, mutual funds or gold?"

Suze said first "all of those 3 things : fabulous investments over the long run".   Then Suze said that
"gold at this point really would be my last option, I have to tell you the truth".    She did go on to say that she thinks you could / should invest in all 3 assets for the long run in some portion.

Still it seems that gold is not her favorite investment of the three therefore she must assume housing and stocks will perform better than gold.   Yet late last year she was predicting ~20-25% increase in the value of gold within the 12 month period.

Here was her previous prediction which I talked about before

Gold prediction by Suze Orman -- Forecast : $2100 by 11/2012.  

Money reported a tweet from Suze Orman she made in Oct. 2011 where she predicted that gold will be "$2100 by 11/2012"    and recommended having 10% of your portfolio in the shiny stuff.   I found her reiterate the $2100 target on Nov. 10th last year    Gold started the year 2012 about $1600 and hit a high of $1781 in February.    

 Today gold is trading around $1750 an ounce.   If you'd followed Ormans advice and bought gold in Oct. 2011 then you would have paid somewhere between $1617 and $1741.  Depending on when you bought you'd be up 0.5% to 8%.   By comparison in the past 12 months the S&P 500 is up over 20%.

So to sum up :
Suze Orman in Oct. 2011 : predicts $2100 price of gold
Gold hits $1750 in Sept 2012.
Suze Orman in Sept. 2012 says gold "would be my last option" versus housing and stocks.

--

Blog Widget by LinkWithin