Post-secondary education is a complicated issue to discuss, primarily because the associated benefits are much more complex than the simple income-generation we get from it. In fact, there is actual econometric evidence, undertaken by Marcus Greenlaw, that the biggest determinant of a person’s satisfaction with their degree is not the wage-premium, but rather the likelihood that they will be able to find a job related to their field of study.
To make the point more palpable, there is evidence, here at Mount Allison, that students are less influenced by income-generation than we might originally think. The table to the right shows (1) how many degrees Mt. A granted in 2012 in each major, (2) the corresponding average starting salary, and (3) the average mid-career salary. The averages are based on a nationwide survey in the United States; there is no Canadian source that so clearly delineates salary information according to major.
First reaction: Holy classics!
Second reaction: There is no correlation between salary and degree output. Or more accurately, there is a negative correlation. Within the majors offered at Mt. A, people seem to gravitate towards the lower-paying ones: history, English, anthropology, psychology, and sociology majors make up thirty-five per cent of the degrees granted in 2012, while the wage premiums to these degrees are relatively low.
So it appears that income-differentials matter very little in the choice of degree, at least amongst Allisonians. And to a certain extent, this is a very sane approach: study what interests you, because that will (hopefully) lead to a job that you enjoy. We are very privileged to have the freedom to place so little weight on future income, a benefit that comes from living in one of the wealthiest nations in the world.
However, to end on a sober note, income-generation is still important. According to a Bank of Montreal survey, Canadian students expect to graduate with $26,297 of debt on average. This translates to a $319 monthly payment for ten years. Or, for the ambitious, that would be $533 monthly for five years. From this perspective, income suddenly regains some importance.
| Mount Allison Degrees Granted in 2012 | Average Starting Salary in 2013 | Average Mid-Career Salary 2013 | Rank | |
|---|---|---|---|---|
| Computer Science | 1 | $58,400 | $100,000 | 9 |
| Physics | 6 | $51,200 | $99,100 | 11 |
| Economics | 4 | $48,500 | $94,900 | 15 |
| International Relations | 25 | $40,600 | $93,000 | 16 |
| Biochemistry | 16 | $43,200 | $88,500 | 24 |
| Chemisty | 13 | $44,700 | $87,500 | 25 |
| Math | 8 | $48,500 | $85,800 | 29 |
| Classics | 5 | $35,300 | $75,800 | 50 |
| Commerce Degree (Various Majors) | 56 | $41,956 | $75,789 | |
| Political Science | 8 | $40,300 | $74,700 | 53 |
| Environmental Science | 12 | $39,800 | $73,600 | 56 |
| Philosophy | 5 | $38,300 | $72,600 | 58 |
| Biology | 49 | $39,100 | $72,200 | 59 |
| History | 25 | $39,000 | $70,200 | 61 |
| Modern Languages | 5 | $38,750 | $68,200 | |
| Geography | 25 | $39,800 | $67,400 | 69 |
| English | 25 | $38,100 | $65,500 | 73 |
| Anthropology | 19 | $36,000 | $61,400 | 84 |
| Psychology | 67 | $35,200 | $60,200 | 68 |
| Drama | 4 | $39,300 | $58,900 | 90 |
| Religious Studies | 4 | $34,900 | $58,400 | 92 |
| Sociology | 28 | $36,000 | $56,700 | 100 |
| Art History | 6 | $36,400 | $54,000 | 113 |
| Fine Arts | 20 | $31,800 | $53,700 | 115 |
| Music | 16 | $34,600 | $51,100 | 119 |
