Are you driven by high earning potential? I mean real money. Payscale.com recently published their 2011/2012 salary survey by college major. I guess when you have data you can do anything with it.
For some college majors, for some people, the Payscale.com survey data is meaningful. For it to be useful, it has to be a specialized major that connects (strong correlation) to a specific type of work. For example, it is likely that those who complete an undergraduate degree in Elementary Education are teaching elementary education. In that scenario, the Payscale survey is meaningful and helpful. If you are fully self-aware, understand what a career in elementary education entails (what soft skills, continuing education, etc. are required) and see yourself as a good fit to the job/career, then you can expect to earn right around the median (geographic differences will explain most of the higher or lower pay range). Money won’t be a personal motivator for that career. However, helping others is a personal motivator for the Elementary Education Teacher career path. What that means is that the job of Elementary Education Teacher rewards “work” that helps others.
If you look at the survey list of college majors, there is one fundamental flaw. The data does not take into account what the person is doing job- and career-wise. Isn’t that the better (more valid) question? How you get there is insightful but not predictive of your potential income as much as “what” you do in your career.
I had a boss back in the ’80s by the name of Don J. Redlinger. He was actually my bosses’ boss. Don was business unit VP, Human Resources. His income, including stock options, put him on a trajectory to being a millionaire. He later was promoted to SVP, Human Resources for the entire multi-national Allied Signal corporation. He was in his 30’s at the time. What degree did Don have? A B.A. in History. Looking at the listing of college majors based on mid-career median income, Don should have been at about $69,000. If he had received a degree in Human Resources, his salary might have been around $62,600. Both are wrong. His degree was a strategic choice along with the college he went to. “What” he was doing was most important and relevant to his income. The industry he was in, and the career path he pursued are much greater predictors of income. How he got to the VP position early in his career has a lot to do with the “total package” which includes your “talent” as well as what you did back in high school, college, internships and early jobs out of college. My learning – a B.A. degree in History can be extremely valuable across a broad range of careers. Your talent and your strategy determine how well you leverage the degree.
Let’s look at another example – a long-time colleague and client of mine, Freddye Silverman. Freddye has a B.A. degree in Spanish and M.Ed in Spanish and Education. So what is she doing today, 20+ years since her completion of her education? She is Vice President, Eastern Region at Jeitosa Group International. She is a respected and recognized leader in the HR technology solutions field who has more than 25 years experience as a practitioner and consultant in HR IT. Freddye also has a teaching background in foreign languages which “enhances her global view”. Prior to Jeitosa she was VP, HR Technology Solutions for Cendant Corporation.
Because she has been a long-time client of The Nielson Group (corporate consulting where we use assessments to coach professionals and executives and assist with evaluating candidates during the hiring process using assessments), Freddye has been assessed using the same assessments used in the Career Coaching for Students program. When she reads her assessment results, she quickly says, “this is who I’ve been all my life“.
We know a great deal more than we did 20+ years ago about measuring personal talent and job matching. In Freddye’s case, what we now know, if used back then, might have suggested she look at a double major, Spanish (foreign language is a passion of hers) and Business Management, specializing in IT project management. Instead of starting her career in teaching (she is “behaviorally” a good fit for teaching/training as well) she might have gone directly into a corporate environment where her income in those early years might have been higher and she would have experienced much greater passion for what she was doing.
For Freddye to have remained in teaching (lower pay, help others), her Social motivator (see chart above) would have needed to be much higher and her Utilitarian much lower. While Freddye may not have recognized the forces at work, she has the kind of behavioral style that “easily recognizes and accepts the need for change”. She isn’t one to stay in a situation that doesn’t excite her. She made a career shift early on. Over 50% of the population (including student populations) do not have a behavioral style that can shift as easily and dramatically as Freddye’s.
Many adults are in roles they chose while in college – by default. For those where the choice was a good one (the job’s talent demands fit the person’s talent make-up) it worked out well. For those that weren’t so lucky (around 50%), the chance of watching ten or more years tick off while they feel less than fulfilled and mediocre is high. Choosing a major based on “earning potential of that major” isn’t a good strategy.
We can’t predict the future. But we can do a much better job of helping students look at careers/jobs that match their talent design (behaviors, motivators, sometimes referred to as personality). If a student has a clearer idea of what makes them excited to get up in the morning and how the work they do feels natural to them, they will be much more likely to be successful. Money is one type of reward. There are other types of rewards that are equally powerful and important for success. Look at the job or career-match to your talents rather than the income potential of a major as a first step. Then look at the possible educational strategies that will support your career aspirations. If your career choice is aligned with your talent, any major that allows you to enter that career will work.
Annual pay for Bachelors graduates without higher degrees. Typical starting graduates have 2 years of experience; mid-career have 15 years. See full methodology for more.
By the way, there is no “best major” for a Sales career (see article about groundbreaking research on top performing sales professionals) yet, sales is one of the highest median income career paths. The type of sales and choice of industry are much greater predictors of potential earnings.
Carl Nielson is a professional career coach, creator of Career Coaching for Students™ and managing principal of The Nielson Group, a management consulting firm specializing in hiring and selection, team effectiveness and executive coaching.