Posted on 02/18/2016 4:19:40 AM PST by expat_panama
Millennials are in better shape financially than you might think. The situation is especially sunny for college grads.
After their wages declined in several calendar years since 2002, millennial college grads saw wage hikes in 2014 and 2015.
Also, their unemployment rate has trended lower since March 2011.
In fact, the key economic divide is not between millennials and older workers. It is between millennial college grads and those without a degree, according to new data from the Federal Reserve Bank of New York.
Altogether, this provides degree-holding millennials with much sounder financial planning prospects in general and retirement planning in particular.
In addition...
...The conventional wisdom says millennials of all stripes suffer from high unemployment and low pay. You know the image: They live in their parents' basements, and the lucky ones hold part-time jobs as coffee shop baristas. But that's not true for millennials who hold college degrees.
Millennial bachelor-degree holders aged 22 to 27 earned a median wage of $43,000 last year. That was up from $39,992 the year before, and marked the second straight year their median wage rose...
...people in that age group without degrees have seen their median wages trend lower since 2009.
And young college grads are also doing better when it comes to landing jobs. Both they and their non-degreed age group have seen their respective jobless rates move lower in recent years.
But unemployment among millennials with degrees is now much lower...
...The overall median wage for workers between 22 and 27 with a degree was $38,000.
The next four majors: general engineering, at $55,000; computer science, $54,000; miscellaneous engineering, $52,000; and business analytics, $50,000.
At the bottom of the New York Fed's list of 73 majors: family and consumer sciences, earning just $28,400.
(Excerpt) Read more at investors.com ...
That Consumer Sciences degree might be a better bet than you think.
If Bernie wins this the Government is going to go on a mass hiring spree for new jackboot regulators.
Drugstores offer flexible hours, good for women with kids.
AT SUNY ESF, the Paper and Bioprocess engineers start at six figures, if you were a good student.
I agree.
According to the chart:
Environmental studies graduates get almost the worst compensation. I can imagine its because the field is flooded with clueless dogooder types. Too much supply of these graduates.
Virtually every gangbanger has close relatives -- siblings, uncle or aunt, cousin -- who are doing the right thing, working, and staying out of trouble. There is a feral population that probably can't be salvaged, but if we drained the swamp, we would substantially reduce the numbers we are producing. It's really nothing more than undoing LBJ's disastrous wrong turns.
And Hindus or Pakis
The more fun your job is the less it pays.
My son got a Welding/Materials Joining engineering degree and started working @ 60k a year. Within a few weeks of starting that job he had 5 or 6 more job offers.
Tradesmen do pretty well. A man can make a very good living as a welder. If the damn oil fields would keep running, there’s tons of money to be made there, too.
“...altogether in shock.”
LMAO! You owe me a new display. Sad, but true, what you said.
“...The public schools could do this as well if they got their act together...”
Nope, NEVER going to happen. IMO, you hit everywhere BUT on the head.
What you note is the difference when one gets away from ‘single/3rd-party payer’ education.
When people pay out of their own pockets....people CARE about results, decorum, curriculum, teachers, student behavior, etc.
Again, that can NEVER be in *FREE* ‘public’ education.
Agreed. I also think dilution, as it relates to school location and size is also a solution. Smaller, more neighborhood associated schools are key. It’s going back to the one room schoolhouse - effective, especially given technology today.
The public schools used to do this routinely. In many places, they still do. But I agree that governance is the issue, and school choice is the solution.
Students who are accepted into the best American universities (say those ranked above 80th world-wide in either the Times Higher Education rankings or the Shanghai rankings) fall into one or more of the following categories:
Yes, a starting salary of $40k is off by about 50%, at least for full-time people. Interestingly, about 2/3 of new pharmacy grads are women.
Yes, and that explains the two statistics: the $80k figure is probably good for full-time, but a large percentage of pharmacy grads, esp. women, choose to work part-time for the sake of raising a family. Average earnings and average full-time salaries will always show a disparity in female-heavy professions in which part-time work is a widely available option.
How does an engineer try to make a funny?
Not too well.
I do not concur on the solution.
Yes, govt IS the issue. School choice is but an offshoot of the solution: NO property taxes and education, like 99% of the rest, returns to a service oriented entity.
Mom/dad/guardian pays. Those w/out or grown-up...do what you will. You don’t pay for car insurance when you no longer need a car, why are schools different?
Going to the right university and selecting the right major can produce a great starting salary upon graduation.
My oldest daughter graduated from Georgetown University’s School of Foreign Service in 2014 and stepped right into a $75,000/yr job with an international management consulting firm. Her current roommate also attended Georgetown with a degree in social work. She makes $40,000/yr.
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