The personal finance website Bankrate.com ranked 162 college majors based on average annual income and unemployment rates. New to the site’s ranking this year was another consideration of the portion of degree holders who have advanced degrees. There are a number of college majors that can be considered “worse” for your money. For example, many degrees in the arts and humanities field offer limited earning potential and tend to require more time to complete than some of the more lucrative majors.
Certain areas of study such as petroleum engineering or nuclear engineering can lead to high-paying jobs right out of college. Other majors, such as social work or early childhood education, may offer rewarding careers but typically don’t pay as well.
Before choosing a major, it’s important to do your research and consider how much money you can expect to make with that degree. The best way to find out is to talk to people who have already graduated from the program you’re interested in and ask them about their job prospects and salaries.
Here Are The Worst College Majors For Your Money
5. Miscellaneous Fine Arts
Miscellaneous fine arts majors can include a wide variety of courses and specialties, such as art history, music history, dance history, and more. While these majors may not lead to a specific career path, they can provide students with a strong foundation in the arts. Additionally, many students who study fine arts in college go on to pursue graduate degrees in the arts, which can help them develop their skills and knowledge even further.
Average Income: $ 40,855
Unemployment rate: 9.1%
LVCM Rank: 162
4.Composition & Speech
When you’re looking at colleges, it’s important to think about more than just the major you want to study. The cost of a degree can vary widely from school to school, and some majors are a lot more expensive than others. If you’re looking for a major that will give you the best return on your investment, you should avoid these three worst college majors for your money.
The first major on the list is education. While teaching is a noble profession, it’s not necessarily the most lucrative. In fact, according to Payscale, the average salary for elementary school teachers is just over $41,000. And that number drops significantly for secondary school teachers, who earn an average of $37,000 per year.
Average Income: $44,211
Unemployment rate: 4.9%
LVCM Rank: 161
3. Clinical psychology
Choosing a college major is one of the most important decisions a student will make. It can be difficult to know which major to choose, but it is important to consider all of the options before making a decision. One factor that students should consider when making this decision is how much money they can expect to make with different majors.
Some college majors are better for your wallet than others. According to a recent study, clinical psychology is one of the worst college majors for your money. Clinical psychologists earn an average salary of just $41,000 per year. This salary is significantly lower than the average salaries for other majors, such as business and engineering.
There are several reasons for this discrepancy. First, there are many more people who want to become clinical psychologists than there are jobs available. This means that competition for jobs is fierce and salaries are often low.
Average Income: $51,022
Unemployment rate: 4.8%
LVCM Rank: 160
2. Cosmetology & Culinary Arts
When it comes to finding a college major that will offer you the best return on your investment, some fields are better than others. Here are four college majors that you may want to avoid if you’re looking to get the most bang for your buck: cosmetology, culinary arts, drama, and creative writing.
While these majors can be enjoyable and rewarding pursuits, they often don’t lead to high-paying jobs. For example, the median annual salary for hairdressers and cosmetologists is just $23,000. And the median salary for chefs and head cooks is only $42,000.
Drama majors often find themselves struggling to find work after graduation, and the median annual salary for actors is just $39,000. Meanwhile, the median salary for writers and authors is only $55,000.
Average Income: $42,362
Unemployment rate: 4.7%
LVCM Rank: 159
1. Visual and Performing Arts
There are a lot of college majors out there. And while some might lead to high-paying jobs, others don’t offer the best return on investment. According to a report from WalletHub, the worst college majors for your money are visual and performing arts. These degrees tend to have low starting salaries and high unemployment rates.
For example, the average salary for someone with a degree in visual and performing arts is just $40,000. And the unemployment rate for these grads is 10%. So if you’re looking for a major that will help you get ahead financially, you may want to consider something else.
Average Income: $43.996
Unemployment rate: 4%
LVCM Rank: 158
Related Post: The Best College Majors For your Money
