STEM is the new liberal arts: The changing trends of college majors

As the class of 2024 enters the job market, many graduates with degrees in STEM fields (science, technology, engineering, and mathematics) are about to find out if their majors will deliver on the promise of stable job prospects and financial security.

For at least a decade, technical degrees in STEM fields have led graduatesto higher-earning careers than those with degrees in the liberal arts or humanities. Since 2009, full-time workers with STEM undergraduate degrees have consistently earned around 30-40% more than their peers with liberal arts degrees, based on Census Bureau data.

However, it has taken time for students' courses of study to adapt to this trend. Between 2013 and 2022, bachelor's degrees awarded by American colleges increased from about 1.85 million annually to just over 2 million. During this period, the number of STEM bachelor's degrees rose by about 40%, while the number of bachelor's degrees in liberal arts and humanities awarded per year fell by 14% during the same time period.

Though this increase coincides with a period of increased demand for programmers, the rising cost of college further increased the appeal of degrees that pay off financially. Data from the Census Bureau shows that workers aged 25-64 who studied engineering, computer science, and economics had median earnings of around $100,000 in 2022, while those who studied English, liberal arts, and history had median earnings of around $65,000 to $75,000.

According to the College Board, the average net cost of going to a four-year college, excluding housing and food, has risen to roughly $11,000 annually at public schools andjust shy of $42,000 at private schools. Federal Reserve data shows that households with student loans owed a median of $24,500 in 2022, up 13% from 2013. A typical student who took on federal loans owed an average of $37,000 in 2023, up from $26,000 in 2013.

Learner analyzed data from the National Center for Education Statistics to see which college majors were growing the fastest and how these increases relate to current and upcoming trends in the job market and tuition costs.

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