Your college major can play a significant role in the type of job you’ll find after graduation and the amount of income you can expect in a salary.
But surprisingly, some of the most popular majors have high unemployment rates, according to data from the Federal Reserve Bank of New York. Majors such as computer science and physics had some of the highest unemployment rates, at 6.1 and 7.8 percent, respectively, despite being considered relatively stable STEM fields.
“A graduate’s degree doesn’t guarantee job security, and in some cases, it can make you overqualified and underemployed, especially when debt is involved,” Kevin Thompson, the CEO of 9i Capital Group and the host of the 9Innings podcast, told Newsweek.
Why It Matters
The national unemployment rate was 4.2 percent in April, according to the U.S. Bureau of Labor Statistics.
Choosing certain college majors could significantly increase your chances of going without a job, according to New York Fed data. While some fields may have historically been viewed as more stable and likely to lead to a lucrative career, the new data could shift the way students choose their majors now and in the future.
What To Know
Computer science ranked seventh among undergraduate majors with the highest unemployment at 6.1 percent, according to the New York Fed. However, it also ranked as number one by the Princeton Review for college majors, showing the tech industry may not be living up to graduates’ expectations.
According to CollegeFactual, it was the 12th most popular major in the 2021-2022 school year.
The full list of college majors with the highest unemployment rates was as follows:
- Anthropology, 9.4 percent
- Physics, 7.8 percent
- Computer Engineering, 7.5 percent
- Commercial Art and Graphic Design, 7.2 percent
- Fine Arts, 7 percent
- Sociology, 6.7 percent
- Computer Science, 6.1 percent
- Chemistry, 6.1 percent
- Information Systems and Management, 5.6 percent
- Public Policy and Law, 5.5 percent
Spencer Platt/Getty Images
Many of these areas of study were far less desirable than computer science, with physics ranking as the 68th most popular major, according to CollegeFactual.
Only 9,310 students obtain a bachelor’s degree in anthropology each year, according to Niche. And under 7,000 earn their degree in graphic design, although many others enter the field with a slightly different degree title.
Fine arts was ranked number 66 in popularity by CollegeFactual, with sociology, chemistry, information systems, and public policy coming in at numbers 25, 51, 314, and 113, respectively.
Majors such as nutrition sciences, construction services, and civil engineering had some of the lowest unemployment rates, hovering between 1 percent and as low as 0.4 percent.
What People Are Saying
Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: “The higher unemployment rates in computer science and computer engineering were unexpected, especially considering the direction of our economy. With AI and chip manufacturing dominating headlines, you’d think these roles would be in high demand. But maybe that’s the issue—are these professionals building the very tools that will replace them?”
Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: “It will undoubtedly shock many to see majors like computer engineering and computer science with unemployment rates as high as their fine arts counterparts, but there are plenty of reasons. These majors were rightfully promoted over the last two decades to many students, as demand for employees in these fields far outweighed the supply of skilled workers available.”
“Now, unfortunately, these same areas are dealing with oversaturation, more competition when applying for roles, and an industry that has seen layoffs over the last years as many businesses attempt to get more efficient.”
What Happens Next
The unemployment rate for recent college graduates increased to 5.8 percent in March from 4.6 percent the previous year, according to the New York Fed.
Moving forward, there could be a continued shift away from both the arts and hard sciences toward trade-focused or more generalized degrees,” Thompson said.
“Government funding for science and research projects has slowed, and that impacts job creation in these fields. It’s possible we’re seeing the effects of that play out in the data,” he said.