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Federal Reserve Bank of New York Releases Newest Data on Labor Market Outcomes by College Major

The Federal Reserve Bank of New York has released the newest data on the labor market outcomes for college graduates by major. The data for disciplines in the typical business school, plus computer science are shown in the table below, with the highlighted entries representing majors offered by the Turner College. As indicated there, accounting majors experience the lowest rate of unemployment, which, at 2.6%, is 4.4 percentage points below the unemployment rate of computer science majors. The unemployment rates of 6% for information systems management and 7% for computer science comport with the latest news reports about the struggles of graduates in these areas to secure employment in recent months.
The data in the table above also indicate that underemployment is a problem, particularly for general business and management majors. In both cases, the underemployment rate exceeds 50%, with marketing in a close third at 49.3%. Computer science and information systems management majors experience some of the lowest underemployment rates, along with accounting majors. Computer science is similarly strong in terms of median wage during early career, with a median wage of $87,000 per year. Finance majors enjoy an early career median wage of $70,000, with accounting majors in a close third at $68,000. In terms of mid-career median wages, computer science majors bring home an impressive $120,000 per year, followed by finance majors at $112,000 per year. Both information systems management and marketing majors earn a mid-career median wage of $100,000, tying for third. Marketing is also impressive here in that marketing majors earn this median salary without also holding graduate degrees to the same extent that other majors do. Only 19.7% of marketing majors also hold a graduate degree, compared to 33.7% of accounting majors, which is the largest.   
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