The US Census Bureau recently released some interesting new data related to the demographic, social, and geographic characteristics of bachelor's degree holders in the country by field of study. The report indicates that almost 36% of US adults aged 25 and over had a bachelor's degree (or higher) in 2022. The field of study chosen affects potential occupations, opportunities, and economic returns.

The new information is unique in that, for the first time, it is disaggregated into 30 categories rather than the five in prior releases. This more granular level of detail provides additional insights, particularly when combined with relevant demographic and income data.

The most common degree was business management and administration (4.8 million), followed by psychology (3.7 million), general business (3.7 million), nursing (3.6 million), and general education (3.1 million). Educational choices between men and women varied markedly. Engineering, computer science, finance, and economics degree holders were primarily men (between 67% and 90% across these fields of study). On the other hand, most (71% to 92%) people who held degrees in psychology, education (general and elementary), social work, nursing, and family and consumer sciences were women.

Relatively high earnings were observed in electrical engineering ($121,600), computer science ($108,500), and, believe it or not, economics ($101,400). Degrees with median annual earnings under $60,000 included general education ($58,000), social work ($55,060), and fine arts ($53,450). Note that these estimates cover the waterfront from newly minted grads to workers with decades of experience who tend to earn more. Wages also vary significantly across geographic areas; differences in the specific industrial mix as well as cost of living are major driving factors.

Some 40% of bachelor's degree holders had also obtained an advanced degree such as a master's (28%), professional degree such as a doctor of medicine (almost 7%), or doctorate (about 5%). The tendency toward advanced degrees varied significantly by field of study, with chemistry and biology (typical undergraduate paths toward an MD) among the highest with 64% and 60%, respectively. At the other end of the spectrum, only 12% of commercial art and graphic design and 18% of marketing majors pursued additional degrees.

Adding an advanced degree tends to enhance earnings significantly, increasing median annual earnings from an average of $68,410 for a bachelor's degree only to $86,120 with an advanced degree. However, the level of incremental income varies widely by degree field.

Decisions related to which degree to pursue (or whether to undertake another education/training option or enter the workforce) are complicated, and individual skillsets and interests must obviously be considered. Nevertheless, datasets of this nature provide insights from both an individual and economy-wide perspective, facilitating choices of avenues to be pursued, geographic locations, and other helpful information. Stay safe!