Going to College?
Choosing between a degree in education or accounting involves more than money . . .

College today is often regarded as more of a personal investment than as a time of academic and personal exploration. Now, students are considered “education consumers seeking the best return on that investment,” says David Koeppel, education writer for the New York Times. Koeppel sees that college students face immense pressure these days to choose the "right" major. Career counselors reportedly think this reality is more intense than ever due to factors like rising tuition costs and the uncertain economy. Koeppel says this pressure is further emphasized when the education is financed with student loans.

On average, a four-year public college is about $11,500 annually - a 7.8 % increase from 2003-4, according to the College Board. The cost of a four-year private college currently averages $27,500, a 5.6 percent increase.

Typically, Humanities and Education majors fared far worse financially (coming out of school, with a lower Return On Investment) than students in Business or Engineering, according to Paul E. Harrington, an Economist and Associate Director at the Center for Labor Market Studies at Northeastern. In 2002, those with degrees in Chemical Engineering and Accounting attained the higher wages - earning an average of $75,500 and $63,500, respectively. Philosophy majors and Elementary Education graduates acquired the lower wages, with an average of $42,900 and $38,700 respectively.

Many young college graduates think they have squandered their college years on the wrong studies, says Peter Vogt, a career counselor and moderator on the Career Planning for College Students message board at Monster.com, a Web site for job seekers. “They think they only have one chance and that they've blown it,” Vogt said. “ 'I should have picked X instead of Y. I should have taken the unpaid internship instead of working at T.G.I. Friday's to pay for tuition.' ”

Mr. Vogt considers the pressures currently facing students are far greater than those of generations past. He tells graduates to think of themselves not as Psychology or Sociology majors, but as workers with marketable skills like research, writing and communications.

Rather than preparing for one career, consider that your major is about preparing for many options, and probably several careers, over a lifetime, Trudy Steinfeld, Director of Career Services at New York University, tells students. She agrees with the data showing that Finance, Accounting and Technology degrees will lead to higher salaries on average. But Ms. Steinfeld also sees Liberal Arts majors who become equally successful.

There’s also a widely accepted and largely unquestioned “mythological perception” wherein only dollar figures are considered important in choosing a field of study. “College is about stretching yourself and discovering who you are and what you want,” Ms. Steinfeld said. “There are hundreds of majors out there, and it's almost always a mistake to base the decision on money alone.”