It's a tale as old as time: If you want to make a lot of money, the best college major for a lucrative career is to study engineering and avoid the arts, right?
Well, what if you studied engineering and art? A working paper from the National Bureau of Economic research suggests the best option is an and, not an or when it come to college majors.
"Graduates with double majors seem to experience much more protection from market shocks," including mass layoffs, disruptive technology and labor demand shifts, co-author Drew Hanks told the Wall Street Journal about the results of the study.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Like an investor with a diversified portfolio, college grads with double majors tended to have fewer fluctuations in earnings than those with single majors, the paper found. That impact was most pronounced, the paper says, in grads whose majors were more differentiated (think: engineering and art, not chemical engineering and mechanical engineering).
The researchers believe there is good reasoning for this effect.
"First, the broader range of skills possessed by double majors may position them for different jobs that are more protected from labor market fluctuations," the paper reads. "Second, double majors may generate an option value. For instance, if one major experiences a negative shock in labor demand while the other remains unaffected, a double major can pursue a job related to the unaffected major, thereby mitigating the impact of the adverse shock to their other major on their earnings."
Personally, I'm a big advocate for double majors — and this paper is vindicating my 19-year-old self's foresight. Brag incoming: I majored in both economics and creative writing as an undergraduate, and I've found both to be helpful in my career, both for what I learned and for the credentials they've provided.
Studying economics helped me to see the world in a different way and think analytically, while studying creative writing helped me to be able to communicate and organize those thoughts. They informed each other in ways I couldn't have predicted and, wouldn't you know it, here I am using both in my role at Kiplinger.
Beyond earning potential, pursuing a double major made my college life more fun. Instead of having to pick one lane and funnel myself into one definition, I played with different areas of study that I enjoyed.
My other double major classmates also kept things interesting. For instance, I'll never forget when one of my classmates, who double majored in creative writing and mathematics, turned in an essay for a writing class peppered with equations that he made poetic.
After all, your college studies are about learning and exploring, not about earning potential... right?
But if the undergrad in your life is focused on earning potential, you can always send them the latest information on the highest paying college majors — you just might want to suggest they pair it with one of the lowest paying ones for stability.
Related Content
-
What To Do if a Hurricane Cancels Your Vacation PlansFrom airline waivers to travel insurance claims, here’s how to limit losses when storms derail your trip.
-
Rideshare Drivers Could Lose Thousands By Overlooking ThisBeing a rideshare driver can be a great way to meet people and make money. But overlooking this one thing could cost you thousands.
-
Are Rideshare Drivers on the Road to Financial Ruin?
Being a rideshare driver can be a great way to meet people and make money. But overlooking this one thing could cost you thousands.
-
Spirit Airlines' Future in Doubt: What This Means for Budget TravelSpirit Airlines says it may not survive another year. Here's how its potential collapse could affect low-cost flights and what it means for travelers seeking affordable airfare.
-
Bonds Pay in Good and Bad TimesBonds can act as a financial safety net through good times and bad. But different bonds carry different returns and risks, so do your homework before investing.
-
TSA Is Making Security Screening Even Faster for CLEAR+ MembersNew eGates promise to make identity verification a six second process for CLEAR+ members.
-
How Much the Best Travel Credit Cards Can Save You on a $10,000 TripTravel credit cards can help you save on your trips while offering elevated perks.
-
Protect Your Retirement From Extreme Weather EventsA rising tide of storms, fires, and heat is impacting retirees. Here's what you can do about it.
-
Board Service in Retirement: The Best Time to Join a Board Is Before You RetireMany senior executives wait until retirement to take a seat on a corporate board. But making this career move early is a win-win for you and your current organization.
-
Where I'm Stashing My Emergency Fund Before Rates ChangeKnowing what's coming can help savers prepare and maximize returns.
