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.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.
Sign up for Kiplinger’s Free 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
-
A Comfortable Retirement is About More Than MoneyWhen it comes to a happy retirement, money can’t buy these things.
-
Four Ways a Massive Emergency Fund Can Hurt You More Than It HelpsSaving too much could mean you're missing opportunities to put your money to work. Redirect some of that money toward paying off debt, building retirement funds, fulfilling a dream or investing in higher-growth options.
-
Noctourism: The New Travel Trend For Your Next Trip"Noctourism" is a new trend of building travel and vacations around events and plans that take place at night. Take a look at some inspiring noctourism ideas.
-
Eight Tricks to Shop for Glasses if You're Over 50Shopping for glasses often gets trickier — and more expensive — as you age. If you've over 50, take these steps when you set out to buy a new pair.
-
My First $1 Million: Electric Utility Executive, 56, South CarolinaEver wonder how someone who's made a million dollars or more did it? Kiplinger's My First $1 Million series uncovers the answers.
-
How to Turn Amazon Prime Day Into a Travel WindfallDuring Amazon's Prime Big Deal Days sale, skip the fluff — here’s how to extract real travel value via gear, services and strategic credit cards.
-
Need a Reason to Retire Early? Consider These Eye-Opening StatsThe majority of people retire early, leaving the workforce before reaching their Full Retirement Age (FRA). Maybe you should, too.
-
Seven Things You Should Do Before 2026 Because of One Big Beautiful Bill ChangesThe new law ushers in significant changes for most taxpayers. Make these moves now to take advantage of them.
