As the landscape of higher education and workforce economics continues to evolve, few voices carry as much weight as Camille Faivre’s. With her extensive expertise in education management, particularly in the development of open and e-learning programs in a post-pandemic world, Camille offers invaluable insights into how degrees impact earnings and career trajectories. In this interview, we explore the economic value of a bachelor’s degree, the disparities in earnings across different fields of study, the challenges of rising college costs, unemployment trends among recent graduates, and the trade-offs between job security and salary potential in certain industries. Join us as we delve into these critical topics with a true expert in the field.
How does earning a bachelor’s degree shape someone’s financial future, based on the latest research you’ve seen?
Earning a bachelor’s degree remains a powerful driver of economic success. Research shows that workers with a bachelor’s degree earn a median annual salary of about $81,000, compared to just $47,000 for those with only a high school diploma. That’s a significant gap, and it highlights how higher education can open doors to better-paying opportunities. But it’s not just about having a degree—it’s about what you study and how that aligns with market demands. The field of study can drastically influence earnings, and that’s where students need to think strategically.
What factors do you think play the biggest role in why certain fields of study lead to higher earnings than others?
The field of study impacts earnings primarily due to supply and demand in the labor market, as well as the technical skills required. For instance, STEM fields like petroleum engineering can yield median salaries as high as $146,000 because of the specialized expertise and the high demand in industries like energy. On the other hand, fields like arts and humanities, while valuable culturally and intellectually, often have a median income around $69,000 because the job market for those skills is broader but less lucrative. It’s also about how directly a degree translates into a specific career path—some majors prepare you for niche, high-paying roles, while others offer more general skills that might take longer to monetize.
Can you walk us through the earning differences across various majors, especially between STEM and other disciplines?
Certainly. STEM graduates, on average, earn a median of $98,000 annually, but there’s a wide range within that category. Compare that to arts and humanities, where the median is $69,000, with salaries ranging from $58,000 for studio arts to $73,000 for history. What’s interesting is that while STEM offers higher peaks, the humanities have less variation, meaning there’s a bit more consistency in what you might earn. It shows that while STEM can be a ticket to higher pay, it’s not a uniform guarantee, and humanities majors often still do better than many expect over time.
With the rising cost of college, many are questioning if a degree is worth the investment. How do you see this affecting students’ decisions?
The high cost of higher education is definitely making students and families think twice. When tuition keeps climbing, it creates a real barrier, especially for those who might need to take on significant debt. I see more students weighing alternatives like trade schools, community colleges, or even entering the workforce directly. There’s also a growing focus on majors with clearer financial returns, as students try to minimize risk. It’s a tough balancing act—education is an investment, but the upfront cost can feel like a gamble when you’re not sure about the payoff.
Let’s touch on unemployment rates for recent college graduates. What’s driving the higher rates we’re seeing in some fields?
Recent graduates, especially those aged 22 to 26, are facing an unemployment rate of about 5.3%, which is notably higher than the 2.9% for prime-age workers with the same education level. Surprisingly, fields like computer science, statistics, and mathematics—typically seen as safe bets—have even higher rates, around 6.8%. I think this stems from a rapid increase in students entering these majors, with enrollment up 159% over the past decade or so. The market simply hasn’t kept up with the supply of graduates, so there’s fierce competition for entry-level roles, even in high-demand industries.
Despite high unemployment in some STEM fields, the pay is still strong for those who land jobs. How do you explain this dynamic?
It’s a fascinating disconnect. Even with high unemployment in certain STEM fields, the median pay for those who do secure jobs is impressive—around $79,000, with top earners hitting $107,000. This reflects the high value placed on these skills once you’re in the door. The issue isn’t a lack of worth in the degree; it’s about the bottleneck at the entry level. Companies are willing to pay well for talent, but they might have fewer openings or be pickier about experience, leaving many new grads struggling to break in initially.
Fields like healthcare and education show lower unemployment but also lower earnings. What’s behind this trend?
Healthcare and education have lower unemployment because they address critical societal needs—there’s almost always demand for nurses, teachers, and support staff. Recent graduates in healthcare earn a median of $60,000, and in education, it’s about $46,000. The trade-off is that these fields don’t see the same salary growth as STEM, where prime-age workers can earn much more. These roles are often tied to public funding or structured pay scales, which limits how much earnings can increase over time. It’s about stability versus potential for high income.
What advice would you give to someone considering a degree in a field like education or public service, where pay might be lower?
If you’re drawn to education or public service, I’d encourage you to follow that passion, but go in with eyes wide open. Understand that starting salaries might be modest—around $46,000—and growth is slower compared to other fields. Focus on the non-financial rewards, like making a difference in your community, and consider ways to boost your earning potential, such as pursuing a graduate degree, which can increase earnings by about 32% in these areas. Also, look for programs with strong job placement support to ensure you’re not left searching after graduation.
Looking ahead, what is your forecast for the value of a bachelor’s degree in the coming years, given these trends?
I believe a bachelor’s degree will continue to hold significant value, especially as industries become more complex and require specialized knowledge. However, the conversation around value will shift even more toward specific outcomes—what you study, where you study, and how you leverage your degree. With costs remaining high and alternative pathways gaining traction, I expect we’ll see greater pressure on institutions to prove their worth through job placement rates and return on investment. The degree won’t lose its importance, but it will need to adapt to a more discerning, results-driven student population.
