Chapter 3, Problem 2DHGP

Most academic advisors tell students to major in a field they really love. After all, it is true that money cannot buy happiness! Nevertheless, it is interesting to at least look at some of the higher-paying fields of study. After all, a field like mathematics can be a lot of fun, once you get into it. We see that women’s salaries tend to be less than men’s salaries. However, women’s salaries are rapidly catching up, and this benefits the entire workforce in different ways. Figure 3-13 shows the median incomes for college graduates with different majors. The employees in the sample are all at least 30 years old. Does it seem reasonable to assume that many of the employees are in jobs beyond the entry level? Explain. Compare the median incomes shown for all women aged 30 or older holding bachelor’s degrees with the median incomes for men of similar age holding bachelor’s degrees. Look at the particular majors listed. What percentage of men holding bachelor’s degrees in mathematics make $52,316 or more? What percentage of women holding computer/information science degrees make $41,559 or more? How do median incomes for men and women holding engineering degrees compare? What about pharmacy degrees? Salaries change all the time and hopefully increase. Check the Bureau of Labor Statistics web site for the most current salaries.